From worrells.net.au: The ATO has adopted a stricter stance on tax debt recovery, focusing on compliance and reducing leniency.
Debt collection practices have intensified, with quicker enforcement actions and new legislative changes affecting taxpayers.… read more
From worrells.net.au: Voluntary administration can serve as a proactive strategy for businesses in distress, allowing continued operations and stakeholder engagement to enhance sale prospects.
A specialist electrical engineering company successfully navigated insolvency, retaining staff and transferring contracts, culminating in a beneficial sale.… read more
From hlb.com.au: HLB Mann Judd’s May 2025 Tax Alert, including the eligibility for claiming self-education expenses, tax implications of short-term rentals, and differences between sole trader and company business structures.… read more
From www.pitcher.com.au: Legislation has passed that will make the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) non-deductible for taxpayers starting from July 1, 2025, changing how these charges are treated under tax law.… read more
From www.pitcher.com.au: Pitcher Partners submitted a response to the ATO) regarding Draft Taxation Determination TD 2025/D2, which addresses the application of section 109R in Division 7A relating to notional loans.… read more
From www.pitcher.com.au: The ATO has formalised its stance on repayments of Division 7A loans, indicating that repayments may be disregarded if new loans are obtained indirectly through other entities, potentially leading to deemed unfranked dividends.… read more
From michaelwest.com.au: Whistleblower Tony Watson, who exposed a $300 million tax fraud by Lendlease, faces a legal battle against the construction giant and its advisors PwC, represented by 13 lawyers, while he struggles financially after losing his home.… read more
From www.accountantsdaily.com.au: The ATO has confirmed it will not provide a blanket extension for lodgments relating to the Bendel decision, which revolves around unpaid present entitlements in private companies.… read more
From www.accountingweb.co.uk: Tax professionals face increasing pressures due to the complexities introduced by Pillar Two compliance, prompting many to adopt co-sourcing models for efficiency.
Cloud technologies enable collaboration between in-house teams and external specialists, allowing firms to selectively outsource certain tasks while retaining control over others.… read more
From ato.gov.au: Private companies should read this article for insights about the ATO’s current position regarding the Bendel decision.
Private Wealth Client Experience Deputy Commissioner, Louise Clarke, shares her thoughts on some common questions we are hearing from private companies and their advisers, regarding the Commissioner of Taxation v Bendel [2025] FCAFC 15 (Bendel) case decision and court process.… read more
From pkf.com.au: Businesses should take action before 15 June 2025 to optimise tax planning strategies for the 2024–25 financial year.
Key actions include making early superannuation contributions, writing off bad debts, and reviewing trust distribution practices to ensure compliance and maximize deductions.… read more
From www.austaxpolicy.com: The second part of the discussion on the PepsiCo case examines the Income Tax Assessment Act 1936’s General Anti-Avoidance Rule (Part IVA) and the effectiveness of its 2013 amendments aimed at addressing shortcomings identified in previous court rulings.… read more
From pkf.com.au: Australia’s thin capitalisation regime introduces the Third Party Debt Test and Debt Deduction Creation Rules to limit excessive debt deductions by multinational enterprises.… read more
From www.accountantsdaily.com.au: (Podcast) Discussion of tax depreciation related to investment properties.
The conversation covers the role of quantity surveyors in maximizing tax savings, the differences in depreciation for new versus old and residential versus commercial properties, and the impact of renovations on depreciation claims.… read more