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  1. Trust taxation ‘in urgent need of review’, government told

    model “ill equipped to deal with the current commercial environment”, both the IPA and BDO have told the government in the lead up to the federal budget. In its pre-budget submission, BDO said the trust taxation rules can be unnecessarily complex,...

  2. Trust tax minimum killing bucket companies, causing small businesses to suffer

    trusts for investment purposes or running a business,” Mach said. Further, a 30 per cent tax on discretionary trusts could lead to increased compliance and advisory costs that arise due to restructuring, Business NSW said. Mach said that many of his...

  3. Trust has become the only currency for banking apps

    the defensive capabilities of their development teams. Without this education and verification, a lack of expertise may lead to teams taking shortcuts and/or lapsing into human errors, which could trigger configuration issues and code-level...

  4. Treat Yourself: MYOB launches ‘More Me-Time’ for Partners

    As we enter the final weeks of 2021, leading business management platform MYOB has launched a new campaign designed to reward its accounting and bookkeeping partners with some more ‘me-time’. Available to all practices and certified consultants in the...

    • Type: Article
    • Author: MYOB Australia
    • Category: Business

  5. Treasury's consultation on new oversight body ‘inadequate’, says CPA

    needs to be considered very carefully to avoid any unintended consequences,” said Tiffany Tan, audit and assurance lead for CPA Australia. “We emphasise the importance of adequate consultation and co-design with key stakeholders.” “Having less than a...

  6. Treasury undertakes review of insolvent trading safe harbour legislation

    identify a slew of factors that could be considered to identify whether the director was trading while insolvent in a bid to lead the business out of distress and avoid administration or liquidation. Among them are whether the director remained informed...

  7. Treasury releases draft amendments to code of conduct instrument

    set out in the original determination. The latest amendments make changes to section 15, which relates to false and misleading statements and section 45, which is in relation to keeping clients informer of relevant matters. The amendments repeal...

  8. Treasury considers five-fold increase to statutory demand threshold

    it is disputed by the recipient company. Conversely, it contends that reducing the ability of creditors to take action may lead to unintended consequences, including creditors managing their risk of non-payment through dealing with the company on less...

  9. Treasurer going against department advice if Div 296 backdated

    has said. According to the regulation impact statement ‘Impact Analysis – Better Targeted Superannuation Concessions’, a lead-time of at least 12 months is required for the transfer of ownership of assets if the bill is passed. “The impact statement...

  10. Treasurer announces temporary relief for businesses impacted by fuel crisis

    continue to provide support for people experiencing serious financial hardship, and they'll also monitor conditions in the lead up to tax time," Chalmers added. The government has also announced that it would help small businesses access credit more...

  11. Transparent promotion frameworks vital in financial services

    employees. Implementing transparent promotion frameworks with clear processes, requirements, and job descriptions could lead to more inclusive and diverse leadership, Crowe argued. “By seeing proven results, we will ultimately change culture. I think...

    • Type: Article
    • Author: Arabella Walton
    • Category: Business

  12. TPRS could extend to all ABN holders, mid-tier predicts

    payments reporting system now legislated to cover the cleaning and courier industries, one mid-tier firm believes it might lead to a possibility of all ABN holders being eventually covered. Earlier this week, the Treasury Laws Amendment (Black Economy...

    • Type: Article
    • Author: Jotham Lian
    • Category: Tax

  13. TPB-ATO independence in the firing line as terminations spike

    High-risk practitioners, including those with outstanding personal tax obligations, have long been on the TPB’s radar, leading to a 129 per cent spike in practitioner terminations in the 12 months to 30 June. While the regulator has not provided a...

  14. TPB secures data-sharing deal with BAS agent association

    director Peter Thorp said the spirit in which the MOU had been agreed on would be beneficial for both parties. “The MOU will lead to greater co-operation, better communication and more streamlined procedural dealings between the ABA and the TPB,” Mr...

  15. TPB review called to consider skyrocketing cost of practice

    to $675, with tax (financial) advisers paying $540, and $135 for BAS agents. Mr Drum believes the accumulative costs will lead to market concentration and reduced competition, reflected by ASIC’s latest licensing and registration assessment, which...

  16. TPB relaxes requirements in COVID-19 response

    Michael O’Neill. “We understand that your health and safety and that of your family’s is of utmost importance, and this can lead to not being able to meet some of your obligations with us.” In removing the cap, the TPB has noted that practitioners must...

  17. TPB joins chorus of ‘cowboy agents’ warnings

    Whistleblower protection Alongside the new black economy measures, Mr Taylor said the proposed whistleblower laws would lead to an increased focus on egregious tax practitioners. The Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill...

  18. TPB highlights risky agent behaviour ahead of crackdown

    board member Peter de Cure said the regulator’s use of data and analytics would also help it pinpoint indicators that could lead to reckless behaviour down the track. “For example, a tax practitioner known to previously being involved in problem...

  19. TPB highlights confidentiality concerns with Tax Office review

    or simply say “the tax office is very bad”. “By all means, if you want to remain anonymous, remain anonymous, but at least lead me to what I need to investigate,” he said. Mr Noroozi added that “in any event, we would never disclose anything without...

  20. TPB cautions taxpayers on financial risks of ‘finfluencer’ advice

    handbag as a work laptop bag and claiming thousands of dollars in fuel costs without needing receipts. Jenny Wong, tax lead at CPA Australia, said it was concerning that many Australians watch this content and assume they are getting free expert advice....

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