Tag: Compliance

ATO Faces Criticism Over Agent Linking Process

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Several accounting bodies are urging the Australian Tax Office (ATO) to amend the new tax agent linking system. The process was earlier targeted at major public and multinational enterprises with sizable in-house accounting services but will soon be rolled out for small businesses. The ATO has criticised its design as…

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 Issues Reminder on FBT Obligations

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The Australian Tax Office (ATO) is reminding employers that they may have fringe benefits tax (FBT) obligations that they need to file for before the deadline which falls on 23 May 2022 for those lodging their own returns or lodging paper returns. The deadline for returns being lodged using registered…

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…

ATO Warns Employers that it will be on the Lookout for JobKeeper Cheats

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As the first wave of JobKeeper payments are distributed throughout the country, the Australian Taxation Office says it will be keeping a close watch on employers and will expose those who try to defraud the system. The government has allocated $130 billion for JobKeeper payments, which will pay eligible workers…

Things to do with Extra Cash

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Money can come from many places. Sometimes its arrival is purely positive – a gift, a lottery win, or an unexpected promotion, raise, or bonus – or even a tax refund! Other times, money can come from more inauspicious circumstances, like severance pay or an inheritance. The source of the…

7-Eleven Joins List of Companies Penalised for Accounting Misconduct

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7-Eleven was fined $192,780 for forging employee and payroll records. Payroll and bookkeeping were the most common contraventions across all companies. This April, the Federal Circuit Court penalised Avinash Pratap Singh, a manager and shareholder of 7-Eleven in Brisbane of $32,130; moreover, a $160,650 penalty was imposed on S &…