Tax

Tax

AAT reduces penalties for reckless claims based on incorrect tax agent advice

A support worker has succeeded in reducing shortfall penalties for reckless deductions after the tribunal found that...

18 August 2021 • By Jotham Lian

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Tax

ATO wields new weapon to compel businesses to act on tax debts

The ATO has begun utilising new powers that will allow it to disclose business tax debts to credit reporting bureaus,...

17 August 2021 • By Jotham Lian

Tax

Unregistered agent cops additional jail time, fine for repeated offences

A Brisbane man has been sentenced to an additional seven months of imprisonment and a $5,000 fine after continuing to...

16 August 2021 • By John Buckley

Tax

Peak bodies fear compensation scheme could be last straw for advice industry

The compensation scheme’s design could give rise to overuse and expose small financial advice firms to even more costs...

16 August 2021 • By John Buckley

Tax

Former PwC partner joins Tax Practitioners Board

A former PwC partner has now been appointed as a member of the Tax Practitioners Board.

16 August 2021 • By Jotham Lian

Tax

Tax return amendments on the cards for some COVID-19 Disaster Payment recipients

Individuals who received COVID-19 Disaster Payments in June and have gone on to lodge their tax returns will now need...

12 August 2021 • By Jotham Lian

Tax

ATO resolves system issue affecting additional tax on concessional contributions

The ATO has resolved an issue affecting the assessment of funds receiving additional tax on concessional contributions.

11 August 2021 • By Tony Zhang

Tax

Parliament passes bill on tax-free COVID-19 support payments

COVID-19 support payments to individuals and businesses will now be tax-free after a new bill was passed by both...

10 August 2021 • By Jotham Lian