Tag: Tax System

ATO’s Examines Pandora Papers

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The Pandora Papers was a leak of millions of documents that released previously hidden away tax information. The Australian Tax Office (ATO) has been working since the release to examine every piece of information to check on Australians. The ATO examines and investigate tax evasion throughout the year but the…

New Regulations to Look Out for with The Incoming Better Advice Bill

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The government has submitted for consultation exposure draft regulations for the Better Advice Bill. The bill was passed in the House in early August and is expected to go into effect on 1 January 2022. Amongst its proposed changes are plans to transfer functions from the Financial Adviser Standards and…

Victoria’s Landowners To Be Hit With New Tax Measures

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In pre-budget announcements, Victoria’s Treasurer, Tim Pallas, confirmed plans to have the wealthiest homeowners and developers pay more taxes. The government estimates that these changes would raise $2.4 billion in revenues over the next four years. The proposals include a new windfall gains tax on developers whose projects are on…

Think Tank Proposes Standardised Deduction To Simplify Tax System

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The Blueprint Institute has just released a report dubbed ‘Bye-Bye Tax Returns’ that includes a tax reform proposal that would see over nine million taxpayers given the option to avoid having to itemise their expenses and rather opt-in for a standardised $3,000 deduction. This would apply to work-related expenses and…

Bragg Calls For Tax Reforms In Bid To Attract Foreign Investment

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Liberal senator Andrew Bragg has noted that Australia will need to make changes to its tax approach to become as competitive as other top international centres of foreign investment like Singapore, Tokyo, Malaysia, and the United Kingdom. When speaking to the Tax Institute this week, Bragg proposed three specific reforms…

Greens 6% Wealth Tax Proposal Could Raise $40 Billion

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The Australian Greens are proposing new taxes on the wealthy aimed at correcting inequality under their new “Fight for the Future” campaign. The laws would see Australia’s billionaires receive a 6% wealth tax that would be imposed on 90% of their original wealth. This measure would not only help to…

PricewaterhouseCoopers Support a Nationwide Approach to Payroll Tax

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Accounting giant PricewaterhouseCoopers (PwC) has released a payroll tax report that stated a preference for a nationwide standard when it comes to payroll tax. The report highlighted 3 potential opportunities for review that federal legislators could adopt that could help to make payroll tax easier to understand, making it easier…

Hopes Of Aged Care Levy Dwindle Despite Support From Public And Experts

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The recent release of a final report by the Royal Commission into Aged Care Quality and Safety has put forward 148 recommendations aimed at resolving troubles plaguing a sector in crisis. According to commissioners Lynelle Briggs and Tony Pagone, there should be an introduction of an aged care levy. They…

ATO Revs Up As JobKeeper Set To End In March 2021

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Accounting professionals are being advised to get their clients ready for an onslaught from the ATO as an end to JobKeeper is in sight. Since the pandemic began in early 2020, the ATO has paused its audit and compliance work in view of the stresses the business community has been…

What does 2021 have in store for ATO audit activity?

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Much of the world has experienced some sort of shutdown this year, with governments implementing financial support strategies to keep their economies from slipping into a recession amid the COVID-19 pandemic. Australia was no exception, with support packages such as JobKeeper and cash flow boost propping up the country. In…