Tax & Compliance
ATO announces STP Phase 2 blanket deferral
Australian employers will now have two more months to transition to the second phase of Single Touch Payroll as the ATO announces a blanket deferral in light of the curre...
Treasury consults on increase to charities financial reporting threshold
The revenue thresholds defining small, medium and large charities are set to be raised, saving over 5,000 charities the need to produce reviewed or audited financial stat...
ATO eyes foreign income disguised as gifts, loans
The ATO will ramp up reviews and audits of Australian-resident taxpayers who attempt to conceal foreign source income as it notices an uptick in such errant arrangements....
OnlyFans, Twitch, Patreon: ATO tightens the net on gig economy
Australians with side hustles, including those on online platforms OnlyFans, Patreon or Twitch, are being warned by the ATO to declare all their income during tax time.
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Frydenberg shuns OECD’s GST reform recommendation
Treasurer Josh Frydenberg has ruled out broadening the GST base and increasing its rate despite the Organisation for Economic Co-operation and Development warning of vuln...
ATO fires warning shots on cryptocurrency cost base, record-keeping
The ATO has warned advisers new to cryptocurrencies to be aware of the components that comprise a crypto asset’s cost base, and to encourage their clients to keep immac...
ASIC bats away privacy concerns over JobKeeper disclosure
The corporate regulator defended its decision to force listed firms to disclose whether they’ve received JobKeeper, saying it’s within the interests of everyone deali...
Accountants cautious over NSW move from stamp duty to property tax
The NSW government’s proposed shift from a one-off stamp duty payment to ongoing payments of property tax has sparked concerns over who can offer advice on it, and how ...
UK tax increase offers platform to governments to consider COVID-19 debts
British Prime Minister Boris Johnson announced an increase to the UK’s national insurance tax of 1.25 per cent on Tuesday, breaking an election promise that goes agains...
ATO prosecutions fall by 70% in FY21
A softer compliance approach coupled with proceedings slowed and stifled by public health orders saw prosecutions mounted by the ATO sink to their lowest levels in seven ...
Remit SGC penalties for inadvertent and unintentional errors: CA ANZ, CPA Australia
Employers who inadvertently make late superannuation payments despite doing their best to comply with their obligations should be granted full remission of the superannua...
