Tax

‘The company’s money is not your money’: ATO on Div 7A myths

Mistaken beliefs around business structures, record keeping and the Commissioner’s discretion are “common” among...

15 January 2025 • By Christine Chen

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Tax

The ATO's recent activity with family trust elections

Understanding the complex rules is critical for trustees as the ATO cracks down on tax minimisation.

26 December 2024 • By Peter Bembrick, HLB Mann Judd

Business

ATO defends NFP reporting rules amid sector concerns

Around one in 10 have already lodged a self-review return ahead of the March deadline, according to an assistant...

20 December 2024 • By Christine Chen

Tax

How gifts this Christmas could trigger ATO scrutiny

Tax rules around presents received during the holidays are more complex than people might think, according to one HLB...

20 December 2024 • By Christine Chen

Business

ATO shares payroll data to monitor mutual obligations, provider claims

An STP data-matching initiative aims to improve the administration of welfare program Workforce Australia, with...

19 December 2024 • By Christine Chen

Regulation

Ex-liquidator who stole $3m from clients gets 4 years’ jail

Peter Amos pleaded guilty to misappropriating funds from five companies over six years for his own benefit.

18 December 2024 • By Christine Chen

Technology

Tax Office issues cyber warning for tax professionals

Tax professionals must ensure the security of their business premises, client information and digital resources over...

16 December 2024 • By Imogen Wilson

Regulation

ATO flags priority areas for Next 5,000 reviews for 2025

The Tax Office has provided guidance on how groups within the Next 5,000 program can prepare for a risk-based review...

16 December 2024 • By Miranda Brownlee

Tax

ATO issues alert on guarantee arrangements and Division 7A

A new taxpayer alert raises concerns about certain arrangements involving guarantees by private companies for...

13 December 2024 • By Miranda Brownlee

Regulation

ATO cracks down on advisers abusing tax breaks for start-ups

Advisers are exploiting the early-stage investor tax offset through dodgy circular financing arrangements, the ATO has...

12 December 2024 • By Christine Chen

Tax

ATO to home in on incorrect tax residency claims

The Tax Office has revealed a proportion of private group taxpayers were found to be incorrectly lodging as...

12 December 2024 • By Imogen Wilson

Regulation

ATO to launch dob-in tool for tax agents to report clients

The digital platform will support compliance with new TASA code obligations requiring practitioners to report clients...

11 December 2024 • By Christine Chen

Regulation

Tax Office flags concerns with related-party financing in construction

The ATO has raised concerns about some businesses claiming excessive debt deductions and shifting profits overseas in...

11 December 2024 • By Miranda Brownlee

Business

ATO issues new ‘good governance’ checklist for NFPs

The Tax Office has reminded not-for-profit organisations to vigilantly check tax and super obligations are being met...

10 December 2024 • By Imogen Wilson

Tax

Section 109RB not a get out of jail free card: ATO

The Tax Office has urged agents to fix Division 7A mistakes swiftly instead of assuming they will be excused by the...

09 December 2024 • By Christine Chen

Regulation

GST fraudsters to face ‘full force of the law’: ATO

The Tax Office has the tools and resources to uncover even the most elaborate schemes, a deputy commissioner has warned.

06 December 2024 • By Christine Chen

Business

ATO slams wealthiest taxpayers’ lax record keeping

Governance and record-keeping gaps are driving tax errors among the Next 5,000 group, the Tax Office has said.

06 December 2024 • By Christine Chen

Tax

Investors reminded on looming capital gains withholding changes

The Tax Office has reminded foreign investors and Australian residents to be aware of upcoming changes to the foreign...

06 December 2024 • By Imogen Wilson