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Tax & Compliance
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Australia drops down Financial Secrecy Index despite hosting illicit funds Australia hosts significant quantities of illicit funds from outside the country but continues to be a small player compared to other countries, says the 2020 Financial S...
ATO eyes foreign tax credits in compliance crackdown The ATO has put taxpayers with foreign capital gains on notice in the wake of the High Court’s special leave decision. Write comment (6 Comments) ...
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Tax scam promising 8% bonus revealed A new tax scam targeting victims of recent natural disasters has been uncovered by the ATO, so agents and their clients are urged to remain vigilant. Write comme...
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Commissioner’s deceased estates fix trudges along Legislative instrument that will allow tax agents to access deceased clients’ tax data has now been tabled in Parliament, but practitioners will have to continue to wai...
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$1,080 tax offset saved rather than spent, new survey shows Australian taxpayers were more likely to save their $1,080 tax offset rather than spend it, a new survey has found. Write comment (0 Comments) ...
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‘Don’t be too clever’: Clients warned on CGT MRE changes Clients affected by changes to the main residence exemption have been urged to be “very careful” when attempting to navigate the transitional provisions, with anti-av...
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ASIC sounds warning on ‘unrealistic and unsupportable’ cash-flow assumptions  Auditors and company directors have been urged to focus on values of assets and accounting policy choices as ASIC releases its latest financial review results. ...
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Understanding the ATO’s penalty relief policy The ATO’s penalty relief policy could help practitioners save clients thousands of dollars and resolve disputes quickly, but the devil is in the details, says one tax e...
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Bushfire tax assistance bill passes Bushfire disaster relief payments and government support payments to volunteer firefighters will now be tax exempt after Parliament passed new laws. Write comment...
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Corporate veil piercing bill passes Parliament The Commissioner of Taxation will now be able to hold directors personally liable for their company’s GST liabilities as the illegal phoenixing bill passes both houses....
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‘Unreasonable burden, negligible revenue’: ATO called out on draft FBT ruling The professional accounting bodies have called on the ATO to withdraw its draft car parking fringe benefits taxation ruling, arguing that it would capture regional emplo...
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Government urged to consider bushfire SGC exemption The government has been urged to consider a special exemption of the super guarantee charge for employers affected by the bushfires, as Parliament resumes this week. ...
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