On 1 May 2019, PwC announced that profits from the firm are taxed at an average rate of 37%. This was in response to increasing interest in the tax position of the Big 4 professional services firms, including a recent request of the ATO by the Senate Economics Legislation Committee. In response, the ATO said…
The Scheme for the Compensation for Detriment Caused by Defective Administration (the CDDA Scheme) is the subject of review by a Mr Robert Cornall AO – appointed by the Minister for Finance and Assistant Treasurer. This was on 25 February 2019. The A/g IGTO and Deputy met with Mr Cornall and his team at his request…
On 3 May 2019, the ATO updated one of its website pages: ‘Tax crime prosecution case studies’. It gives details of: a company director who failed to lodge 5 activity statements (fined $51,500). 5 employees who falsely claimed work related ‘drive in, drive out’ travel expenses, despite them having been reimbursed (aggregate fines over $50,000).…
On 8 May 2019, the ATO distributed a list of subjects, where advice is ‘under development’. They include, income tax, international, CGT, consolidation, trust, GST, excite, FBT, superannuation, not-for-profit sector, and administration issues. See below for the full list and relevant links. FJM 8.5.19 [Tax Month – May 2019]
The High Court has given Gina Rhinehart orders binding her children to have their claims dealt with by confidential mediation and it has given her children orders that their companies’ claims be dealt with in that mediation. This is not tax, but it’s so topical, I thought it worth noting. The decisions and the citation…