100A ruling ‘turns tax avoidance logic on its head’

The ATO’s 100A draft ruling on trusts has turned the logic of “tax avoidance” on its head and may be fundamentally flawed, according to tax law specialist Ron Jorgensen. The Thomson Geer specialist said the draft shifted the onus onto taxpayers ...
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ATO zeroes in on work expenses, crypto investments

The Tax Office has revealed its priority areas for this year’s returns. The ATO is warning taxpayers to be vigilant on a range of claims that will come in for greater attention during tax time this year, from work-related expenses to cryptocurre...
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World GDP Ranking (1960~2025)

The following animated chart covers the period from 1960 to 2025. It is fascinating to see how the world changes over time.              
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Forget the Tim Tams in your WFH claim, say ‘fun police’

Humour has become the weapon of choice for CPA Australia when it comes to raising awareness of accountants at tax time. It said a year of split working between home and office holds potential pitfalls in claiming work expenses, and suggests a “y...
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Inflation will force a third of businesses to raise prices

More than a third of businesses expect to impose larger-than-usual price rises in the next three months, the latest Australian Bureau of Statistics data found. Almost all, 92 per cent, blamed the rising cost of products and services while 78 per...
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ATO and non-commercial loses

The ATO understands the past few years have been difficult, with floods, bushfires, and COVID-19 affecting many businesses. The ATO wants to help make it easier for businesses impacted by these events, and so have developed a practical compliance gui...
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State and Federal Disaster support — May 2022

  The following links are to the latest state and federal government plans, schemes, programs, and initiatives to help businesses and individuals manage the impact of yet further national hardships.     Disaster resources updated 01-05-...
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Be alert for phoenix activity, businesses told

The ATO says the best protection is “knowledge defence”.  Business needs to be increasingly alert for signs of illegal phoenix activity, the ATO said, as it is widespread and can be hard to detect. The assistant commissioner for the Phoenix a...
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About the cash flow forecasting template

A cash flow forecast is the most important business tool for every business. The forecast will tell you if your business will have enough cash to run the business or pay to expand it. It will also show you when more cash is going out of the busi...
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Equifax signs data agreement with ATO

Global data, analytics and technology company Equifax has signed an agreement with the ATO to receive commercial tax default data so that it can be displayed in credit reports. The data, which was previously unavailable, will give customers the ...
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