Tax

IKEA Australia has confirmed that it is facing an audit by the ATO over alleged unpaid taxes totalling $171 million for the period between 2016 and 2020.

The OECD has made carve-outs for US-headquartered multinationals in its newly published global minimum tax package, ushering in a ‘side-by-side’ global minimum tax framework.

Industry bodies have warned that the Productivity Commission’s proposed net cash flow tax would slow the economy and introduce complexity into the tax system.

Tax leaders are increasingly leaning on AI as evolving international transparency regimes pose fresh tax controversy risks, a survey by EY has found.

Forty-seven recommendations have been put forward to improve Australia’s productivity, including an urgent reform of corporate tax and regulatory systems.

Treasury has opened consultation for its amended Div 296 super tax bill just in time for the holiday period, giving stakeholders until 16 January to respond with feedback.

Shareholders of a gambling company acquired by News Corp have failed to convince the courts that the transaction was not at arm’s length, and their CGT bills should be slashed.

The ATO has been found liable to pay up to $1.1 million to a mining company after it knowingly accepted tax money misappropriated by its former director.

The Greens are sticking by their call for the CGT discount to be scrapped as the government’s “mini budget” looms.

Average tax rates are rising among OECD countries, driven by higher contributions from personal income tax, the OECD’s latest revenue statistics report reveals.