Ed.
HMRC lets rich pickings from the wealthy slide
From www.accountingweb.co.uk: [UK context] A National Audit Office report criticises HMRC for its inadequate efforts to maximize tax collection from wealthy individuals, revealing that the wealthy tax gap is likely underestimated and compliance issues with offshore income remain unresolved.… read more
ISSB proposal to reduce Scope 3 reporting requirements
From www.icaew.com: [UK context] The International Sustainability Standards Board (ISSB) proposed amendments to IFRS S2 to simplify reporting requirements for Scope 3 greenhouse gas emissions, particularly for financial institutions like banks and insurers.… read more
ATO loses bid to move IT security chief’s sacking to Federal Court
From www.themandarin.com.au: The Australian Taxation Office (ATO) lost its bid to escalate an unfair dismissal case regarding former Chief Information Security Officer Alex Adams to the Federal Court.… read more
Consumer lease industry on notice for potential compliance failures
From asic.gov.au: ASIC’s review of the consumer lease industry revealed customer harm and potential breaches of consumer protection laws, with nearly 25% of leases in arrears despite significant market contraction following recent reforms.… read more
ASIC sues online consumer goods supplier Snaffle
From asic.gov.au: ASIC is suing Snaffle (operated by Walker Stores Pty Ltd) for allegedly inflating prices of household goods and electronics, while applying unlawful interest charges under credit contracts, resulting in interest rates exceeding the legal cap of 48%.… read more
ATO’s new contractor draft ruling and small business
From publicaccountant.com.au: The Australian Tax Office’s new guidance and recent High Court rulings clarify the distinction between employees and contractors, emphasizing the importance of the written contracts in determining worker classification.… read more
ART finds that eligible R&D needs to address unknown outcomes
From www.pwc.com.au: The Administrative Review Tribunal dismissed a taxpayer’s appeal regarding their R&D activities, concluding that they did not meet the core criteria of having an unknown outcome as required by tax regulations.… read more
Insolvencies plateau; hospitality under pressure
From creditorwatch.com.au: The April Business Risk Index from CreditorWatch indicates that while insolvencies remain high, they have plateaued, with 9.6% of hospitality businesses closing in the past year.… read more