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  1. Lobby group formed to oppose audit proposal

    government and the community more generally”, she noted. Ms Aisbett said a joint submission was sent to various parties last week voicing the collective concerns of the lobby group. The submission estimates that approximately 90 per cent of SMSFs will...

  2. Accounting consultant slams taskforce recommendation

    of digital advice for small businesses is unlikely to provide any real benefit to accountants, according to a consultant. Last week, the Small Business Digital Taskforce handed its final report to the government on how small businesses can make the most...

  3. 3 tips to prepare for Tranche 2 of the AML/CTF Act

    now to ensure you’re in a good position when the legislation comes into place and not scrambling to implement a program last minute. Once Tranche 2 comes into effect, failure to comply can lead to fines and even imprisonment. It’s not just about...

    • Type: Article
    • Author: Infotrack
    • Category: Business

  4. Audit proposal to see fee hike, harsher penalties

    unless we do additional testing on the prior year’s figures, basically resulting in an audit of the financials since the last audit. Unless we complete this additional work we couldn’t sign off on the audit under the Australian Accounting Standards.” Ms...

  5. Education a missing piece in SME tax discussion

    people getting educated about that for their business, and then having incentives or tax benefits to do that would be huge.” Last month, a recent KPMG report measuring sentiment from mid-market firms regarding certain issues before the federal budget...

  6. Insolvency law reforms tipped to impact business contracts

    reforms” to insolvency rules, with a legal firm warning the impacts on new business contracts will be far-reaching. Last September, Financial Services Minister Kelly O’Dwyer flagged a softening of insolvency rules in a bid to reduce the number of...

  7. 'A busy night' for accountants: Chris Richardson

    Budget Paper No. 2, the one that has the decisions in it, and as Fairfax journalist David Crowe noted, it looks bigger than last year's, and although some things have been leaked or been speculated about ahead of the budget, I think you can safely say...

  8. STP ‘a bureaucratic nightmare’ for small business

    ATO allow the client to give them a yearly authority to lodge on their behalf based on the information they've provided?” Last year, the Institute of Public Accountants noted how the rollout of single touch payroll would affect small businesses, citing...

  9. ‘Uptick in enquiries and nervousness’: ATO investigations spark fear

    secret accounts is “just the tip of the iceberg”, according to a big four firm who has seen a rise in advice enquiries. Last week, the ATO announced it had begun contacting 106 Australians who are suspected of utilising tax evasion schemes through...

  10. Tax an election hot topic, says accounting body

    licence to be bold when it comes to tax reform. A tax system built on simplicity and equity should be our collective goal.” Last week, the Tax Institute said the next 12 months is “going to be a big year in tax”. The Tax Institute’s senior tax counsel,...

  11. CA ANZ predicts inaction on work deductions

    this year, the ATO flagged ‘other’ work-related expenses as an area of focus, after $7.9 billion in claims were recorded last year between about 6.7 million Australian taxpayers. Speaking to Accountants Daily, CA ANZ’s Australian tax leader, Michael...

  12. Prominent tax execs feature in Board of Taxation appointments

    to the development of the tax system,” said Ms O’Dwyer. The reappointments follow a raft of appointments announced late last year featuring a heavy representation from a big four firm. [email protected]

  13. ATO renews focus on popular deduction

    made a commitment earlier this year to focus on 'other' work-related expenses, after $7.9 billion in claims were recorded last year between about 6.7 million Australian taxpayers. ATO assistant commissioner Kath Anderson said that the ATO's ability to...

  14. FWO offers assurance over ATO system hiccups

    of the SBSCH system to the ATO’s online services has been plagued with processing and crediting of payment issues in the last month, causing significant concern and disruption for the bookkeeping industry. In an update, the FWO said it had been advised...

  15. A fresh take on R&D tax incentives

    report, will be unveiled in the May budget (20 months after the findings were released for feedback). The ATO, meanwhile, last year launched a crackdown on businesses “misusing” R&D tax breaks. ATO Deputy Commissioner Michael Cranston said the blitz...

    • Type: Article
    • Author: Thomson Reuters Tax and Accounting Team
    • Category: Tax

  16. Budget Week

    of SMSF membership to a maximum of six members. The July 2017 reforms are still being implemented and bedded down now. The last thing we need is more reform. It is time to provide some stability and confidence in the superannuation system and take the...

  17. Tax relief funding debate a ‘moot point’, says Thomson Reuters

    been concerns of the government’s ability to fund any tax relief while bringing the budget back to surplus by 2020-21. The last time the personal tax threshold moved was in 2016 when the 32.5 per cent threshold was increased from $80,000 to $87,000,...

  18. Payroll tax here to stay, says ex-ATO official

    step in to remove the much-maligned payroll tax, despite Treasury recently weighing in on its impact on employment growth. Last month, Treasury released an analysis of payroll tax data which it claimed proved that the tax is no disincentive on...

  19. Mid tier questions Victoria’s property tax reliance

    Mr Whatman. “We understand the government’s concern about housing affordability and there's no shying away from that but the last thing you want to do is create pressures in the market which means that supply dries up because all that is going to do is...

  20. What to expect from the 2018 federal budget

    of budget The budget deficit has narrowed to $23.6 billion for 2017-18, representing a $5.8 billion improvement since the last budget. The improving budget position has largely been driven by stronger commodity prices and higher forecasts for company...

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