The ATO’s collection of tax debt interest charges has climbed sharply since the pandemic, prompting complaints and fresh scrutiny from the tax community.
The ATO’s new practical compliance guide (PCG) on thin capitalisation and debt creation rules acknowledged industry concerns addressed about the draft PCG, BDO says.
The ATO has celebrated high voluntary corporate tax compliance, but said that maintaining high compliance would remain a priority to underpin public trust and revenue.
In the wake of the Economic Reform Roundtable, the government has released ideas from 38 Commonwealth regulators to cut red tape and support productivity growth.
ASIC has pledged to reduce regulatory complexity to boost productivity. Accounting bodies and aspiring auditors say change can’t come fast enough.
The Tax Office has revealed it will look to keep a “keen focus” on the tax performance of large businesses as the conversation around Australia’s tax system continues to shift.
With payday super requirements likely to take effect from mid-next year, the ATO has made it mandatory for super funds to be able to receive real-time payments.
The ATO has released final guidance on how it will evaluate restructures carried out in response to its new thin capitalisation and debt deduction creation rules.
A recent rental property tax deduction dispute has clarified that large expenditures can still be classified as ‘repairs‘ if there is adequate documentation to support one’s case.
Liberal senator Andrew Bragg has called an ACTU proposal to restrict negative gearing and the capital gains tax discount to one property “absolute garbage.”
The Productivity Commission has proposed company tax cuts and regulatory pare backs in a new interim report.
The Tax Institute has raised concerns regarding the compliance burden associated with the ATO’s approach to inbound cross-border related party financing arrangements.
