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Tax

The ATO is rattling its debt-collection sabres – How ready are you and your clients?

Bruce Collins, June 16 2022

This article was originally published in CCH iKnow. After a COVID-induced hiatus, there has been a lot of recent activity from the ATO on their debt collection efforts, including warnings about the potential issue of Director Penalty Notices and referral of larger corporate tax debts to credit reference agencies, as may be seen from these links to...

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Tax

Recent development in the taxation of trusts

Amanda Guruge, June 16 2022

This article was originally published in CCH iKnow. Tax is always changing, and over the last year there have been monumental shifts in trust tax law that changes the way practitioners have understood the law for many years. The key with all of the following changes to our understanding of trust tax law is that they impact trustee resolutions and b...

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Tax

Recent Court decision on shortfall penalties

Amanda Guruge, June 13 2022

A recently decided AAT case has provided a great example of circumstances that lead to the conclusion that a taxpayer has not taken reasonable care in making a statement. In this article, we will discuss the recent decision in the AAT of Automotive Invest Pty Ltd v FC of T [2022] AATA 673 (‘Automotive Invest’)(substantive matter determined in Feder...

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Tax

How to Object to Tax Assessments

Bruce Collins, May 23 2022

This article was originally posted on CCH iKnow. Your client has just received an amended assessment after an extended audit process. The client is unhappy with the outcome and additional tax payable. In addition, the ATO has imposed shortfall panellise of 50% on the shortfall of tax.

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Tax

Recent court decisions on Legal Professional Privilege

Amanda Guruge, May 9 2022

This article was originally posted on CCH iKnow. Two recently decided cases have provided some important insights into how legal professional privilege works in the context of inquiries conducted by the Australian Securities and Investments Commission (ASIC) and the ATO. Legal professional privilege (“LPP”) is a vitally important doctrine in our sy...

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Tax

Allocation of professional firm profits and PCG 2021/4 – how risky are you?

Bruce Collins, May 9 2022

This article was originally posted on CCH iKnow prior to a webinar hosted by CCH Learning on the topic. Taxation of members of professional firms has presented philosophical and tax administration problems for decades around the nature of profits/gains and on the ability to “alienate” income to associates (especially those with lower tax rates) - r...

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Tax

Division 7A Deemed Dividends — Not just a tax issue

Amanda Guruge, May 9 2022

This article was originally posted on CCH iKnow and relates to a webinar run by Bruce Collins on the topic. Division 7A of the Income Tax Assessment Act 1936 is a part of the tax law that acts as specific anti-avoidance provisions, to prevent private companies from distributing cash and value to shareholders and associates, and attempting to avoid...

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Tax

ATO access & information gathering powers - finding the right balance?

Bruce Collins, May 9 2022

This article was originally posted on CCH iKnow, in the lead up to a webinar run by Bruce Collins on recent ATO access and information gathering power litigation matters. Parliament has granted the Commissioner significant powers to gather information and evidence for the purposes of the various taxation laws which he has responsibility to administ...

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Tax

Are there tax implication for providing COVID-19 related benefits to your employees?

Bruce Collins, January 27 2022

More than the two years since COVID-19 changed the way we live, tax has been brought back in to the spotlight as Omicron rages through the community. Employers – both out of necessity and to protect their employees and customers – are providing various benefits to employees including:

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Tax

Law Council of Australia's recent submission to the ATO - 'Improving how the ATO deals with vulnerable taxpayers'

Bruce Collins, December 16 2021

On 30 November 2021, the Taxation Law Committee and SME Business Law Committee of the Business Law Section (BLS) of the Law Council of Australia provided a submission to the ATO’s consultation on understanding approaches to working with vulnerable clients to identify opportunities to improve the client experience.

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