Tag: Tax System

The opportunity to submit views on draft legislation that would give the Administrative Appeals Tribunal (AAT) powers to pause or modify debt recovery actions by the Commissioner of Taxation on small businesses has come to an end. This refers to businesses with a total annual turnover of less than $10…

Every accountant knows that reviews or audits of your client’s tax returns or financial compliance obligations can sometimes be unavoidable. When an audit hits, this is rarely a reflection of the work put into preparing the return and is more often due to a specific crackdown by the Australian Taxation…

The Australian Tax Office (ATO) has come under heavy criticism following a report by Industry Super Australia (ISA) that revealed high levels of unpaid super debt. According to ISA analysis, in the 2018-19 period, an estimated $940 million in superannuation was not paid to over 570,000 Queensland workers. This represents…

The Australian Tax Office (ATO) has just released its 7th annual report on corporate tax transparency for the 2019-20 income year. The report indicates that voluntary tax compliance by the corporate segment has improved. According to ATO Deputy Commissioner, Rebecca Saint, corporates are placing a higher value on becoming tax…

The Australian Tax Office (ATO) has announced that the deadline for the compassionate release of superannuation funds this year was 10 December 2021. Applications submitted after this date will likely be assessed from January 2022. The ATO has confirmed that their offices will close for the holidays on 24 December…

The Australian Tax office (ATO) has reported a 7.3% tax gap between what was supposed to be collected in the 2018-19 financial year versus what was collesmallcted. This has amounted to an estimated $33.5 billion tax loss, the bulk of which has been attributed to small businesses and individuals. Small…

During the recent 14th International ATAX Conference on Tax Administration, Commissioner of Taxation, Chris Jordan, voiced concern that many new investors in cryptocurrencies were not fully cognizant of their tax obligations. New investors were of particular concern as they could not be relied upon to navigate the complexities of income…

As part of the government’s pandemic response, millions of Australians benefitted from tax cuts applicable to low and middle-income earners (LMITO). These tax offsets that amounted to anywhere between $255 and $1080, depending on taxable income, have been in use for the last several years. The measure was due to…

Some foreign travellers are likely to benefit from a recent ruling by Australia’s High Court that found the backpacker tax to be discriminatory.  Following the filing of a case by a British woman who claimed she was unfairly taxed during the time she worked as a waitress in Sydney in…

The Fair Work Commission (FWC) has found that workers have been underpaid to the tune of over $148 million in the 2020-2021 period. This is 20% more than was reported from the previous year. The investigations found that this record breaking amount of unpaid wages and entitlements applied to 69,735…