Tag: Government

Tax Dodgers Exposed

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A worldwide leak of private documents has occurred, exposing many of the world’s richest. Dubbed the ‘Pandora Papers’, almost twelve million financial documents were made public that exposes previously secretive financial information. This leak reveals a lot about those who are using offshore tax havens to dodge tax. The rich…

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…

Businesses Granted Extension for Virtual AGMs

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To further aid businesses contending with the impact of the Covid-19 pandemic, the government has decided to extend relief that would allow companies to undertake annual general meetings (AGMs) virtually. Treasurer Josh Frydenberg confirmed that AGMs could continue being held this way until 31 March 2022. It will also allow…

Review of GST On Low-Value Imported Goods Begins

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The Australian government has requested the Board of Taxation to review the performance of the Low-Value Imported Goods (LVIG) measure. The LVIG enables the application of goods and services tax (GST) on low-value import purchases valued at $1,000 or less. The Board is expected to examine how well the measure…

ATO Launches New Service To Attract Significant Foreign Investment

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The ATO has just launched the New Investment Engagement Service (NIES) as part of the Morrison government’s efforts to attract more foreign investment to the country. This service will complement the already established Global Business and Talent Attraction Taskforce by offering new investors a chance to enjoy hands-on guidance and…

Experts Differ With Government On Benefits Of Stage 3 Tax Cuts

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The Morrison government’s stage 3 tax cuts are set to take effect from 2024 but are already attracting criticism from various quarters. The changes they would bring include shifting the lower limit on the top tax bracket that pays 45% from $180,000 to $200,000. It would also see those earning…
crypto

ATO Puts Crypto Investors On Notice

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Since the pandemic started there has been a surge of investment in cryptocurrencies. 2021 has seen record-high values and the ATO has taken notice. More so when it comes to capital gains made from trading in the currencies. Investors have been warned that the ATO will be looking to ensure…

Federal Tax Residency Overhaul Expected To Draw Talent

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The recently released federal budget has been geared towards helping the nation recover from the pandemic. Treasury head, Josh Frydenburg, indicated the government was not inclined towards taking austerity measures but rather aimed to lower taxes, limit the size of government, and ensure the delivery of essential services. He added…