From www.accountantsdaily.com.au: The federal budget for 2024-25, presented by Treasurer Jim Chalmers, emphasised cost-of-living support and investments in healthcare and housing, with few tax measures introduced.… read more
From pointonpartners.com.au: The End of March Weekly Tax Update outlines key developments in taxation law, including the revised start date for the foreign resident capital gains tax regime, now set for October 2025, and increased funding of $999 million to the ATO for enhanced compliance activities targeting high-risk practitioners.… read more
From www.abc.net.au: PepsiCo faces a High Court case initiated by the ATO, which claims the company is liable for royalty withholding tax on sales of its soft drink concentrate to Schweppes Australia.… read more
From www.knowledgeshop.com.au: The ATO has applied to the High Court for special leave to appeal the Full Federal Court’s decision in the Bendel case, which disputes whether UPEs owed by a trust to a company should be treated as loans for Division 7A purposes.… read more
From www.lowelippmann.com.au: The ATO is focusing on specific risk areas for small businesses, including contractor income reporting, monthly BAS reporting for GST, and small business boost claims.… read more
From www.pwc.com.au: PwC’s Monthly Tax Update for April 2025 provides insights on recent developments in corporate tax, employment tax, international tax, indirect tax, state taxes, and superannuation.… read more
The Australian tax landscape has been significantly altered by the recent Full Federal Court decision in Commissioner of Taxation v Bendel [2025] FCAFC 15, a case that challenges the Australian Taxation Office’s long-held position on unpaid present entitlements (UPEs) in family trusts.… read more
From www.kiplinger.com: (US context) President Trump signed an executive order requiring the federal government to phase out paper cheques in favour of electronic payments by September 30, impacting tax refunds and Social Security payments.… read more
From www.bantacs.com.au: The 2025 budget includes a gradual reduction of the lowest income tax rate from 16% to 14% by July 2027, providing taxpayers with increased weekly benefits.… read more
From www.pitcher.com.au: The ATO’s Practical Compliance Guidelines 2021/4 will be fully applicable to principals of certain professional firms starting in FY25, targeting profit allocation compliance.… read more
From www.theguardian.com: (UK context) Prosecutions for aiding tax evasion in the UK have fallen by 75% over the past five years, with fewer than five criminal cases reported in 2023-2024, compared to 16 in 2018-2019.… read more
From au.andersen.com: Peter Dutton, in the Opposition’s Budget Reply speech, outlined key commitments including a stronger economy, cheaper energy, affordable homes, quality healthcare, and safer communities.… read more
From taxbanter.com.au: TaxYak podcast episode discusses the implications of the Full Federal Court’s decision in FCT v Bendel, where an Unpaid Present Entitlement (UPE) was ruled not to be a loan under Division 7A of the Income Tax Assessment Act 1936.… read more
From piperalderman.com.au: The Government recently responded to the Board of Taxation’s comprehensive review of crypto-assets taxation, endorsing a status quo approach that rests on existing tax principles and discourages new, bespoke regulations at this time.… read more
From www.goingconcern.com: Fifty-one Thais and twenty-one Chinese nationals were arrested at an accounting firm in Bang Phli Yai, Thailand, for allegedly registering Thai nationals as owners of businesses to evade foreign ownership laws.… read more