Personal services income or the PSI rule has been a hot topic as the Federal Court recently handed down its ruling on two cases relating to PSI rules, one of which is Fortunatow v Commissioner of …
SMSF Investment Strategies and Diversification
Around 17,000 trustees of SMSFs with more than 90% of their funds in one asset have received a letter from the Australian Taxation Office (ATO) regarding a possible administrative penalty for failing …
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Black Economy Continued
Despite the success of its enforcement against the Black Economy, the Australian Taxation Office (ATO) believes the economic impact is 3% of GDP or around $50 billion dollars. Thus, with more funding, …
Client Acceptance and Retention
Whether to accept new clients or retain existing clients is a crucial decision for every audit firm to make. Thus, it is important for an audit firm to evaluate whether a client meets standards of …
Restricting the Use of Cash and Outrageous Tax Claims
A draft legislation on restricting cash use was recently introduced by the Government. This was response to the Final report of the Black Economy taskforce’s recommendation to introduce a cash payment …
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GST Liability for Directors
Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 holds four measures that were originally announced in the 2018-19 budget. Prohibit creditor-defeating dispositions of company …
