Tax & Compliance
Forced sale of 316 properties as tax rules breached
Properties with a total value of about $380 million have been forced on the market since 2015, after tougher new laws for foreign nationals were introduced.
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Reporting issues persist for superannuation funds
The Tax Office is continuing to see a number of reporting issues crop up with commutation authorities among APRA-regulated superannuation funds, which accountants should ...
Expat tax traps flagged for foreign transfers
Foreign transfers often trigger significant tax consequences, particularly from the US, prompting one actuary to highlight key strategies for accountants with expat clien...
Dodgy property strategy captured this tax time
The Tax Office’s data-matching program has uncovered a tax evasion strategy involving rental property declarations.
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Senate passes bill on tricky super issues
A bill that will resolve a technical issue with reversionary transition to retirement income streams has now been passed by the Senate, but there are amendments still s...
CGT bill delay prompts flak from Labor
Labor has hit out at the delays in debating a bill proposing changes to capital gains tax exemption, with concerns being raised over the dwindling time left for taxpayers...
Tax agent intervention program ‘not an audit’
The Tax Office has detailed its tax agent early intervention program, emphasising that it will not be an audit but rather a fact-finding mission aimed at shifting certain...
Property investors marked a high compliance priority
The Tax Office has set out its list of targets with property investors, as about two million Australians now claim deductions for rental income at tax time.
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Highly anticipated STP law secures passage
Single touch payroll will now cover businesses of all sizes after legislation was passed by the Senate today.
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R&D audits to see businesses forced to ‘pay back millions’
Increased audit activity by the ATO and AusIndustry over the use of R&D tax incentives will see a range of technology businesses forced to collectively repay millions...
Anxiety grows as tax bills continue to be delayed
A backlog of tax bills continue to be delayed in the Senate, leaving taxpayers and their advisers in a state of limbo with only two more sitting days before the summer re...
ATO issues high alert after spike in November tax scams
The Tax Office has issued a high alert after more than $800,000 was reportedly lost during November due to a spike in scam phone calls.
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