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The Australian Taxation Office (ATO) is committed to helping taxpayers get their tax returns right this tax time. ATO Assistant Commissioner Rob Thomson acknowledged that for some, managing their tax affairs may seem tricky. ‘The ATO is here to help with support and guidance for those struggling with their tax obligations,’ Mr Thomson said. Tax Help and Tax … Continued
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A new Ministerial power to expand the obligations in the Code of Professional Conduct (Code) was introduced to enable a swift response to any emerging or existing risks in tax practitioner behaviours and practices. This strengthens the regulatory framework and is consistent with the Government’s announcement in August 2023 to crack down on misconduct and … Continued
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Be aware of important changes to super from 1 July 2024. The Australian Taxation Office (ATO) is encouraging all taxpayers to be aware of important changes that might impact their super. ATO Deputy Commissioner Emma Rosenzweig said taxpayers should ensure they understand their superannuation entitlements and requirements. ‘Super is one of the most important investments … Continued
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As we enter a new financial year, Crypto Tax Calculator has revealed the five biggest mistakes Australian cryptocurrency investors make at tax time. The news comes as the Independent Reserve Cryptocurrency Index (IRCI) shows that around 45% of Australian crypto investors don’t understand how their crypto is taxed in Australia and 54% have called for … Continued
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Associate Professor Yan Xu, School of Accounting, Auditing and Taxation, UNSW Business School, can comment on Tax Policy and Tax Equity & Justice. A/Prof. Xu has research expertise in international taxation, GST/VAT law and policy, and tax and development. She also has expertise in taxation and climate change, and the role of tax in improving … Continued
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There are just five days until the end of the financial year, and Chartered Accountants Australia and New Zealand (CA ANZ) has released its top tips to get you ready for tax time this year. CA ANZ Senior Tax Advocate, Susan Franks, said people need to consider their cash flows ahead of the Stage … Continued
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The Australian Taxation Office (ATO) is warning taxpayers against rushing to lodge their tax returns on 1 July. ATO Assistant Commissioner Rob Thomson said those who lodge in early July are twice as likely to make a mistake in their tax return. ‘Tax time is not a race, and there is a much higher chance that your … Continued
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The Australian Taxation Office (ATO) is warning rental property owners that their tax returns are in the spotlight this tax time. ATO Assistant Commissioner Rob Thomson explained the ATO has found the majority of rental property owners are making errors in their tax returns, despite 86% using a registered tax agent. The most common mistake … Continued
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Last week, specialists from across Joint Chiefs of Global Tax Enforcement (J5) jurisdictions delivered crypto asset investigation training to over 50 members of Australia’s Serious Financial Crime Taskforce (SFCT). This collaboration between the J5 and SFCT comes at a critical time, as crypto assets are increasingly utilised in criminal activities, including to launder the proceeds … Continued
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As ‘tax time’ approaches, the Australian Taxation Office (ATO) has announced it will be taking a close look at 3 common errors being made by taxpayers: Incorrectly claiming work-related expenses Inflating claims for rental properties Failing to include all income when lodging ATO Assistant Commissioner Rob Thomson said the ATO is focused on supporting taxpayers … Continued
