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Think Tank Proposes Standardised Deduction To Simplify Tax System

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The Blueprint Institute has just released a report dubbed ‘Bye-Bye Tax Returns’ that includes a tax reform proposal that would see over nine million taxpayers given the option to avoid having to itemise their expenses and rather opt-in for a standardised $3,000 deduction. This would apply to work-related expenses and…

Bragg Calls For Tax Reforms In Bid To Attract Foreign Investment

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Liberal senator Andrew Bragg has noted that Australia will need to make changes to its tax approach to become as competitive as other top international centres of foreign investment like Singapore, Tokyo, Malaysia, and the United Kingdom. When speaking to the Tax Institute this week, Bragg proposed three specific reforms…

Australia’s Accounting Bodies Back NSW Bid To End Stamp Duty

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Chartered Accountants Australia and New Zealand and CPA Australia are supportive of a proposed move by the New South Wales (NSW) government to eventually do away with stamp duty and gradually adopt an annual property and land tax pegged on unimproved land value. Under this proposal, property buyers would have…

ACNC Chastises Charities Over Financial Reporting Errors

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Charities are being advised to do better in their financial reporting following the release of an annual review by the Australian Charities and Not-for-profits Commission (ACNC). Under the review, annual financial reports (AFRs) from some 274 charity organisations were examined with various errors and omissions being identified. About a third…

Greens 6% Wealth Tax Proposal Could Raise $40 Billion

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The Australian Greens are proposing new taxes on the wealthy aimed at correcting inequality under their new “Fight for the Future” campaign. The laws would see Australia’s billionaires receive a 6% wealth tax that would be imposed on 90% of their original wealth. This measure would not only help to…

Australian Tax Office Set to Target Successful Businesses in an Audit

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With the impact the pandemic has had on businesses locally as well as globally, governments, including the Australian government, have been making concessions to business to help soften the blow. However, as the vaccine rollout continues, governments are now increasingly looking to try and get back to business as normal.…

First JobKeeper exploiter convicted of fraud, issued fine

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The first conviction has now been secured for the fraudulent use of the JobKeeper programme. Raed Saleh fraudulently claimed a wage subsidy from the JobKeeper scheme, despite not being eligible. He is required to pay $6,282 in total, consisting of a $3,000 fine, another $3,000 in reparations as well as…

PricewaterhouseCoopers Support a Nationwide Approach to Payroll Tax

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Accounting giant PricewaterhouseCoopers (PwC) has released a payroll tax report that stated a preference for a nationwide standard when it comes to payroll tax. The report highlighted 3 potential opportunities for review that federal legislators could adopt that could help to make payroll tax easier to understand, making it easier…

Scammers impersonate ATO, costing Australians dearly

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A recent upsurge in fraudulent activity has plagued Australian taxpayers, continuing an already existing trend that takes advantage of people’s fears. Scammers have been impersonating the Australian Taxation Office (ATO), conning hundreds of people out of their savings. In 2020, Australians lost a reported $11.8 million to such incidents. The…