This is the first in a six-part series of articles on strategies that can be employed in a tax dispute with the ATO.
Tax disputes can be costly, time consuming, and stressful, even if the taxpayer is ultimately successful. When approached by the Australian Taxation Office (ATO), we will always advise clients to engage with the ATO to either resolve or narrow the issues in dispute as quickly as possible.
The law has long recognised that a breach of certain types of obligations in a contract will entitle an innocent party to terminate that contract (and sue for damages).
The looming federal election provides those of you managing or involved in a charity with a useful opportunity to consider the types of activities that can be undertaken without engaging in a “disqualifying purpose” under the Charities Act 2013 (Cth) (Act).
New data has shown how businesses across regional Victoria have taken advantage of the Victorian Government’s regional payroll tax cuts. The number show businesses have saved more than $31 million in the first financial year it was introduced.
The activities that accountants without an AFSL provide to self-managed super funds (SMSFs) have been clarified by a recent Australian Securities and Investment Commission (ASIC) guidance note.
As payroll tax provisions come under increased scrutiny by Revenue Offices, another case has provided clarity on how they should be interpreted.
The long awaited extension of the Corporations Act Crowd-sourced Equity Funding (CSF) regime to private companies is now in place.
In light of the ATO’s current position that income from cryptocurrency sales will generally be taxed under capital gains tax (CGT) provisions and increased scrutiny on cryptocurrency transactions, taxpayers should ensure they keep accurate records of cryptocurrency transactions.
Did you or do you currently hold cryptocurrencies? Did you sell any cryptocurrencies before finding out that the Australian Tax Office (ATO) would vigilantly tax cryptocurrency sales? Are you left scratching your head after reading the ATO’s guidance? If so, you are one of many Australians currently finding themselves in an uncertain tax situation.
This week Cruisin Motorhomes paid a $12,600 penalty following an infringement notice from the ACCC alleging a breach of the excessive payment surcharge laws as outlined in the Competition and Consumer Act 2010. The ban on excessive surcharge payments has been in place since September 2017.
Foreign companies that may be controlled by an Australian entity should review their decision-making based on the Australian Taxation Office (ATO) Taxation Ruling, TR 2018/5 (TR 2018/5). It is timely for Australian groups with foreign-incorporated subsidiaries to consider whether they are appropriately managing tax residency risk by re-visiting and/or implementing tax residency protocols and ensuring that they can be applied practically.
The Commissioner of Taxation (Commissioner) has power pursuant to section 255-15(1) of Schedule 1 to the Taxation Administration Act 1953 (TAA) to permit a taxpayer to pay off its tax debts by instalments in accordance with a payment arrangement. The recent Federal Court decision of Stojic v Deputy Commissioner of Taxation  FCA 483 (Stojic), which dismissed an application by the sole director and shareholder of the taxpayer company to review a decision by the Commissioner to decline to exercise that power, provides two important lessons.
On 29 March 2018 the Treasury Laws Amendment (2018 Measures No. 1) Act amending the Taxation Administration Act 1953 (the Act) received Royal Assent.
A key focus of the Federal Budget was on personal income tax cuts, and measures aimed at large companies and the black economy.
Notable global intellects Elon Musk and the late Stephen Hawking both openly cautioned about the risks to humanity posed by AI technologies.
On 8 February 2018, the Government released for public consultation exposure draft legislation to implement the 2017 Budget announcement to improve the integrity of the small business capital gains tax (CGT) concessions.
I was intrigued by the high level numbers coming out of the Australian Corporate Counsel report '2017 Benchmarks and Leading Practices' on what in-house teams were spending their money on.
All businesses increasingly rely on other service providers to deliver their products and services, and even a small business will have a surprisingly large supply chain made of many large and small suppliers (who of course have many of their own suppliers).
Equity crowd funding has taken some first, tentative practical steps. The new crowd-sourced funding (CSF) regime that started at the end of October 2017 - designed to reduce costs and red-tape for start-ups and SMEs looking to raise capital from a large number of small investors – is still being tweaked, as proprietary companies were excluded from eligibility. This will be rectified with a bill currently before the Parliament.
It’s been over a year since the Australian Consumer Law provided that terms that are ‘unfair’ in new or renewed consumer and small business contracts could be deemed void and unenforceable.