Tax & Compliance
ATO sounds deductions warning ahead of tax time
The Tax Office is expecting due diligence from tax agents this tax time around certain problematic deduction areas as it seeks to tackle the $8.7 billion individuals tax ...
‘Overamplified’: Business confidence hampering write-off take-up
Take-up of the instant asset write-off is unlikely to increase while business confidence remains low, despite the measure receiving two recent boosts, say tax experts.
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Government pushed to go further with clean tax record system
The government should go one step further with its new satisfactory tax record procurement policy and ensure that companies comply with unfair contract terms legislation,...
Silver lining in new withholding obligation law
A new law targeting tax deductions where withholding obligations have not been complied with could help tax advisers identify cash flow issues with their business client...
ATO movement sparks audit, reviews concern
Audit activity and reviews are set to become more widespread for small businesses and individual taxpayers, if recent ATO activity is anything to go by, says one industry...
Instant asset write-off fails to attract small business
Over four out of five small business owners do not use the instant asset write-off, with less than a quarter aware that the threshold has increased to $30,000, a new surv...
Mid-tier launches blockchain audits
A mid-tier firm has announced it will provide auditing and assurance services for blockchain and crypto assets in a move tipped to enhance investor confidence.
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Tax Office called to compensate after system error
Taxpayers that sought advice to deal with incorrectly issued excess determinations for non-concessional contributions should be compensated by the ATO, says an industry l...
Government called to reassess tax consultation and administration
Greater consultation and a commitment to policy intent are among some of the issues that a number of members of the National Tax Liaison Group have taken to the new Assis...
ATO wants to hold on to lifestyle assets data for longer
High-net-wealth clients have been placed on alert as the ATO seeks to extend the period it can retain data from insurance policies on certain asset classes, including rac...
First Home Super Saver changes a ‘vast improvement’
Retrospective changes to the First Home Super Saver Scheme have been hailed as a “vast improvement” on the process, following industry concerns over the previous admi...
Taxpayers cautioned against lodging early this year
Clients have been urged to refrain from lodging their tax returns early this year, with a number of new changes kicking in that may affect the accuracy of their return.
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