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141 Penalty rates, business tax breaks circled as Labor lays out its budget plans ...: Opposition leader Bill Shorten has outlined his plans for small business funding in his budget reply speech, circling tax cuts, faster internet and incentives as priorities. Following a similar model ...; 05 April 2019 in Finance
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142 $1bn boost for tax avoidance crackdown ...: Over $1 billion will be pumped into the Tax Office to scrutinise tax avoidance schemes and strategies as the government looks to expand its crackdown on tax avoidance. As announced in the federal budget, ...; 03 April 2019 in Finance
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143 $30k asset write-off, tax cuts unveiled in federal budget ...: More businesses will be eligible for an instant asset write-off on purchases valued at up to $30,000 under the federal budget, which will also see substantial tax cuts introduced. Originally expanded ...; 02 April 2019 in Finance
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144 Tax commissioner sceptical of Labor’s deduction cap ...: Labor’s proposal to limit the deductibility of the cost of managing tax affairs to $3,000 has been met with scepticism from the tax commissioner. While the policy announcement was made back in 2017, ...; 15 March 2019 in Finance
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145 Tax agents think businesses drive up FBT costs ...: A majority of tax agents believe that their clients’ business practices lead to higher FBT compliance costs, despite employers suggesting the contrary, preliminary results from the Board of Taxation’s ...; 11 March 2019 in Finance
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146 Ombudsman to investigate SME tax disputes ...: Businesses with past disputes with the ATO are set to have their cases revisited, with the Small Business Ombudsman revealing that it will investigate historic tax gripes. The Australian Small Business ...; 08 March 2019 in Finance
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147 Unregistered tax agent falsified, inflated client returns ...: Business owners are being urged to check that their tax agents are registered, after one was found to have falsified and inflated deductions on client tax returns, putting those clients at risk. The ...; 08 March 2019 in Growth
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148 Be prepared for more ATO audits, taxpayers warned ...: Businesses and taxpayers have been urged to maintain contemporaneous documentation in light of increasing ATO audits, in a warning from a business advisory firm. Moore Stephens associate director Simon ...; 01 March 2019 in Growth
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149 Bring in tax cuts, economist implores ...: A Commonwealth Bank economist has implored both sides of federal politics to implement income tax cuts, as a means of arresting the risks of a consumer spending slowdown. Chief economist and managing ...; 22 February 2019 in Finance
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150 CPA jailed over bogus client tax returns ...: A CPA has been sentenced to four years in jail for attempting to obtain over $250,000 by fraudulently lodging business client tax returns without their authorisation. The Perth District Court sentenced ...; 22 February 2019 in Growth
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151 Tax, income implications for family business succession ...: A business adviser has opened up on some of the core tax and other related factors in need of consideration when family businesses plan for generational succession, including potentially costly mistakes ...; 14 February 2019 in Growth
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152 New flexible business test for tax losses introduced ...: Businesses will be granted a greater deal of flexibility in working out whether tax losses and net capital losses from previous income years can be used to claim deductions, under a newly passed law. Both ...; 13 February 2019 in Finance
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153 Taxpayer, accountant satisfaction with ATO drops ...: The tax office believes its performance as a regulator remains “good” despite showing a decline in survey-based metrics, led by a substantial fall from the business community. In its annual self-assessment ...; 12 February 2019 in Growth
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154 Tax relief for Townsville flood victims ...: The ATO will look to provide lodgement and payment extensions to taxpayers and their agents affected by the Townsville flooding after it was declared a disaster. The Minister for Environment and the ...; 08 February 2019 in Finance
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155 Beware the latest ATO tax scam ...: Business owners and taxpayers are being urged to look out for a new scam impersonating the ATO, with the agency’s assistant commissioner noting a “change in tactics” being used in fraudsters in 2019. Prior ...; 04 February 2019 in Finance
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156 Plans locked in for rollout of tax clinics ...: The federal government has committed $1 million to trialling tax clinics across Australia, providing general tax advice to individual and small business taxpayers. Ten clinics will be set up in major ...; 18 January 2019 in Finance
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157 Tax agents withheld client refunds ...: Two tax agent practices have had their registration terminated following a series of complaints that they had failed to pass on tax refunds to their clients. Following a joint investigation by the ...; 17 January 2019 in Finance
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158 Tax agent suspended after $100k tax shortfall ...: A company’s tax agent registration has been suspended for 12 months by the Tax Practitioners Board after an audit revealed a shortfall in client tax payments of more than $100,000. According to the ...; 15 January 2019 in Finance
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159 Spate of tax changes leaves SMEs perplexed ...: The government’s tinkering of small business tax rates, including its decision to accelerate already legislated cuts has made things “excessively complicated” for the community, says one tax director. ...; 27 December 2018 in Finance
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160 Tax failures, $60m owed see 3 directors disqualified ...: Three Queensland directors have been disqualified from managing corporations after liquidator reports found that they had failed to comply with record keeping and tax obligations. ASIC has disqualified ...; 18 December 2018 in Growth