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Category: Taxation

TPB invites comments on draft guidance on breach reporting obligations

By API User

To support professional standards and improved transparency, today the Tax Practitioners Board (TPB) released draft guidance on breach reporting obligations. Breach reporting obligations applicable to registered tax practitioners from 1 July 2024, are another step in Government reforms to the tax and regulatory system, improving integrity and addressing misconduct. Breach reporting obligations have been strengthened … Continued

Tackling the root of the problem: $5.2m of illicit tobacco destroyed

By API User

The Australian Taxation Office (ATO), with the support of the Australian Border Force led Illicit Tobacco Taskforce (ITTF) and Victoria Police’s VIPER Taskforce, has seized and destroyed more than 2,700 kgs of illicit tobacco at a property in Pentland Hills, Victoria. Through Operation Bonnybridge, officers attended the property this week and located four acres of … Continued

ATO successful in SingTel case

By API User

The Australian Taxation Office (ATO) has been successful in the Full Federal Court decision of Singapore Telecom Australian Investments PTY Limited (SingTel) vs Commissioner of Taxation. This decision confirms SingTel claimed a transfer pricing benefit for deductions based on interest paid on loans between two of its subsidiaries regarding its acquisition of Optus in 2002. … Continued

ATO welcomes SGSP (Australia) Assets Pty Ltd (Jemena) settlement

By API User

The ATO welcomes the announcement from SGSP (Australia) Assets Pty Ltd (SGSPAA) (trading as Jemena) to the Singapore Exchange. The settlement shows the ATO’s continued commitment to maintaining the integrity of the tax system by working with multinationals to ensure they are complying with their tax obligations. The settlement resolves the dispute in relation to … Continued

Raids uncover illegal sales suppression technology

By API User

The Australian Taxation Office (ATO) has conducted a number of raids as part of its continued focus on businesses suspected of using, manufacturing or supplying electronic sales suppression tools (ESSTs) to avoid paying tax. ESSTs or software attached to a point-of-sale system are designed to alter transaction records and avoid paying tax. It has been … Continued

Commissioner’s address to the National Press Club 2024

By API User

Commissioner of Taxation Chris Jordan, AO Address to the National Press Club of Australia 21 February 2024 (Check against delivery) Introduction Good afternoon. It’s a pleasure to be here. Although I do approach this speech with some trepidation as the last time I spoke here 7 years ago, I was sued for defamation. But I can’t … Continued

How to identify and support women facing economic abuse

By API User

The findings of a recent paper, Identifying and supporting financially vulnerable women experiencing economic abuse: a grounded theory approach conducted by researchers at the UNSW Tax and Business Advisory Clinic, have revealed a concerning trend. The study found that 58 per cent of financially vulnerable women seeking pro bono tax services have experienced domestic and family violence. … Continued

Kooyong, Mackellar and Wentworth voters back Labor’s Stage 3 changes

By API User

EMBARGOED until Thursday, 8 February 2024 Voters across the independent seats of Kooyong, Mackellar and Wentworth are strongly supportive of the Albanese Government’s changes to the Stage 3 tax cuts, according to new research from the Australia Institute. Key Findings: On behalf of The Australia Institute, uComms surveyed residents of Kooyong, Mackellar and Wentworth on … Continued