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
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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
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
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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
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Hightrade Group executive Li Zhang has today been sentenced to 10 years in prison, with a non-parole period of 6 years and 8 months, for conspiring with the intention to cause a loss to the Commonwealth of $ 15 million, contrary to s135.4(3) of the Criminal Code, bringing one of our longest tax fraud investigations to a … Continued
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9 February 2024 EXPERTS AGREE TAX REFORM MUST BE A PRIORITY More than 90 per cent of tax and superannuation experts believe nationwide tax reform must be undertaken, according to a new survey by peak accounting body, Chartered Accountants ANZ (CA ANZ). The survey was conducted with accountants who operate or have a … Continued
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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
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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
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Media release | Tuesday, 6 February 2023 The electorates slated to gain the most from changes to the State 3 cuts are those held by National Party MPs, according to a new analysis from the Australia Institute. It shows the average taxpayer across the Coalition partner’s electorates will keep an extra $326 a year. Broken … Continued
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PricewaterhouseCoopers (PwC) has released its second Compliance Report in response to orders issued by the Tax Practitioners Board (TPB) in November 2022. To comply with the TPB’s order, PwC must take specific actions to improve its conflict of interest management and report to the TPB every 6 months. The latest report documents PwC’s progress on implementing improvements to ensure compliance with the Tax Agent Services Act 2009 and Code of … Continued
