By API User
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
By API User
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
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To support professional standards and improved transparency, today the Tax Practitioners Board (TPB) released draft guidance on breach reporting obligations.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
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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
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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
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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
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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
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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
