Tax & Compliance
Tax-free treatment of COVID-19 grants to be extended
State and territory grants issued to small businesses in response to COVID-19 will continue to be tax-free under a new bill introduced into Parliament.
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Accountants cautioned on ‘one size fits all’ approach to trust distribution
Two weeks out from the end of the financial year, accountants should be cautious in their approach to trust distribution minutes, says one tax expert.
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ATO set to review 85% lodgement benchmark
Tax practitioners will not be expected to meet the 85 per cent on-time lodgement requirement this year, as the ATO announces a review of its lodgement program framework.
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ASIC disqualifies director for failing to pay tax obligations, trading insolvent
A Sydney director whose companies owed creditors more than $2.5 million has been banned from managing companies for three years.
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‘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...
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