From www.accountantsdaily.com.au: The Tax Institute warns that the upcoming federal election will further complicate tax planning for clients due to several announced but unenacted tax measures, particularly concerning the Division 296 tax and the instant asset write-off.… read more
From taxrambling.com: The lack of indexation in tax legislation leads to significant issues such as bracket creep and diminished effectiveness of tax concessions and anti-avoidance provisions.… read more
From fortisap.com.au: Australia will implement key policy changes on 1 January 2025, affecting businesses and workers with updates that include enhanced Single-Touch Payroll requirements, increased penalties for wage theft, and adjustments to the national minimum wage.… read more
From www.themandarin.com.au: Former PwC tax partner Wayne Plummer announced he has been cleared of any wrongdoing in the PwC tax leak investigation by the Tax Practitioners Board, which found no case to answer against him.… read more
From www.knowledgeshop.com.au: In 2025, Australia will face an election, potential tax changes including a new superannuation tax, and ongoing discussions around interest rates amid economic pressures.… read more
From cadenalegal.com.au: The ATO has been issuing non-binding web guidance, leading to concerns among tax professionals about its reliability for interpreting complex tax laws.
The guidance lacks the authority of public rulings, making it less protective for taxpayers in forming reasonably arguable positions.… read more
As 2024 concludes, key developments in Australia’s tax landscape for small and medium-sized accounting firms are highlighted – from www.accountantsdaily.com.au
Notable changes include the ATO’s reaffirmation regarding the deductibility of financial advice fees, a significant Federal Court decision regarding gifts from non-residents, and updates to the Tax Agent Services Act that impose new compliance obligations.… read more
From Arnold Block Leibler: Key corporate tax developments of 2024, from ATO assurance programs and tax compliance to changes in diverted profit tax judgments, are explored.… read more
From www.pitcher.com.au: From 1 July 2024, the Debt Deduction Creation Rules (DDCR) will permanently deny tax deductions for certain debt payments related to transactions with associates, specifically in asset acquisitions and funding distributions.… read more
From au.andersen.com: Commissioner of Taxation v Bakarich (No 2) [2024] FCA 1448 is a landmark court decision in Australia that reinforces the Australian Tax Office’s promoter penalty regime, focusing on the prohibition of tax exploitation schemes.… read more
From Andersen Australia: Includes recent legislative updates and outline the latest developments in the areas of corporate tax, individual tax, indirect tax and international tax.… read more
From www.pwc.com.au: PwC Australia released its Monthly Tax Update for December 2024, highlighting recent developments in corporate, employment, international, indirect, and state taxes, as well as superannuation.… read more
From waterhousetaxlawyers.com.au: Individuals who receive a Departure Prohibition Order (DPO) from the ATO are prevented from leaving Australia until their tax debts are settled or satisfactory payment arrangements are made.… read more
From au.andersen.com: The November 2024 Monthly Tax Update from Andersen Australia outlines recent legislative changes, including the increase in the penalty unit value for Commonwealth criminal offences and the introduction of the Mergers and Acquisitions Reform Bill 2024 to enhance merger control.… read more
From au.andersen.com: The October 2024 Monthly Tax Update from Andersen Australia details recent legislative changes and developments in corporate, individual, indirect, and international tax.
Key updates include the introduction of a bill to streamline small business tax obligations and an extension of the anti-money laundering regime to cover lawyers and accountants.… read more