By API User
The Australian Taxation Office (ATO) welcomes the decision by the Federal Court in relation to PepsiCo, Inc. v Commissioner of Taxation. The Court delivered an oral judgment yesterday with the full judgment subject to confidentiality orders. This decision confirms PepsiCo, Inc. (Pepsi) is liable for royalty withholding tax and, in the alternative, diverted profits tax … Continued
By API User
The Australian Taxation Office (ATO) has launched a suite of new protections to help secure people’s personal information amid an unprecedented rise in identity-related fraud attempts. ATO Deputy Commissioner and Chief of the Serious Financial Crime Taskforce (SFCT) John Ford said there had been an increase in the pace and scale of criminals using people’s … Continued
By API User
CHARTERED ACCOUNTANTS ANZ CALLS FOR CONSULTATION ON GOVERNMENT DECISIONS IMPACTING THE ACCOUNTING AND AUDITING PROFESSION Chartered Accountants ANZ (CA ANZ) has raised concerns about the lack of consultation on issues impacting the accounting and auditing professions following an announcement today regarding the amalgamation of the Australian Accounting Standards Board (AASB), the Auditing and Assurance … Continued
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How Fringe Benefits Tax (FBT) impacts your work Christmas party Any gift costing more than $300 attracts a tax rate of 47% Why your company won’t be paying for your taxi ride home If you’re left feeling a tad underwhelmed by your manager’s Christmas gift or the work Christmas party, they may not be the … Continued
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New data released by the Australian Taxation Office (ATO) reveals more than $1.13 billion in super guarantee charge (SGC) liabilities were raised through superannuation guarantee (SG) disclosures and ATO compliance action during the 2022-23 financial year. The ATO has recouped and distributed $683.8 million of super entitlements to super funds and individuals, a direct boost to Australians’ … Continued
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The Australian Taxation Office (ATO) has published the ninth annual Corporate Tax Transparency (CTT) report revealing large corporates paid a record $83.8 billion in income tax in 2021-22. The 2021-22 report includes data from 2,713 entities, a net increase of 245 entities, who paid a cumulative total of $83.8b in income tax, which is up … Continued
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The Commissioner of Taxation has lodged an application in the Federal Court seeking orders for the imposition of a civil penalty under the Promoter Penalty Legislation. The Commissioner will allege a former Ernst & Young (EY) tax partner, promoted a tax exploitation scheme. As the matter is before the courts and no findings have been … Continued
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A Wollongong woman was recently sentenced in the Port Kembla Local Court to 1 year and 8 months imprisonment after attempting to obtain more than $250,000 in fraudulent GST refunds. This is the latest result of extensive efforts under an Australian Taxation Office (ATO)-led investigation, Operation Protego, which was initiated in response to widespread GST … Continued
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DIY tax returns must be lodged by Tuesday 31 October Don’t cut corners or make mistakes – you could miss out Beware of unsolicited offers of last-minute tax help CPA Australia is urging Aussies not to ghost the ATO and ensure they lodge their tax returns by the Halloween deadline. “Failing to lodge … Continued
By API User
DIY tax returns must be lodged by Tuesday 31 October Don’t cut corners or make mistakes – you could miss out Beware of unsolicited offers of last-minute tax help CPA Australia is urging Aussies not to ghost the ATO and ensure they lodge their tax returns by the Halloween deadline. “Failing to lodge … Continued
