From www.bantacs.com.au: Body corporate fees related to strata units used for income generation are generally tax deductible, while special purpose levies may complicate tax claims depending on whether they represent repairs or improvements.… read more
From newsport.com.au: Police have arrested 18 individuals in North Queensland for their involvement in a $2 million tax fraud scheme, which involved creating fake businesses to fraudulently claim GST refunds.… read more
From www.pwc.com.au: The Australian Taxation Office has released an updated Supplementary Annual GST Return (SAGR) for large businesses and multinationals, set to take effect from the 2024-25 financial year.… read more
From worrells.net.au: The ATO is shifting non-compliant small businesses to monthly GST reporting starting April 1, 2025.
This change aims to improve cash flow and provide timely financial insights, though it requires increased administrative efforts.… read more
From worrells.net.au: Effective April 1, 2025, the Australian Taxation Office will require certain non-compliant small businesses to report GST monthly instead of quarterly, due to issues such as late or incorrect Business Activity Statements.… read more
From www.afr.com: The collapsed hospitality group Virtical allegedly accrued $120 million in fake GST refunds to finance its acquisition of pubs in Sydney and Melbourne, potentially marking Australia’s largest GST fraud.… read more
From www.breednet.com.au: A recent case reviewed by the Administrative Review Tribunal affirmed that a taxpayer was denied input tax credits for GST due to filing her claims more than four years after the required deadline.… read more
From www.pwc.com.au: The publication details the evolving GST/VAT rules across 15 Asia Pacific countries as digital services and eCommerce continue to reshape indirect tax regimes.… read more
From www.rsm.global: The ATO has issued a warning regarding increasing GST fraud in the real estate and construction sectors, highlighting sophisticated schemes that involve false invoicing and misaligned GST accounting methods.… read more
From www.accountantsdaily.com.au: Starting April 1, 2025, the ATO may transition small businesses with a history of non-compliance to monthly GST reporting to encourage better adherence to tax obligations.… read more
From www.accountantsdaily.com.au: The Coalition’s proposed capped tax deduction of $20,000 for small businesses on entertainment expenses, exempt from FBT, raises potential complexities arising from the interaction of FBT and GST.… read more
From www.brokernews.com.au: The ATO has updated tax regulations to require all property sellers in Australia to provide a clearance certificate proving their residency status at the time of settlement, effective January 1, 2025.… read more
From grantthornton.com.au: ‘Division 93 of the GST Act imposes a very strict four year time limit in which to claim your input tax credits (ITC).’… read more
From www.accountantsdaily.com.au: The ATO is intensifying its compliance efforts regarding unpaid GST, particularly through the issuance of DPNs.
Key areas of focus include property transactions, which are complex and require careful classification for GST purposes, and GST registration requirements that may necessitate retrospective actions.… read more
From chrissievers.com: The High Court allowed a taxpayer’s appeal in the case of Automotive Invest Pty Ltd v Commissioner of Taxation, deciding in a 3:2 ruling that the purpose of displaying luxury cars in a museum was primarily to facilitate their sale as trading stock, rather than as an independent tourist attraction.… read more