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Tax & Compliance
Tax & Compliance
Biblical defence fails to save taxpayer from $4.3m tax debt A taxpayer, who quoted biblical references in an attempt to avoid tax debts, has been forced by the courts to repay $4.3 million. Write comment (0 Comments) ...
Australian audit market in line for ‘serious review’: Govt committee A parliamentary committee believes there is merit for Australian audit industry to undergo “serious review” due to the tightly held power concentration of the big fou...
Govt pushed for Div 7A clarity in federal budget The government has been urged to provide clarity over the proposed amendments to Division 7A in the upcoming federal budget, given its impending start date. Write...
Stricter action in the works as 1 out 3 tax practitioners unresponsive to ATO lodgment letters A third of all tax practitioner contacted by the ATO to lodge their outstanding lodgments have failed to respond, with stricter action set to follow. Write commen...
‘Creative’ tax solutions feared in franking credits fallout Tax lawyers fear Labor’s proposal to end cash refunds for excess dividend imputation credits will likely spur the creation of products to capitalise on the exemptions g...
STP for small biz gets 3-month buffer The ATO will grant a buffer period of three months for small businesses to comply with the newly legislated extension of single touch payroll regime to all businesses. ...
ATO drives home TPRS obligations after $2.7bn saved The ATO have reminded businesses captured under the taxable payments reporting system regime to maintain their record-keeping obligations after recouping $2.7 billion fro...
Proposed R&D tax changes faces roadblocks The Senate Economics Legislation Committee has called for the government to reconsider the proposed changes to the R&D tax incentive, citing concerns to its retrospec...
New flexible business test for tax losses introduced Businesses will be granted a greater deal of flexibility in working out whether its tax losses and net capital losses from previous income years can be used, as new law p...
STP to cover all businesses as legislation passes The extension of Single Touch Payroll to employers with 19 or fewer employees has finally passed both houses today, after amendments were tabled in late last year. ...
Tax agent, taxpayer satisfaction with ATO drops The tax office believes its performance as a regulator remains “good” despite showing a decline in community perception through survey-based metrics. Write co...
Restructuring trusts could trigger ‘murky taxes’ With some SMSFs looking to make changes to the trusts they invest in to ensure Labor’s proposed trust tax doesn’t apply, an industry lawyer has warned that in the pro...