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Latest Tax News

Tax agent re-registration denied (17 August 2014)

The Tax Practitioners Board refused to renew a tax agents registration after the ATO had found significant errors in their work. The errors discovered by the ATO resulted in adjustments to the tax returns of more than 20 clients. In reviewing these adjustments, the Tax Practitioners Board found that the tax agent had failed to take reasonable care to ensure that tax laws were applied correctly, and to ensure that the tax agent services were provided competently. As always, it pays to use a trustworthy and competent tax agent!

ATO warns property developers to declare income (28 July 2014)

Property developers are being warned against using trusts to return the proceeds from property developments as capital gains instead of income. “We have begun auditing property developers who are carrying out activities which conflict with their stated purpose of capital investment,” Deputy Commissioner Tim Dyce said. “A growing number of property developers are using trusts to suggest a development is a capital asset to generate rental income and claim the 50 per cent capital gains discount.” “The ATO has already raised millions in adjustments from people who exploit the system and our current compliance activity shows we are likely to make many more adjustments in the coming months.” Read the full article here