ATO update on section 100A
May 25, 2022
The ATO has issued an update on draft guidance on trust reimbursement agreements and unpaid present entitlements.
ATO Deputy Commissioner Louise Clarke makes two key points in the rele...
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GST fraud – keep an eye out for the unusual
May 25, 2022
The ATO has stopped more than $770 million in fraudulent GST claims and has commenced recouping monies paid. Tax agents should be on the lookout for unusual transactions or requests for...
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Tax return time: ATO priority areas
May 25, 2022
The ATO’s 2021-22 tax time focus areas for individuals are:
record-keeping – ensuring that proper records are available and data-matching to check correct amounts a...
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ATO moving forward on debt disclosures and director penalty notices
April 7, 2022
The ATO is currently in the process of writing to all taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus. The letter will be sent to the postal ad...
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2022 Federal Budget summary
April 4, 2022
Read CPA's summary of the tax and superannuation measures in the Federal Budget 2022-23 which provides you with an overview of the Treasurer’s announcements.
These include cost of livin...
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New directors need a director ID before appointment from 5 April 2022
March 24, 2022
From 5 April 2022, directors must apply for their director ID before they are appointed. Ensure your clients who are a director or are planning to become one to apply for their director id...
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Super rates and thresholds for 2022-23
March 4, 2022
CONTRIBUTIONS CAPS: The CGT cap amount for non-concessional contributions is $1.65m for 2022-23 (up from $1.615m). The concessional contributions cap is unchanged at $27,500 for 2022-23. Th...
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Tasmania: Land tax reduction announced
March 4, 2022
The Tasmanian Government announced land tax threshold changes as tax relief for property owners.
The tax-free threshold for land tax will increase to $100,000 (from $50,000) while the u...
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Thai and Vietnamese DTAs to be modified by MLI
March 4, 2022
Thailand and Vietnam signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the "MLI"), joining 97 other jurisdictions.
...
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FIRB: Purchasing residential real estate in Australia
March 4, 2022
Foreign persons need to obtain approval from them before purchasing Australian residential real estate. They can do this by using the FIRB application form,
After approval and a property...
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