Tax & Compliance
‘Jig is up on the gig economy’: ATO eyes side hustles this tax time
The ATO is cracking down on the cash and gig economies, and taxpayers must ensure that they are declaring all of their odd jobs and freelance work on their tax return, sa...
ASIC highlights COVID-19 financial reporting focus areas
The corporate regulator has revealed its financial reporting focus areas for reporting periods ending 30 June under pandemic conditions, and announced relief on reporting...
Crypto crackdown underway as ATO locks in data-matching program
Over 600,000 Australians who have invested in cryptocurrency will now be unable to hide from their tax obligations as the ATO extends its data-matching program to 2023.
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Stage 3 tax cuts to ‘exacerbate’ further inequality
Australia’s stage 3 tax cuts are likely to make the nation’s income tax system less progressive, overwhelmingly benefit the wealthy and spur further inequality, as fo...
Work-related expenses fall by $1bn following ATO scrutiny
The ATO’s crackdown on work-related expenses appears to have paid off, with Australians claiming nearly $1 billion less in 2018–19.
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Sydney auditors first to face criminal charges over audit failures
In an Australian first, an audit firm and its director face criminal charges over the quality of their work in auditing collapsed financial services company Halifax Inves...
G7 tax deal renews Australian company tax rate debate
The Morrison government is facing renewed pressure to cut Australia’s company tax rate from 30 per cent after the Group of Seven (G7) on Sunday reached a historic agree...
ASIC disqualifies director for insolvent trading
A Sydney director whose companies owed creditors more than $3.1 million has been banned from managing companies for two years.
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FWO secures $204k penalty order against restaurant operator over unpaid wages
The Fair Work Ombudsman has secured a court-ordered penalty against a Melbourne-based restaurant operator for failing to pay staff below minimum wage, casual loading, ove...
‘Overconfident’ taxpayers warned to approach tax time with caution
More than two-thirds of taxpayers will head into tax time with inflated confidence, but most won’t have the resources necessary to navigate the “major” tax implicat...
ATO signals crypto crackdown as tax time looms
The Tax Office will move to engage around 100,000 taxpayers ahead of tax time to alert them to their tax obligations as it moves to firm its stance on accounting for cryp...
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