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  1. 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...

  2. 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

  3. 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...

  4. 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...

  5. 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

  6. 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...

  7. 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

  8. 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...

  9. 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...

  10. 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...

  11. 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.

  12. 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...

  13. Tackling the new landscape of climate reporting

    losing clients to firms that can provide this guidance. This is a chance for accountants to step up, provide clarity, and lead their clients into the future. How should accounting firms prepare to help their clients? It starts with education. Make sure...

  14. Sydney restaurants forced to back pay short-changed staff $240k

    The regulator continues to investigate two businesses and non-compliant businesses were told that future breaches might lead to higher-level enforcement action. “The Fair Work Ombudsman will continue to prioritise improving compliance in this sector,...

  15. Sydney auditors first to face criminal charges over audit failures

    ASIC alleges EC Audit failed to conduct each of the three audits in step with the auditing standards and that, Mr Evett, as lead auditor, failed to ensure that the company’s conduct abided by the standards. The offences carry a maximum penalty of $9,000...

  16. Sweeping reforms to streamline access to finance 

    registrations.” “The relative cost for a small business of getting a registration wrong can also be significant, as it could lead to the loss of what might be a substantial part of its asset pool if a customer becomes insolvent.” The review made 394...

  17. SV Partners opens Adelaide office

    Ferrier principals Stuart Otway and Alan Scott, both registered liquidators and registered trustees in bankruptcy, will now lead operations in the new office. SV Partners’ managing director, Terry van der Velde, said the decision of adding an office in...

    • Type: Article
    • Author: Reporter
    • Category: Business

  18. Surprise audits recover $430,000 for Geelong workers

    non-compliance and may face legal proceedings. Other non-compliant businesses were advised that future breaches will likely lead to enforcement action. Fair Work Ombudsman Sandra Parker said the low rate of compliance was disappointing. “The level of...

  19. Surging construction costs stall residential builds

    106,000 dwellings over the next three years. “Slowing supply, together with increasing household formation, is expected to lead to a supply-household formation balance of around -106,300 dwellings (cumulative) over the five years to 2027 (and around...

  20. Surge in SMSF establishments raises alarm for ATO

    A double-digit surge in self-managed superannuation fund registrations during the peak of the COVID-19 crisis will lead the ATO to scrutinise newly established funds for signs of illegal early release. ATO acting assistant commissioner, SMSF segment,...

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