The ATO has welcomed the release of the Inspector-General of Taxation and Taxation Ombudsman’s report into the Future of the Tax The Future of Tax Profession (link to the report), which was requested by the Commissioner of Taxation.
Deputy Commissioner Alison Lendon said the report touched on a wide range of areas and provided useful input into the opportunities and challenges ahead for tax professionals.
“Like so many other professions, tax professionals are experiencing a number of changes in the way they work and the nature of their role. This report explores a range of those areas and provides some important insights.
IGOT the Future of tax profession
Tax advisers said the budget's exemption of small business from any extra Tax Office scrutiny would be popular with voters, and help a government that "needs as many votes as they can get".
Tuesday's federal budget included a $1 billion crackdown on tax avoidance by multinational groups, wealthy families, private groups and trusts, which aims to raise a net $3.6 billion.
Smaller firms, a key constituency of the Coalition, will be spared extra attention, despite new figures suggesting the sector is short changing taxpayers by as much as $10 billion a year and claiming the largest amount of dodgy deductions.
Review into the Future of the Tax Profession. Background. Technological advances are transforming all aspects of modern society and the tax profession is not immune from these sweeping changes. Terms of reference. The IGT will conduct a review into the future of the tax profession with a focus on: Submission.
A standard deduction for work-related expenses should be
examined with a view to eradicating the need for millions of Australians to
lodge tax returns, the Inspector-General of Taxation (IGT) has recommended in
the report, the Future of
the Tax Profession. The IGT also highlighted the "already
fragile relationship between the ATO and the tax profession". The IGT
& the ATO also disagreed over the cyber security standards of the agency,
with the IGT saying the ATO had not provided public evidence of greater cyber
resilience. The ATO has also disagreed to eight of the 19 recommendations
directed to the ATO.
ATO launches electronic TBAR form
Tax agents can now lodge an online transfer balance account report and view transfer balance cap information through the ATO’s new online services for agents.
The new interactive form for transfer balance account reports (TBAR) can now be filled electronically using online services for agents, with the electronic form set to eventually replace the interim spreadsheet solution.
Chris Bowen calls out Coalition’s spending as ‘dodgy accounting trick’
Chris Bowen calls out Coalition’s spending as ‘dodgy accounting trick’
Gerard Ryle: "I still remember this day, three years ago, when we
hit publish on the Panama Papers. We'd worked secretly for more than a year,
but that couldn't prepare us for the incredible response and impact the
investigation would have — and that it continues to have today.
More than $1 billion has been recouped around the world thanks to the Panama Papers. This is a striking example — one of many — of how ICIJ’s worldwide, fearless investigative reporting holds the powerful to account. Just this year, the first American charges were laid in a case related to the Panama Papers, and the former president of El Salvador was charged with money laundering." Panama Papers reaps $1.2 billion around the world
Google UK forks out £65m tax in 2018, a boost of 40%on previous year Increase in tax payout comes as UK.gov threatens digital sales tax on revenues
More than $1 billion has been recouped around the world thanks to the Panama Papers. This is a striking example — one of many — of how ICIJ’s worldwide, fearless investigative reporting holds the powerful to account. Just this year, the first American charges were laid in a case related to the Panama Papers, and the former president of El Salvador was charged with money laundering." Panama Papers reaps $1.2 billion around the world
Google UK forks out £65m tax in 2018, a boost of 40%on previous year Increase in tax payout comes as UK.gov threatens digital sales tax on revenues
- Chung Tran, Nabeeh Zakkariyya, Tax progressivity in Australia: things aren't as simple as they seem