Tax

ATO flags top problem areas for rental property deductions

Investors incorrectly apportioning interest from investment loans and confusion between repairs and improvements are...

22 May 2024 • By Miranda Brownlee

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Tax

ATO funding to bring more taxpayers under real-time scrutiny

Dealing with the Tax Office should now be seen as a regular cost of doing business, one expert says.

20 May 2024 • By Christine Chen

Tax

CA ANZ urges ATO to revise NALI guidance after court decision

The outcome of the BPFN and Commissioner of Taxation provides the ATO an opportunity to take a more pragmatic approach...

17 May 2024 • By Miranda Brownlee

Tax

ATO to be granted greater discretion over old tax debts

The Tax Office will be given additional discretion as to how it treats the billions of dollars in on hold tax debts.

14 May 2024 • By Miranda Brownlee

Business

ATO urges professional firms to clean up distribution statements

Grant Thornton partner Paul Banister says the Tax Office’s most recent update suggests it is not getting the...

09 May 2024 • By Miranda Brownlee

Business

Coalition will oppose increase to sophisticated investor thresholds: Senator...

Shadow finance minister Jane Hume has expressed concern over Labor's proposed policies, which she believes will...

08 May 2024 • By Sinead Reilly

Business

ATO issues reminder on upcoming changes for trust tax returns

The ATO has outlined what types of information beneficiaries should be given to help them comply with their obligations.

08 May 2024 • By Miranda Brownlee

Regulation

ATO to be given ‘notice to produce’ powers under proposed changes

The government is exploring options for expanding information-gathering powers for the ATO and TPB.

06 May 2024 • By Miranda Brownlee

Tax

Scrutinise trust deeds to avoid ‘unexpected outcomes’, ATO urges

The Tax Office has said it often sees trustees failing to follow deeds or not checking family trust elections.

06 May 2024 • By Christine Chen

Tax

ATO to crack down on rental income, WFH deductions this tax time

Taxpayers who “copy and paste” work-related claims each year or try to offset their rental income by inflating...

06 May 2024 • By Christine Chen

Tax

National charity regulator concerned about misuse of complex corporate...

The misuse of complex structures is an emerging focus for the Australian Charities and Not-for-profits Commission in...

03 May 2024 • By Sue Woodward, ACNC

Tax

ATO cautions tax agents on ‘cut and paste’ lodgment deferrals

Requests for lodgment deferrals that are generic or limited in information are likely to be denied, the ATO has warned...

02 May 2024 • By Miranda Brownlee

Business

Accounting bodies slam ATO’s use of client linking to tackle fraud woes

IGTO report shows the ATO should have tried less burdensome anti-fraud measures before putting taxpayers and their...

01 May 2024 • By Christine Chen

Tax

ATO expands data-matching program for crypto assets

The ATO plans to collect cryptocurrency data for up to 1 million individuals as part of new compliance activities.

01 May 2024 • By Miranda Brownlee

Tax

ATO’s systems vulnerable to tax fraud, IGTO report cautions

The IGTO has found the ATO’s controls for preventing fraud inadequate, with fraudsters managing to lodge fraudulent...

30 April 2024 • By Miranda Brownlee

Business

ATO reports spike in errors with clearance certificates

The Tax Office is seeing mistakes being made with applications for clearance certificates for property purchases.

29 April 2024 • By Miranda Brownlee

Super

ATO issues alert to SMSFs on crypto scams and losses

The Tax Office is seeing instances of funds reporting losses with crypto investments due to scams and collapsed...

25 April 2024 • By Miranda Brownlee

Tax

AAT upholds ATO decision on self-education expenses

The tribunal has dismissed an appeal relating to self-education expenses claimed as deductions by a dental technician.

25 April 2024 • By Miranda Brownlee