From www.bantacs.com.au: From July 1, 2025, interest charged by the ATO will no longer be tax deductible, prompting individuals to consider refinancing options.
With current ATO interest rates at 11.17% for General Interest Charges and 7.17% for Specific Interest Charges, refinancing at lower home loan rates might be beneficial if enough equity is available.… read more
From www.fssuper.com.au: Legislation will make the general interest charge (GIC) and shortfall interest charge (SIC) non-deductible for taxpayers starting from July 1, 2025, impacting those with overdue tax liabilities.… read more
From www.smartcompany.com.au: The Australian Taxation Office has issued a warning about fraudsters using artificial intelligence to create false invoices and manipulate financial records in order to evade tax obligations.… read more
From www.accountantsdaily.com.au: The Administrative Review Tribunal upheld the Commissioner of Taxation’s decision to include certain distributions from an accounting firm partnership as assessable income for a former equity partner.… read more
From atlaswealth.com: Overseas tax havens are often misunderstood, with common misconceptions suggesting they are illegal, only benefit the wealthy, or operate without regulation.
In reality, they are legal and legitimate financial planning tools that can also assist expatriates and small businesses while adhering to international standards.… read more
From insightfulaccountant.com: [US context] The IRS has reported that its enforcement sweeps targeting high-income nonfilers have been effective in securing tax returns and collecting revenue, particularly between fiscal years 2021-2022.… read more
From au.andersen.com: In May 2025, significant updates and changes in taxation legislation, ATO compliance activities, and guidance are introduced, including new exemptions for electronic distribution platform operators and stricter scrutiny on deduction claims.… read more
From williambuck.com: Medical professionals continue to find trusts beneficial for managing income distribution, asset protection, and tax efficiency, despite recent scrutiny from the ATO regarding unpaid present entitlements.… read more
From www.accountantsdaily.com.au: The Administrative Review Tribunal ruled in favor of the taxpayer, determining he did not engage in tax evasion regarding amended income tax assessments concerning millions of dollars of UK-sourced income.… read more
From www.paintandpanel.com.au: The Motor Trades Association of Australia supports the Australian Government’s consideration of abolishing the $5.2 billion Luxury Car Tax as part of free trade negotiations with the European Union.… read more
From financialnewswire.com.au: Daniel Mulino has been appointed as the Assistant Treasurer and Minister for Financial Services, taking over from Stephen Jones.
With a background as an economic adviser and chair of the House of Representatives Standing Committee on Economics, Mulino brings substantial experience to his new role.… read more
From www.abc.net.au: Anthony Albanese has announced his new frontbench team following Labor’s significant electoral victory, appointing Michelle Rowland as attorney-general after the removal of Mark Dreyfus and Ed Husic.… read more
From thestreet.com: [US context] Missouri House Bill 594 proposes to eliminate the capital gains tax, including profits from digital assets like Bitcoin and XRP, pending Governor Mike Kehoe’s signature.… read more
From sladen.com.au: The Full Federal Court case of Commissioner of Taxation v Liang reaffirms that taxpayers bear the burden of proving that an ATO assessment is excessive.… read more