From cpacanada.ca: Prime Minister Trudeau’s recent criticism of wealthy Canadians using accountants to lower tax payments has sparked a response from CPA Canada, emphasizing the ethical role of accountants and the need for a comprehensive review of the complex tax system.… read more
From olverafirst.com: Over 30,000 company directors have received director penalty notices (DPNs).
DPNs make directors personally responsible for taxes like Pay As You Go withholding and superannuation charges, and they must respond within 21 days to avoid severe legal consequences, including bankruptcy or asset loss.… read more
From Journal of Accounting and Economics: Employees at firms involved in fraudulent financial reporting experience significant negative outcomes, losing approximately 50% of their cumulative annual wages compared to a matched sample, with higher turnover rates following fraud periods.… read more
From bdo.com.au: Registered Tax Agents are required to adhere to the Tax Agents Code of Conduct and use legitimate methods to reduce tax liabilities for their clients, while companies must consider the long-term consequences of their tax planning strategies.… read more
From cadenalegal.com.au: The Bendel decision from the Administrative Appeals Tribunal ruled that Unpaid Present Entitlements owed to corporate beneficiaries by trusts are not classified as “loans” under Division 7A of the Income Tax Assessment Act 1936, challenging the Australian Taxation Office’s (ATO) previous interpretation.… read more
From cadenalegal.com.au: Tokenisation of real estate in Australia involves converting ownership interests into digital tokens on a blockchain, promising benefits like increased liquidity and fractional ownership.… read more
From www.pwc.com.au: Fringe Benefits Tax (FBT) returns must be prepared for the current FBT year, which runs from April 1 to March 31 with due dates for lodgement set for May 21 and June 25 for electronic submissions.… read more