Audit Section 100A: why so much attention? May 5, 2021 One of the areas of particular interest to the ATO is s 100 of the ITAA 1936. This article looks at what s 100 is, why it has garnered significant attention in recent years, and respective guidance for tax advisors. Read more
ATO Voluntary JobKeeper repayments – deductible? The ATO response April 7, 2021 In response to the decision by some prominent Australian businesses to return their JobKeeper payments, the ATO says that a voluntary repayment will be deductible “in limited circumstances”. Read more
ATO Decision in asset betterment case sent back to AAT: Le v FCT April 7, 2021 The Federal Court has held that the AAT should hear again a case involving assets betterment assessments. Read more
Tax Technology Moving away from spreadsheets: 3 ways to automate your tax process April 7, 2021 Keep using spreadsheets? Sure, they have their place, but it’s more for certain types of tasks, not necessarily for everything that you’re trying to do. Read more
Research and Commentary Time to review long-held practices for directors’ fees September 2, 2020 The changing requirements for reporting directors’ fees have intersected with COVID-19 economic stimulus measures, activity statement reporting and Services Australia increasing potential compliance risks. Several issues have arisen which demand attention. Read more
Research and Commentary GST SARs: ATO’s new GST Governance, Data Testing and Transaction Testing Guide August 19, 2020 On 15 July 2020, the Australian Taxation Office (ATO) published the GST Governance, Data Testing and Transaction Testing Guide. Read more
Risk and Compliance AUSTRAC and Westpac face off in court, as historic AML case heads towards trial June 17, 2020 The Australian financial intelligence agency and Westpac are shaping up for a trial in what could be the first genuine test of the country’s anti-money laundering (AML) laws. Read more
Risk and Compliance COVID, crims and cash: Financial crime teams need to re-think laundering risks June 8, 2020 If you’re doing AML the same way you were in the pre-COVID world, you’re doing it wrong. Nathan Lynch speaks with some of Australia’s most experienced financial crime experts on the radically changing threat landscape in 2020 — and beyond. Read more
Risk and Compliance The ten secrets to building a world-class financial crime function May 31, 2020 Australia is experiencing a crisis of confidence in its banking sector, writes Nathan Lynch, APAC Manager, Thomson Reuters Regulatory Intelligence, with three out of the big four “pillar” banks embroiled in major financial crime compliance remediation programs. Read more
Research and Commentary Phoenixing in ashes: new law targets accountants March 11, 2020 A new law to stop companies transferring assets to avoid their liabilities could also have serious impacts for their advisers, with new civil penalties set to be imposed. Read more