Regulation

ATO interest charges hit highest level in a decade

The general interest charge rate and the shortfall interest charge rate both rise again for the April to June quarter.

09 March 2023 • By Josh Needs

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Business

ATO’s debt recovery campaign hits NSW hardest

Specialists say the worst is yet to come with two-thirds of pandemic debt still outstanding.

28 February 2023 • By Josh Needs

Super

ATO releases record $573m in super on compassionate grounds

The bulk of applicants needed medical treatment for acute, chronic or life-threatening illnesses, the Tax Office says.

28 February 2023 • By Josh Needs

Regulation

ASIC prosecutes 81 for failing to assist liquidators

The regulator is “closely monitoring directors who do not comply with their obligations”.

24 February 2023 • By Philip King

Regulation

ATO seizes and destroys over $31 million in illicit tobacco

Raids with the police found unlawful crops on 42 acres of regional Victoria.

23 February 2023 • By Josh Needs

Business

Key small business indicators slip into critical zone

Sales, jobs, wages and waiting time for payments all went into reverse during January, the latest Xero data shows.

23 February 2023 • By Philip King

Tax

Accountants must educate clients on PAYG instalments: ATO

Whether voluntary or mandatory, the Tax Office has warned agents to ensure their client understands their obligations.

22 February 2023 • By Josh Needs

Business

ATO points trust distribution weapons at wrong target

The ATO is gunning for the wrong target in its s100A approach because the authors of the law never intended it to...

17 February 2023 • By Philip King

Tax

ATO defends changes to WFH rate, record-keeping regime

Media campaign will get taxpayers up to speed but most are already keeping good records, assistant commissioner says.

17 February 2023 • By Philip King

Tax

ATO sticks to its guns in revised WFH deductions regime

The finalised guidance, released yesterday, introduces stricter record-keeping requirements and a fresh rate per hour.

16 February 2023 • By Philip King

Tax

ATO turns spotlight on holding companies set up to avoid tax

Involvement in such schemes could involve “serious penalties” for taxpayers and agents promoting them.

15 February 2023 • By Philip King

Tax

ATO turns up the heat on holiday home deductions

Accountants must ask all the right questions about what clients really do with their summer houses.

10 February 2023 • By Josh Needs

Regulation

ATO cracks down on international money moves into Australia

Taxpayers should plan carefully when bringing funds into the country to avoid suspicion, says tax specialist.

08 February 2023 • By Josh Needs

Tax

ATO plans publicity campaign for final WFH guidance

More demanding record-keeping requirements in the November draft have been in place since 1 January.

06 February 2023 • By Philip King

Regulation

ATO pursues sham not-for-profits set up to dodge tax

The office has been tipped off that “private foundations” are being created to take advantage of charitable concessions.

03 February 2023 • By Philip King

Regulation

Regulator bans two directors for over $10m debt, multiple failures

Between them the two were involved in seven failed companies and the one involved in phoenix activity gets maximum ban.

01 February 2023 • By Philip King

Technology

CreditorWatch achieves ATO Digital Service Provider certification

The firm’s procedures saw it pass the ATO’s Operational Security Framework with a maintained uptime of 99.95 per cent...

31 January 2023 • By Josh Needs

Super

Beware promoters of early super access schemes, ATO warns

Vulnerable people are targets for scammers offering to help set up an SMSF as a way to get a hold of savings illegally.

24 January 2023 • By Miranda Brownlee