International Tax News

Twitter Updates

The Vesting day for Trusts is a problem for taxpayers and practitioners alike, but a fertile area for litigation for the #ATO
Australian National Audit Office published its report on Unscheduled taxation system outages. #ATO accepted 3 recommendations
New link to benchmark stats and compare tab
#ATO updates its small business benchmarks with new financial data with a ‘compare your own business’ tab for practitioners/taxpayers to use
Fed. Crt. rules treaty relief did not apply to Ltd P/ship #US investors as they had an indirect interest in Australian real property
Pt 1: Elder Abuse - The Attorney-General, Christian Porter announced that a National Plan will be developed to address Elder Abuse
Pt 2: Elder Abuse is an issue for Professionals and the general public at large and needs to be addressed. We welcome the AG’s move
Mortgage Business: RBA flags potential ‘financial stress’ threat for next five years
Pt 1: #NAB starts using comprehensive credit reporting (CCR), utilizing the new system for personal loans, credit cards and overdrafts
Pt 2: #CCR comprehensive credit reporting allows consumers to assess credit risk and gives credit lenders access to + & - reports
Fed. Govt. announces it will conduct further consultation on revisions to the Asia Region Funds Passport (Passport)
Massage Parlour owner who confessed he was “too busy and lazy” to keep adequate financial records, hit with $43k in penalties
#Tax case: Fed. Crt. #PAYG was "withheld" from a taxpayer’s wages but never paid. #Taxpayer was entitled to a #tax credit
#Tax Office warns taxpayers to keep records -
#ASIC disqualifies Peter Kalos of Kurnell, NSW from managing companies for 5 years because of his involvement in 9 failed companies
Pt 1: #ATO on work expense claims. #ATO says workers are over-claiming deductions for phones, internet, home office & other expenses
Pt 2: #ATO L/Y sent out warning letters to taxpayers with “other work-related expenses” and adjusted $100m of incorrect work-related claims
Non-Tax report: Too much time in dimly lit rooms/offices may change the brain's structure and impair one's ability to remember and learn
Banks are seeking introduction of a new universal customer digital identity regime to make it easier for customers to prove who they are
Pt 1: #ATO has 61 dividend stripping cases afoot. These arrangements are used to move Franked dividends into concessionally taxed #SMSF

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