News and Media

Sports stars will lose tax loophole following ATO crackdown

8th January 2018

A TAX loophole used by Australia’s best athletes is about to become more difficult to exploit.
The Australian Taxation Office is starting to clamp down on “image rights” companies, used by wealthy sportspeople to reduce their tax bill and claim a raft of expenses.

The image rights option has been available to Australian-based athletes since 2004. 

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ATO sending 'more letters than ever' on income tax errors

15th September 2017

One firm believes the ATO is distributing more letters than ever to taxpayers whose tax returns’ have been flagged as failing their data matching processes. The ATO’s new data matching technology is catching out more taxpayers than ever this year according to online tax agents Etax.

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Accountants 'high profile' targets for cyber crime

2nd August 2017

As more accounting firms start to take on ownership of their clients’ IT systems, a “layered approach” to cyber security is vital to protecting both the firms' and clients’ data according to one software firm.

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ATO cracking down on taxable fringe benefits

7th June 2017

The ATO is scrutinising organisations’ taxable fringe benefits, with a specific focus on customer loyalty programs, ride-sharing services and utility vehicles, according to a mid-tier. RSM Australia is urging accountants to work with their clients to review their policies ahead of possible investigation by the ATO on the provision of taxable fringe benefits to employees. One key area of focus is on employees’ use of business or personal credit cards linked to customer loyalty programs, as well as substantial personal frequent flyer points obtained through business travel.

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