Tax & Compliance
FBT, CGT exemption draft legislation surfaces
Draft legislation for two federal budget announcements last October has now been released, including measures to exempt employers from the 47 per cent fringe benefits tax...
‘We were not consulted’: ATO lashed over new partner profit guidelines
The ATO’s failure to consult with peak professional bodies in developing its draft allocation of professional firm profits guidelines has resulted in changes that are ...
ATO ‘intimidating’ firms under new partner profit guidelines: IPA
Accounting firms are being intimidated by the ATO into conservative tax arrangements, says one major body, as tensions heat up over the regulator’s latest guidance on t...
ATO launches new tax residency data-matching program
The tax residency status of Australians and foreign residents are set to undergo closer scrutiny by the ATO as it launches a new data-matching program that will cover 670...
NSW payroll tax avoidance penalties set for 400% increase
Penalties for payroll tax avoidance are set to rise five-fold in New South Wales as the Berejiklian government looks to crack down on wage theft.
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‘Unconscious bias’: ATO reviews should rely on independent experts
The ATO’s independent review service should involve an independent expert to account for unconscious bias, says one tax adviser.
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ATO to ramp up audits to capture unpaid duty on alcohol
Bottle shops and restaurants can soon expect contact from the ATO and potential audit action as it looks to tighten its grip on the distribution and sale of illicit alcoh...
NSW government pushed for details on proposed property tax
The New South Wales government’s plan to replace stamp duty with an annual property tax could result in purchaser uncertainty, pricing distortion and policy failure if ...
Tax consequences highlighted ahead of trans-Tasman bubble
As international border restrictions between Australia and New Zealand lift, and corporate events ramp back up, “extravagant” corporate events are likely to pique the...
ATO updates guidance on promoter penalty laws
The Tax Office has released updated guidance on how it will apply promoter penalty laws which now includes the promotion of illegal early release schemes.
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ATO publishes guidance on early loss carry-back, temporary full expensing claims
Practitioners helping clients claim the loss carry-back tax offset before 1 July have been advised to file the claim form five days before lodging the company tax return,...
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