Tax & Compliance
Less than 2 months before residency rules hit
Corporate taxpayers have been urged to review the management of their foreign operations ahead of the December transitional deadline to avoid “severe consequences”.
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Legislation targeting family trusts released
The government has released draft legislation to tighten a tax loophole where family trusts could have been involved in circular trusts distributions to avoid tax liabili...
‘Wide range’ of businesses clients captured by new TPRS regime
Accountants and their business clients have been urged to review their contractual terms to ensure they are across the expansion of the taxable payments reporting system ...
Fast-tracked tax cuts could catch taxpayers out
The government’s decision to fast track tax cuts for small and medium-sized businesses could throw up some significant curve balls for shareholders and companies who fa...
IGT calls for power balance at ATO
The outgoing Inspector-General of Taxation has called for the establishment of a management board to oversee the ATO in response to concerns of too much power being held ...
Everett assignment CGT amendments released
Treasury has released exposure draft legislation on the denial of small business CGT concessions to partners who undertake Everett assignments.
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Accountants called on in light of FBT regime review
Record-keeping and data validation are some of the initial pain points raised in the Board of Taxation’s fringe benefits tax compliance cost review, and accounting prof...
Government’s plan to fast track tax cuts tipped to drive uncertainty
The government has moved ahead with plan to fast track the tax cuts for small- and medium-sized businesses, but tax experts fear uncertainty ahead of a federal election.
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R&D audits increase, documentation key for accountants
Taxpayers seeking to utilise the R&D tax incentive has been urged to have contemporaneous documentation in light of increase audit activity by both the ATO and AusInd...
$17.5 billion in lost super sees savings ‘eroded’
Over $17.5 billion of lost and unclaimed super spread across more than 6.2 million accounts continue to wait to be consolidated, according to new data from the ATO.
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Dodgy sales software could cost $1m in penalties
The Tax Office has advised that the use of electronic sales suppression tools will now attract penalties of over $1 million, following a change in law.
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‘Failed reform’: Academic pushes for urgent tax action
An academic has called for professionals to drive greater awareness around tax issues in a bid to drive genuine tax reform, pointing to the government’s inaction around...
