Tax & Compliance
Tax Institute pushes for July 2023 start for new TBAR system
The Tax Institute says the streamlined system for transfer balance account reporting for SMSFs should not commence until 1 July 2023, given the difficult period faced b...
McDonald’s fined over ATO document compliance failure
McDonald’s has been convicted and fined for failing to provide documents to the Australian Taxation Office (ATO).
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ATO highlights support for out-of-date lodgments and payments
The ATO has issued a reminder to those who have clients currently not up to date with their lodgment and payment obligations.
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Tax debt, inadequate books see director cop 4-year ban
A Sydney director who failed to prevent his companies from incurring debts while insolvent and maintain his tax obligations has received a four-year ban from the corpora...
ATO circles illicit tobacco operation in major ABF taskforce
Details surrounding an ATO investigation into an alleged illicit tobacco manufacturing operation have been shared, with backing from the Australian Border Force (ABF).
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ASIC releases guidance for tax (financial) advisers
The corporate regulator has released new guidance for providers of tax (financial) advice services, with changes to the regulation and registration of these advisers no...
‘A slap in the face’: Qld’s new land tax slammed
The Real Estate Institute of Queensland (REIQ) is accusing the state government of treating the property market like a “cash cow” it can milk for profit.
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ATO releases new guidance on allocation of professional firm profits
The ATO has released its compliance approach to the allocation of profits or income from professional firms.
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Beware section 99B
Imagine this scenario: George, who lives in Melbourne and is aged 23, gets a call from his grandmother in Athens. Grandma says she is going to give him $100,000 for Chri...
Quality of Advice Review to examine advice framework for accountants
The draft terms of reference released for the government’s Quality of Advice Review indicate it will examine the application of the advice framework for certain profess...
ATO provides further clarity on DIN process
The ATO and the SMSF Association have clarified some of the areas of confusion with respect to the director identification number process and outlined some of the ATO...
