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  1. Tax time confusion spikes among small business owners, survey shows

    just as confused as last year or more confused about completing their tax return. Similarly, two-thirds of small business leaders find the tax system confusing, a 4 per cent increase from last year. The research also found some common misconceptions are...

  2. Tax storm looms for super

    will dig deep into the retirement system and to be the basis for resetting government policy, with the COVID-19 crisis to lead to more substantial changes than the government would normally take. Industry speculation for example, he said, has forecast...

    • Type: Article
    • Author: Sarah Simpkins
    • Category: Tax

  3. Tax reform to feature heavily in PM’s JobMaker plan

    not get you results,” he said. On industrial relations, Mr Morrison revealed that Attorney-General Christian Porter would lead a reform agenda for the industrial relations system, focusing on award simplification and revisiting enterprise agreement...

  4. Tax promoter penalty changes must be delayed: SMSFA

    use of the term ‘likely to result’ provides regulators with very broad powers to act in response to activities that might lead to the illegal release of superannuation benefits, even if no withdrawal has been made,” Burgess said. “This means that merely...

  5. Tax practitioners face new TPB 72-hour client complaint deadline

    the complaint within three business days. Failure to attempt to resolve the complaint within the stipulated time frame could lead to further investigation by the TPB. Practitioners will have to notify the regulator on the outcome of the discussion with...

  6. Tax practitioner dissatisfaction to continue, warns IGT

    to which the ATO has fully or partially agreed. “I believe that the appropriate implementation of my recommendations will lead to improvements in the relationship between tax practitioners and the ATO which will, in turn, have positive impacts on the...

    • Type: Article
    • Author: Michael Masterman
    • Category: Tax

  7. Tax paper to revisit self-education expenses

    productivity. However, the paper warns that any loosening of the eligibility for deducting self-education expenses could lead to problems with compliance. Likewise, the government’s Budget position leaves little room to widen the tax concession without...

  8. Tax Office warns taxpayers on dangers of relying on AI tax advice

    such as AI platforms and finfluencers, as tax time approaches. Taxpayers have been warned to be wary of incorrect or misleading information being spread this tax time, particularly claims promising greater refunds, shortcuts or hacks. In a recent...

  9. Tax Office under microscope with its UPE approach

    range of meanings depending on context. 5. A construction of section 109D(3) that includes UPEs to companies as loans would lead to absurd and unintended results from the dual operation of section 109D and subdivision EA. 6. That is, a loan within the...

  10. Tax office crackdown on SMSF trustees who 'play the system'

    no discretion but to apply the penalty, although the penalty, in some situations, may be reduced or remitted. It could also lead to the SMSF trustees being disqualified and their SMSF being wound up by the ATO. “In the past, the ATO has not always been...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Super

  11. Tax lawyer flags compliance traps with family trusts following ATO crackdown

    Accountants have been warned about family trust issues that can lead to unexpected tax bills for clients, with the ATO scrutinising this area. Kristy-Lee Burns, partner at Owen Hodge Lawyers, has outlined some of the misconceptions about family trusts...

  12. Tax Institute calls out government on ‘unfair burden’

    to frank at the lower rate of 27.5 per cent. This could have the effect of ‘trapping’ franking credits in the entity and lead to the real possibility that much excess credit will be wasted,” Professor Deutsch said. “While we support the reduction of the...

  13. Tax deductions flagged for super in lead-up to EOFY

    Contribution strategies should be considered in the lead-up to 30 June for superannuation to ensure a favourable tax position for clients, according to one technical expert. With 30 June not far away, AMP technical strategy manager John Perri said that...

    • Type: Article
    • Author: Reporter
    • Category: Super

  14. Tax credit draft ruling will encourage ‘aggressive claims’: Tax Institute

    for input tax credits for which they may not be certain they are entitled,” the Tax Institute said. “This is likely to lead to more aggressive taxpayer behaviour in some instances where some taxpayers may make claims for all possible/potential input tax...

  15. Tax audit claim stats all accountants in Australia will want to know

    to ensure that cash flow boost payments reached those employers that were entitled to the payments. This will inevitability lead to more audit activity. Whilst the cash flow boost program drew to a close with the lodgement of 30 September 2020 activity...

    • Type: Article
    • Author: Rod Spicer & Roman Kaczynski
    • Category: Tax

  16. Tax agents and clients disagree over business practices: FBT review

    A majority of tax agents believe that their clients’ business practices lead to higher FBT compliance costs, despite employers suggesting the contrary, preliminary results from the Board of Taxation’s review show. Last year, the Board of Taxation...

  17. Tax agent cautioned over rogue employee’s $319k client refund theft

    tax agent has been let off with a caution from the TPB after improperly sharing their myGovID credentials with an employee, leading to the misappropriation of $319,000 from over 100 clients under their noses. The Tax Practitioners’ Board’s Board Conduct...

  18. Tax advisory expert flags common small business CGT concession errors

    than $6 million. Once this criterion was met, the more critical and complex elements begin to apply, which can sometimes lead to common or recurring errors. Tuna said there was often a mix between general misunderstandings and more complex...

  19. Tassie food outlets forced to back pay workers $120,000

    entitlement should come forward for help.” The FWO also warned the non-compliant businesses that any future breaches could lead to higher-level enforcement action being taken.

  20. Take a strategic approach to dealing with DPNs

    debt. - Offsetting the debts against any available tax credits. - Commencing legal action to recover the amount, which can lead to the winding up of the company. A strategic way to deal with DPNs The best way of assisting clients to get out of a...

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