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.
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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.
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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.
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‘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.
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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.
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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.
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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...
