Massive tax consequences coming for 42,000 small businesses ‘disengaged’ from ATO
More than 42,000 small businesses are reportedly "disengaged" from the Australian Taxation Office, risking massive consequences when overdue payment rules change in 2025.
Senate votes for $30,000 instant asset write-off, expanded eligibility for SMEs
The instant asset write-off scheme will cover purchases worth $30,000 and will expand to medium-sized businesses, according to amendments passed in the Senate that significantly expand a plan put forward by the Albanese government.
Atlassian commits to Australian IP retention in landmark $92 million settlement with ATO
Software giant Atlassian has settled a $92 million tax dispute with the ATO and has promised to keep its IP in Australia.
GST reviews to work deductions: Five takeaways for SMEs from ATO commissioner’s final speech
The entire 70-minute address is available for viewing online, but SmartCompany has highlighted five of the key points for small businesses.
GST registration to become “slower and potentially more difficult” after $2 billion fraud
After a $2 billion fraud wave, ATO commissioner Chris Jordan said the GST registration system will become slower and potentially harder.
Four-year gap in ATO small business fraud risk assessments exposed in Auditor-General report
The small business line of the ATO did not complete an external fraud assessment between 2019 and 2023, an ANAO report has revealed.
150 ATO officials investigated in massive TikTok GST fraud crackdown
At least 150 ATO officials have been investigated as part of a massive GST fraud crackdown, resulting in criminal proceedings and employment terminations, according to a bombshell report from the Auditor-General.
Trial underway in alleged $13 million PAYG tax fraud case
More than 100 hours of secret police recordings will be played at the trial of a group of men accused of illegally withholding over $13 million of tax from the government.
GST fraudster imprisoned after attempted $15 million construction scheme
A construction developer has been sentenced to ten years behind bars for attempting tax fraud valued at $15 million, in what the Australian Taxation Office calls the end to one of its longest fraud investigations.
SME tax experts bracing for compliance cost of Stage 3 tax cut tweaks
Adjustments to Stage 3 income tax cuts will bring quiet compliance costs to small businesses and their advisors, one accountant says, as the profession calls for more holisitic tax reform.
Melbourne man handed jail sentence after dozens of fraudulent JobKeeper claims
A Melbourne man has been sentenced to three years and six months imprisonment after defrauding the Australian Taxation Office of nearly $35,000, and filing additional false claims worth an extra $460,000, including dozens of dodgy JobKeeper applications.
Tax consultants put on notice as ATO escalates R&D warning
The Australian Taxation Office has strengthened its approach to Research & Development (R&D) tax incentive compliance, warning taxpayers and their advisors that penalties could await those making false claims.
