Tax & Compliance
ATO grants 2-month deferral in wake of bushfires Taxpayers impacted by the recent catastrophic bushfires in New South Wales and Queensland will be granted a two-month automatic lodgement and payment deferral by the Tax ...
What is the ATO’s stance on discounts for cash? With the ATO cracking down on undeclared cash transactions, many businesses want to know: what is its stance on discounts for cash? Write comment (6 Comments) ...
$21m tax scheme forces ATO to make system changes The Tax Office says it has now implemented changes to its system to prevent large-scale tax fraud, such as the Western Australia scheme where 700 taxpayers attempted to c...
‘Fallacy to think that a system can automate payroll’ Businesses have been warned against simply relying on software to identify and rectify payroll errors in the wake of a number of high-profile cases. Write comment...
‘The picture it paints is not completely true’: 80% of agent-prepared returns adjusted The ATO’s latest individuals tax gap report reveals that eight out of 10 tax agent-prepared returns required adjustments, painting an “unfair” portrayal of the prof...
Holiday season contractor spike triggers TPAR concern Tax practitioners have been urged to keep an eye out for business clients using more cleaning or courier contractors this holiday period as they could fall under new repo...
SG amnesty gets green light from Senate committee The proposed SG amnesty has now inched forward after a parliamentary committee recommended that the bill be passed. Write comment (2 Comments) ...
GST complexities underestimated as 1 in 2 businesses self-lodge BAS Close to one in two small businesses choose not to use a registered agent to lodge their business activity statements, potentially leaving them open to the complexities o...
Commissioner called to explain changes to position on commercial debt forgiveness The commissioner has been called to provide greater clarity over various circumstances dealing with its new interpretation of commercial debt forgiveness rules. W...
Risks abound in small business CGT exemption Trustees looking to contribute proceeds of the sale of their business into their SMSF should be aware of the risks, given the ATO’s strong track record of winning cases...
Accountants warned on rising bankruptcies linked to Division 7A A spike in bankruptcies as a direct result of director loans has led to concerns that clients may not fully understand their obligations with Division 7A loan accounts, a...
Frankston, Croydon businesses set for ATO black economy strike force visits Up to 800 businesses in the Melbourne suburbs of Frankston and Croydon have been earmarked for visits by the ATO following joint intelligence from the Fair Work Ombudsman...
