The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received assent on 17 February 2020. The legislation includes a range of measures targeting illegal phoenixing including penalties for directors related to GST liabilities (making directors personally liable for unpaid GST if the...

Read More

High Court disallows appeal in FITO case Broadband tax gets Senate approval, but wireless not ruled “off-limits” Warn your clients: New “8% bonus” scam The end of AUSkey and Manage ABN Connections is nigh Reporting and paying of inactive low-balance...

Read More

With WA property prices at an all-time low, together with the newly introduced stamp duty rebate, property buyers are getting excited. The Western Australian government unveiled stamp duty rebates of up to $50,000 for off the plan property buyers to...

Read More

Tax file numbers (TFNs) are so much an everyday element when dealing with tax and the ATO that many practitioners and ordinary self-preparers won’t give it a second thought when tax return software responds with an “invalid” when a TFN...

Read More

If you have clients who own marine vessels, thoroughbred horses, fine art, high value motor vehicles or aircraft, it could be time for a cautionary phone call. The ATO has announced that it will be requesting a further five years’...

Read More

Law Companion Ruling LCR 2019/5 deals with the passive income threshold and other issues within the Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Act 2018 that limits access to the lower corporate tax rate. From the 2017-18 income year, a corporate tax...

Read More

The fifth annual report on corporate tax transparency has been released by the ATO. The report provides insights into the operation of the corporate tax system and the tax affairs of the country’s largest companies. Click here to read the report...

Read More

The First Home Super Saver (FHSS) scheme was introduced in the Federal Budget 2017-18, with an aim to reduce pressure on housing affordability. The scheme allows eligible taxpayers to save money for their first home inside the superannuation system. The...

Read More

The Tax Practitioners Board (TPB) recently hosted a webinar dealing with whistleblowing and confidentiality within the tax practitioner industry. The webinar — you can view a recording below (one hour CPD value) — explained a practitioner’s obligations in relation to...

Read More