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ATO ‘scrutinising’ section 109RB requests, practitioners warned
The ATO has cautioned practitioners and their clients not to rely on favourable discretion from the Tax Commissioner for Division 7A obligations.
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NFPs urged to check guidance before applying for private rulings
The Tax Office has experienced a surge in requests for private rulings by non-charitable NFPs as the new reporting changes approach.
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Instant asset write-off measure for 2024–25 introduced into Parliament
A bill to set the instant asset write-off threshold to $20,000 for 12 months over the 2024–25 income year has been introduced into the lower house, with the 2023–24 m...
New Victorian property tax will affect investment decisions: legal specialist
SMSF trustees that invest in qualifying use property in Victoria from 1 July 2024 will need to be aware of how the new commercial and industrial property tax works, say...
CPA outlines ATO focus areas for expenses this tax time
With tax time fast approaching, the professional body has outlined some of the claims that may attract additional scrutiny from the Tax Office this year.
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Over half of accounting firms to raise fees for services: Ignition
Ignition’s latest tax and compliance pricing data reveals that 55 per cent of firms plan to increase fees across all services this year.
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Dob-in window ‘nearly impossible’ for practitioners, joint bodies warn
A submission to the TPB says the 30-day time frame needs to be extended to at least three months amid heavy workloads and client obligations.
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Div 296 tax carve outs include special super interests
It has already been revealed that there will be some superannuation members who will be excluded from Division 296, but there are also “carve outs” of the tax in re...
ATO offers further guidance on self-assessing for new NFP return
The Tax Office has stressed that the main purpose of a community service organisation must be altruistic to be eligible for an income tax exemption.
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AAT upholds tax agent termination over unpaid tax debts
The AAT has affirmed a decision by the TPB to terminate a tax practitioner’s registration due to significant personal tax debts and overdue tax returns.
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Forvis Mazars merger to transform global accounting network
The merging of two powerhouse professional services organisations is set to shake up the global industry and transform operations in Australia.
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TPB bans agent for misappropriating $2.5m in client funds
The TPB has terminated a tax agent’s registration after allegedly misappropriating more than $2.5 million in client funds for personal financial gain.
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IPA calls for 6-month delay to dob-in obligations
The 1 July 2024 start date does not provide sufficient time for the TPB’s guidance to be finalised and communicated to the tax profession, the professional body says.
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Taxpayers warned on risks with rushed tax returns
CPA Australia says cost of living pressures may drive some taxpayers to rush their return this year to receive an early refund....
Lawyer issues reminder on tax risks with UPEs
Unless carefully managed, unpaid present entitlements (UPEs) and beneficiary accounts in family/discretionary trusts can give rise to significant tax risks, warns a legal...
Practitioners ‘taken by surprise’ by breach reporting requirements, says CPA
The TPB has assured tax practitioners that it will take a transitional approach with the breach reporting requirements with many feeling uncertain about the upcoming obli...
ATO flags critical considerations with family trust elections
Family trust elections and interposed entity elections “should not be set and forget” by trustees or their tax professionals, the Tax Office warns.
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Downsizer contributions can be time critical
With the expansion of the downsizer contribution, the timing of when it is used can affect how to use non-concessional contributions.
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ATO releases decision impact statement on Minerva decision
The decision does not change the Tax Commissioner’s view that schemes that include a trustee’s exercise of discretion to distribute income can attract Part IVA, the A...
ASIC pushes for new penalties for misuse of accountants’ certificates
The corporate regulator wants to see penalties and sanctions applied where the certificates are misused for classifying wholesale investors.
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