Taxation

CPA Australia and its members engage in informed debate on tax issues that can be broadly categorised under policy, legislation, administration and operations.

The role of CPA Australia in tax policy

In the ever-evolving world of tax policy, a broad range of stakeholders regularly engage to resolve complex design and implementation changes across the tax system.

COVID-related scenarios can rapidly change, so organisations need to ensure their plan is relevant and addresses all factors.

Untangling COVID-19 workplace requirements

The coronavirus pandemic has increased the complexity of workplace laws. It gets more confusing if your business is based in multiple states.

There are going to be a lot of practices under even more pressure because clients are going to come in early and want their tax return completed.

Heavy lifting: Why tax time this year is more taxing

After the most turbulent year in recent history, a bushfire crisis and COVID-19 have complicated tax claims this financial year. Accountants can expect the unexpected.

Clear documentation related to the nature of payments to directors and the commercial basis of any changes is important in the event of ATO enquiries.

Time to review long-held practices for directors’ fees

The changing requirements for reporting directors’ fees have intersected with COVID-19 economic stimulus measures, activity statement reporting and Services Australia increasing potential compliance risks. Several issues have arisen which demand attention.

As tax agents have begun meeting with their clients, many are checking income received from the stimulus measures as part of income tax return discussions.

Tax time 2020: Economic stimulus and tax whistleblowers

COVID-19 economic stimulus measures provided many businesses with much-needed support. However, accountants may come across clients who have rearranged their affairs in concerning ways to get access to these measures. Here are options for CPAs who encounter these situations and the protections afforded by the tax whistleblower laws introduced last year.

People in business need to consciously maintain their mental wellbeing and the usual commonsense approaches still apply.

Stress management: COVID-19, tax time and the sum of our fears

From a client’s perspective, CPAs are the antidote to complex – and occasionally overwhelming – financial stress. This year, with the coronavirus pandemic and growing global uncertainty, the job is more difficult than ever. When it comes to severe stress, who helps the accountants?

This year, the ATO has introduced a shortcut method to claim deductions between 1 March 2020 and 30 June 2020 for work from home expenses at A80 cents per hour.

Dealing with disruption: Tax time and COVID-19

COVID-19 has impacted upon the lives and businesses of all Australians. With tax time upon us, the ATO continues its focus on rental property and work-related deductions while taking a sympathetic approach to struggling taxpayers.

With COVID-19 also resulting in many of us working from home more often or even for the first time, the Australian Taxation Office (ATO) has announced a new shortcut method for work-from-home deductions.

How public practitioners can get ready for tax time

The end of the financial year is always a busy time for accountants, and for many, this year will be busier than ever. Here's how to tick all the right boxes with your clients.

Discretionary trusts are on the Australian Taxation Office’s (ATO) radar as the regulator steps up its efforts to clamp down on tax avoidance.

Discretionary trusts in the ATO spotlight

As the ATO renews its focus on tax avoidance, section 100A, a 40-year-old provision in the Income Tax Assessment Act, is under review.

Globally, most businesses have taken a major hit financially due to various governments’ responses to COVID-19, and many will not survive the COVID-19 lockdown phase.

Are higher taxes the best way to shore up the economy?

Three experts discuss if higher taxes are the best way forward, covering productivity, jobs and business growth, government policy and more.

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