Taxation

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.

Property stamp duties are entirely pegged to market conditions, and therefore are an inherently unstable revenue source for the states and territories.

Should land tax replace stamp duty in Australia?

Its critics say stamp duty is an unstable revenue source that creates inefficiencies in the housing market, because it is substantial and can influence people's decisions to sell and buy property. What is the alternative?

The Sydney Harbour Bridge is illuminated by a New Year’s Eve fireworks display on 31 December 1999. The Goods and Services Act was introduced earlier that year.

GST in Australia 20 years on: looking back on taxing times

Australia's goods and services tax (GST) was introduced, with much controversy, 20 years ago this year. It's now entrenched, but does it need an overhaul?

In the past few federal budgets, the ATO has received funding increases that it has used to address the income tax gap and the black economy.

The ATO ups its compliance game. Here's what that means for taxpayers.

New technology and a different approach mean that the Australian Taxation Office has taken its game to a new level. Tax advisers need to pay attention.

The Black Economy Taskforce estimated the black economy could be worth as much as 3 per cent of national GDP, or about A$50 billion a year.

Public swamps ATO tip-off line on black economy behaviour

The Australian Taxation Office is continuing its crackdown on the black economy, with increasing help from the public.

According to figures provided by the AAT, last year about 30 per cent of people who took a tax dispute to the Tribunal were represented by their accountant/tax agent.

AAT a potential minefield for tax disputes

Blurred lines and controversial decisions mean that going to the Administrative Appeals Tribunal can be a risky proposition.

Tax Commissioner Chris Jordan.

ATO Commissioner Jordan on incorrect tax claims on rental income

Tax Commissioner Chris Jordan says the Australian Taxation Office (ATO) is focusing on rental income as it pays more attention to “individuals not in business”.

While showing appropriate empathy, the ATO also needed to identify tax advisers who consistently use aggressive tactics.

ATO Commissioner: we’re getting better at identifying problem tax advisers

In an interview with INTHEBLACK, Australian Taxation Office (ATO) Commissioner Chris Jordan warns that his staff are getting better at identifying problem tax advisers and taking action.

Under the new laws, a tax whistleblower has many contact points within and external to an organisation to make disclosures.

What the new tax whistleblower laws mean for disclosure

New tax whistleblower laws came into effect on 1 July. Here's what you need to know about disclosure.

The majority of gamblers lose, so any additional government revenue from taxing winnings would be insignificant.

Should your gambling winnings be taxed?

Winnings from gambling are tax free in most jurisdictions. Would there be any point to taxing winnings?

When accountants allow or encourage dodgy tax claims, their clients speak with friends and the problem becomes greater for the entire industry.

Outrageous tax claims: why are they so popular?

They're bad for the economy, for the accounting industry and for our clients, so why are outrageous tax claims still so widespread?

Tax audit protection is not mandatory for accounting professionals and some prefer to self-insure – putting money aside to pay the costs should they or a client ever come under the spotlight.

Is it ethical to self-insure?

SPONSORED CONTENT: Offering tax audit protection to clients takes the pressure off should they ever be targeted by the ATO. It also sends a clear message that you’re putting their needs first.

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