Update from the IGTO
Wolters Kluwer Tax Blog
by Renee Leung
4y ago
In a webinar sponsored by Wolters Kluwer, Inspector-General of Taxation and Taxation Ombudsman (IGTO) Ms Karen Payne spoke on the role of the IGTO and provided an update on reviews in progress. With the introduction of COVID-19 stimulus measures administered through the ATO, the webinar was a timely reminder of the avenues available when raising a tax administration complaint. This article gives an overview of the IGTO’s role in handling tax complaints and recent developments from systemic reviews. Role of the IGTO The IGTO is an independent statutory office that seeks to improve the administ ..read more
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COVID-19: ASIC grants temporary financial advice relief
Wolters Kluwer Tax Blog
by Tina Doan
4y ago
The Australian Securities and Investment Commission (ASIC) has announced three temporary advice relief measures to facilitate the provision of timely financial advice during the COVID-19 pandemic. The Corporations (COVID-19 — Advice-related Relief) Instrument 2020/355 (the Instrument) provides temporary relief regarding Statements of Advice (SOA) in the following three areas: SOA exemption – advice relating to early access to superannuation SOA exemption – advice relating to the adverse economic impacts of COVID-19 SOA extension of time – urgent advice. SOA exemption: ad ..read more
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Tax deductions for working at home during COVID-19
Wolters Kluwer Tax Blog
by Colin Lua
4y ago
It may come as no surprise that a large percentage of the Australian workforce is currently working from home due to the COVID-19 pandemic. While this form of social distancing has proven to be successful in helping minimise the spread of the coronavirus, employees working from home should be aware that there are tax deductions that could be claimed from utilising their home resources for work. There is a distinction between running and occupancy expenses incurred while working from home. While the ATO acknowledges that an employee may incur running expenses such as, electricity, cleaning, te ..read more
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The Tax Function in a time of COVID-19
Wolters Kluwer Tax Blog
by Wolters Kluwer Central
4y ago
Tax professionals are a resilient lot – negotiating complex, ever-changing laws and regulations across multiple jurisdictions and making sense of masses of data. Typically, this is done under tight deadlines and with limited resources. The current pandemic represents a challenge like no other. To find out how tax functions are managing this new norm, Wolters Kluwer reached out to industry leaders:   Zennia Csikos, Head of Tax Pacific Zone Schneider Electric Peter Dimech, Head of Taxation and Alesha Mercieca, Manager Tax Operations, at Australia Post and Andrew Danckert, Director at corp ..read more
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Transfer pricing and COVID-19
Wolters Kluwer Tax Blog
by Cindy Chan
4y ago
Contributed by David Bond, Partner, Greenwoods & Herbert Smith Freehills COVID-19 has disrupted business, including reduced profitability and disruption to supply chains. This creates risks and opportunities in terms of reviewing and adjusting transfer pricing policies to deal with: level of profits earned by low risk entities renegotiation of related party contracts changes in supply chains funding and parent guarantees intellectual property and royalties, and impact of government subsidies such as JobKeeper. COVID-19 disruption COVID-19 has disrupted business on an unprecedented scale ..read more
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The Commissioner speaks: latest SA land tax developments
Wolters Kluwer Tax Blog
by Mary Zachariah
4y ago
By Peter Slegers, Director and Joshua Pascale and Daniel Marateo, Associates, Tax & Revenue Group, Cowell Clarke1 The South Australian Commissioner of State Taxation has recently issued detailed guidance on the State’s sweeping land tax reform measures. The new publication from RevenueSA, titled “Land Tax Guide to Legislation: Changes for Joint Owners, Land Held on Trust & Related Corporations” (“Guide”), comprises some 27 pages of statutory interpretation, analysis and worked examples. This article will summarise some of the topical issues now clarified by the Guide, as well as comme ..read more
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COVID-19: Employer guide to the JobKeeper scheme
Wolters Kluwer Tax Blog
by Cindy Chan
4y ago
Contributed by Betsy-Ann Howe, Matthew Cridland, Michaela Moloney, Nick Ruskin, Paul Hardman and James Rutley Clyne, K&L Gates Note: The information set out in this Guide is accurate as at 9.00 am AEDT on Monday 27 April 2020 and is subject to change as the situation evolves. The basic turnover test Employers will be eligible for the subsidy if their turnover for the period has fallen below the thresholds and they meet the other eligibility requirements set out further below. Business type/size Turnover reduction threshold ACNC registered charity* 15% For Profit: Turnover below $1b ..read more
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OECD publishes countries’ COVID-19 response
Wolters Kluwer Tax Blog
by Cindy Chan
4y ago
The OECD has published a global reference on the actions that each country is taking to support its taxpayers. These actions include measures to address cash flow concerns, difficulties in meeting reporting and payment deadlines and communication initiatives. The intention of this document, which will be updated on a regular basis, is to assist administrations in the consideration and development of their domestic measures. Measures for individual taxpayers generally focus on preventing hardship and reducing burdens given the restrictions in place in a number of countries. Measure ..read more
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COVID-19: dedicated section in My Business Health to assist small businesses
Wolters Kluwer Tax Blog
by Cindy Chan
4y ago
My Business Health, a web portal to support small business owners, now features a dedicated section to assist those struggling with the COVID-19 crisis. The dedicated section includes the latest information on government support measures as well as assistance with tax, employer obligations, finances, available government payments and loans. Source: Australian Small Business and Family Enterprise Ombudsman media release, 26 March 2020. The post COVID-19: dedicated section in My Business Health to assist small businesses appeared first on Wolters Kluwer | Central ..read more
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Superannuation payments in a time of COVID-19
Wolters Kluwer Tax Blog
by Cindy Chan
4y ago
Contributed by Luke Hooper, Partner, Superannuation and Funds Management, Holding Redlich In this article, we provide a high-level overview as to what superannuation payments/claims could conceivably arise under COVID-19, or how certain payments may change. Very little law, apart from some Government announcements, changes. However, given the likelihood of significant and wide-reaching economic and financial uncertainty and the impact on employment as well as the obvious health impacts associated with COVID-19, many trustees will have (high volume) payment claims high up on what may be a v ..read more
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