Tag: Accountancy Insurance

Audit Shield claims activity across Australia Jul – Dec 2022

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The Accountancy Insurance Claims Department continues to be busy processing claims from client accounting firms across Australia. The five most common audit activity areas 1 July 2022 – 31 December 2022 were: > Payroll Tax (All States) > Employer Obligations (PAYG/SG/FBT) > Income Tax (WRE) > BAS (Pre & Post…

Accounting Sector Amongst Top Wage Growth Earners

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Data from the Australian Bureau of Statistics (ABS) confirms the seasonally-adjusted wage price index, or WPI, rose by 0.7% as of the June quarter, for the third consecutive quarter. The professional services segment, which includes accounting professionals, saw wages rise by 2.9%. This is one of the highest increases in…

ATO Advice for Lodging Cryptocurrency Losses

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With the recent downturn in the cryptocurrency market, there is likely to be a good number of investors that will be reporting losses. The Australian Tax Office (ATO) is however flagging this as an issue of concern that investors need to be more careful about at tax time. According to…

ATO Warns Taxpayers Against Double Dipping

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The Australian Tax Office (ATO) has confirmed that in 2021, about 8.4 million Australian taxpayers filed claims on almost $19.8 billion in work-related expenses. Assistant Commissioner, Tim Loh, noted that these were a lot of deductions and that the tax body wanted to ensure taxpayers got their claims right the…

ATO to Resume Recovery of Debts on Hold

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The Australian Tax Office (ATO) has informed tax professionals that their clients will begin receiving notification letters on any outstanding aged debt beginning May 2022. Aged debt, or debts on hold, are uneconomic non-pursued debts that are not visible on the balance of taxpayers’ accounts as they have been classified…

IPA Criticizes ATO On New 100A Guidelines

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The Australian Tax Office (ATO) released draft documents concerning the tax treatment of trusts. These guidelines provide recommendations as to how section 100A under the Income Tax Assessment Act of 1936 should be applied in regards to trust stripping arrangements. A key focus of the documents is where distributions are…

Directors Targeted In ATO Debt Collection Drive

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Seen as a sign that the government is now ending its soft approach to tax debt since the pandemic started, the Australian Tax Office (ATO) announced earlier this year that they would be contacting company directors via letter concerning their potential liability for company tax debts. Since then, over 50,000…

Do Australian Small Businesses Lag In Digital Adoption?

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A recent business survey conducted by CPA Australia has found that the Australian small business sector is lagging behind that of its peers in other Asia Pacific nations. The 13th annual Asia-Pacific small business survey collected data from 11 economies and found that despite the sluggish performance recorded by businesses…

ATO Ramps Up Debt Collection Effort

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Businesses are being encouraged to do more in clearing their tax debt with the Australian Tax Office (ATO). Earlypay’s Daniel Riley noted that the ATO was back to making collections on tax debts owed by small businesses after having temporarily ceased their efforts during the worst of the pandemic. He…

ATO Issues Warning Over Unpaid Crypto Taxes

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The Australian Tax Office (ATO) acting assistant commissioner, Sylvia Gallagher, confirmed that people as young as 18 years were getting involved in cryptocurrency trading and that the authority was paying attention. Cryptocurrency trade reportedly increased by 64% in 2021 as over half a million Australians engaged in trading digital coins. …