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Deakin tax tool to help NFPs cope with ATO’s ‘ticking time bomb’
New reporting requirements threaten the tax-exempt status of thousands of NFPs without accounting experience, Deakin University says.
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Aged care reforms need more consideration: joint bodies
Professional accounting bodies have said the government needs to carefully consider funding arrangements before implementing reforms in the aged care sector to ensure t...
Common FBT mistakes flagged as FBT season kicks off
BDO has outlined several areas within fringe benefits tax that employers and accountants should pay close attention to.
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ATO responds to tax agent gripes over TPAR obligations
Tax agents have expressed frustration over a lack of visibility with client lodgment obligations and the time frame for reporting.
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Payroll errors more likely under Closing Loopholes reforms
More than half of Australian businesses plan to reconsider the way they manage payroll as a ‘direct result’ of the recent industrial relations reforms, research finds...
ATO raises concerns over $200m in illegal SMSF loans
Illegal early release and prohibited SMSF loans remain top concerns for the Tax Office, particularly in the current economic environment.
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Client-agent linking threatening ‘viability of practices’, CA ANZ tells ATO
Complex processes, technical glitches, and insufficient ATO support with client-agent linking are having a direct financial impact on practices, the association warns.
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Instant asset write-off measure still stalled in Parliament
The bill to increase to the instant asset write-off threshold is still yet to pass Parliament, with only three months left till the bill ceases.
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Post-COVID period sees mixed performance across capital cities
Sydney and Brisbane have been challenged by steep commercial rents while Adelaide, Melbourne and Perth continue to perform strongly.
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BDO flags unique tax challenges with influencer clients
Accountants can bring enormous value to clients operating as content creators but a detailed understanding of their work is essential, says business services partner Kora...
Underpaid, overworked: The audit profession's ‘battle’ for talent
Concerns around work-life balance, remuneration, and predictable career progression models continue to inhibit talent attraction and retention, accounting bodies find.
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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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