Tag: Accountancy Insurance

ATO Reports $33.5 Billion Tax Gap

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The Australian Tax office (ATO) has reported a 7.3% tax gap between what was supposed to be collected in the 2018-19 financial year versus what was collesmallcted. This has amounted to an estimated $33.5 billion tax loss, the bulk of which has been attributed to small businesses and individuals. Small…

ATO Doubts New Cryptocurrency Investors Record-Keeping Ability

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During the recent 14th International ATAX Conference on Tax Administration, Commissioner of Taxation, Chris Jordan, voiced concern that many new investors in cryptocurrencies were not fully cognizant of their tax obligations. New investors were of particular concern as they could not be relied upon to navigate the complexities of income…

PM Morrison Hints at Possible Extension to $1080 Tax Offsets

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As part of the government’s pandemic response, millions of Australians benefitted from tax cuts applicable to low and middle-income earners (LMITO). These tax offsets that amounted to anywhere between $255 and $1080, depending on taxable income, have been in use for the last several years. The measure was due to…

Backpacker Tax Ruled to Be Discriminatory

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Some foreign travellers are likely to benefit from a recent ruling by Australia’s High Court that found the backpacker tax to be discriminatory.  Following the filing of a case by a British woman who claimed she was unfairly taxed during the time she worked as a waitress in Sydney in…

New Superannuation Law Takes Effect

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As part of Super Reforms, the Treasury has confirmed that from November 1, Australian workers can expect their superannuation account to follow them when they change jobs. With hundreds of thousands of Australians changing employers every year, it has become common practice for new superannuation accounts to be opened. According…

ATO Issues Warning On Tax Deadline

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Taxpayers are being reminded that they had until 1st November to file their tax returns or register with a registered tax agent. The deadline would ordinarily be on 31st October but this falls on a Sunday this year, hence the postponement. Those that fail to submit their returns or register…

Employers Risk Prosecution for Underpayment of Workers

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The Fair Work Commission (FWC) has found that workers have been underpaid to the tune of over $148 million in the 2020-2021 period. This is 20% more than was reported from the previous year. The investigations found that this record breaking amount of unpaid wages and entitlements applied to 69,735…

ATO’s Examines Pandora Papers

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The Pandora Papers was a leak of millions of documents that released previously hidden away tax information. The Australian Tax Office (ATO) has been working since the release to examine every piece of information to check on Australians. The ATO examines and investigate tax evasion throughout the year but the…

ASIC Offers Relief to Companies Under External Administration

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The Australian Securities and Investment Commission (ASIC) has announced plans to provide regulatory relief for businesses in external administration. This move will see much red tape cut when it comes to fulfilling financial reporting and annual general meeting (AGM) obligations. Companies that are in external administration are still expected to…

New Regulations to Look Out for with The Incoming Better Advice Bill

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The government has submitted for consultation exposure draft regulations for the Better Advice Bill. The bill was passed in the House in early August and is expected to go into effect on 1 January 2022. Amongst its proposed changes are plans to transfer functions from the Financial Adviser Standards and…