Tag: Tax

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…

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.…

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…

Hopes Of Aged Care Levy Dwindle Despite Support From Public And Experts

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The recent release of a final report by the Royal Commission into Aged Care Quality and Safety has put forward 148 recommendations aimed at resolving troubles plaguing a sector in crisis. According to commissioners Lynelle Briggs and Tony Pagone, there should be an introduction of an aged care levy. They…

ATO Revs Up As JobKeeper Set To End In March 2021

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Accounting professionals are being advised to get their clients ready for an onslaught from the ATO as an end to JobKeeper is in sight. Since the pandemic began in early 2020, the ATO has paused its audit and compliance work in view of the stresses the business community has been…