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By Malavika Santhebennur
‘We don’t see the mischief’: Bodies slam double taxation on corporate beneficiariesThe IPA has defended the legitimate use of discretionary trusts and argued that the potential double taxation of corporate beneficiaries “goes beyond that policy intent”.
Tags: News, tax, CPA Australia, budget, ca anz, federal budget 2026, discretionary trust, ipa, corporate beneficiary, Senate enquiry, taxation
PROFESSION • Carlos Tse
Two accountants have been found to have breached their fiduciary duties owed to their client after they urged him to buy a slice of their property, leaving him with nothing and them nearly half a million dollars richer.
PROFESSION • Malavika Santhebennur
ASIC has issued more than $4.3 million in infringement notices to 22 companies for alleged failure to lodge financial reports on time for FY25.
PROFESSION • Carlos Tse
The global accounting network has promoted the chairman of its Australian operations to lead the network’s board, as the previous chairman completes seven years in the role.
Tags: News, AI, chair, moore global, 344, 413, appointment, 479
PROFESSION • Malavika Santhebennur
The corporate regulator has asked the six largest audit firms to develop action plans to address findings of potential breaches of auditor independence requirements.
Tags: News, EY Australia, Deloitte, BDO, KPMG, firm, independent, auditing, ASIC, pwc, audit, fte, misconduct, auditor, grant thornton australia
PROFESSION • Carlos Tse
Accruing $16 million in payable guaranteed service level payments to customers, a major Victorian energy supplier failed in its appeal against the Commissioner of Taxation’s GST assessment, after the Federal Court ruled that it was involved in direct supply of services.
PROFESSION • Malavika Santhebennur
Businesses that lose the ability to pay their tax obligations and bills by credit card could lose 30 to 60 days of cash flow, according to a credit rating agency.
Tags: News, ato, insolvency, Business, small business, CreditorWatch, ban
PROFESSION • Jerome Doraisamy
A new report from Accounting Times’ sister brand, Accountants Daily, in partnership with Accountancy Insurance, reveals what practitioners nationwide are saying about the Tax Office’s current approach.
PROFESSION • Carlos Tse
According to a report cited in a Senate Economics Legislation Committee hearing, Australian companies only provide about 19 per cent of the relevant information regarding decommissioning obligations, with the committee focusing on eight companies in its next review.
PROFESSION • Carlos Tse
Unique reporting obligations, tax compliance, enhanced administrative penalties, and additional disclosure and lodgement requirements are what face Australian entities that are part of large company groups as soon as the group makes over $1 billion in annual global income.
