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16.5k SMSFs face regulator scrutiny over valuations
More than 16,500 SMSFs are being scrutinised by the ATO as they allegedly reported certain classes of assets at the same value for at least three income years.
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Tax Office ‘dredging up’ decade old director debts
The IGTO and insolvency firms have seen a spike in director penalty notices issued for companies liquidated several years ago.
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Access to super won’t solve housing affordability, warns ASFA
Allowing access to super for housing will only benefit a minority of members with high super balances, ASFA analysis shows.
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$5.2m in illicit tobacco destroyed following ATO investigation
A community tip-off to the ATO led to the seizure of more than 2,700kg of illicit tobacco in Victoria.
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Australian small businesses trail rest of APAC: CPA
A recent survey from CPA Australia placed Australian small businesses last or near last on nearly all vital indicators.
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ATO’s debts on hold campaign prompts new IGTO guidance
New guidance has been released on best practice principles for debt notifications in response to the re-activation of old debts by the ATO.
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Mackay Goodwin ventures west with Perth boutique acquisition
The national insolvency firm has opened its doors in Western Australia after taking over local boutique GTS Advisory.
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Tax agents still failing Div 7A basics, ATO warns
The Tax Office has begun a year-long lecture series on Division 7A after finding most breaches related to misunderstandings of “fundamental concepts”.
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Law firm flags risk mitigation strategies for ATO audits
Making preparations and implementing strategies ahead of time can generate more favourable outcomes from ATO reviews, says a specialist law firm.
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$3m super tax to ‘disrupt’ small business and farmers, warns SMSFA
The government is facing renewed calls to consider alternative calculation methods for its Division 296 tax.
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PwC global chair tells senators he won't share tax scandal report
In correspondence with Australian senators, PwC’s global chair has doubled down on the global organisation’s decision to withhold the findings of its international re...
HLB Mann Judd flags tax traps for clients working offshore
Businesses and employees must ensure they are aware of the potential implications of working offshore to avoid unexpected liabilities, says a tax partner.
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ATO’s SG activities expose ‘clearing house debacle’, says IPA
A ramp up in SG compliance activities has unearthed underlying issues concerning clearing house delays and draconian penalties, says the association.
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A quarter of SMEs investing in AI, automation, NAB data reveals
Almost one in four SMEs have already invested in emerging technology solutions, while a further 20 per cent plan to in the future, according to a NAB report.
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Submissions open for Australian Accounting Awards 2024
Accountants Daily is now accepting nominations and submissions for this year’s awards, now in its 11th year.
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Integro Private Wealth boosts regional WA presence with partnership
The private wealth firm has partnered with accounting firm AMD Chartered Accountants to expand its services across regional Western Australia.
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Bowerman decision highlights flaws with ATO approach to losses
The AAT decision demonstrates the reluctance of the ATO to allow tax deductions where profit-making activities lead to a loss, says a tax expert.
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RBA 'cautiously' holds, ends hawkish stance
Economists predict rate cuts by the end of the year as the bank's latest monetary statement reveals a "shift" in tone.
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ATO admits to fast-tracking client linking over fraud concerns
The Tax Office says it rejected three alternative proposals and proceeded with the current process without industry consensus because it had to “act quickly to strength...
DPNs surge to over 18k as ATO ramps up activity
The ATO is adopting a range of targeted strategies as it clamps down on the growth in collectable debt.
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