The ATO's power to access taxpayer information The ATO’s wide-ranging formal and informal information gathering powers are supported by an arsenal of powerful computers, connections with other government bodies and an array of sanctions to assure cooperation, which...
Banter blog.
The latest tax news & updates.
How does the ATO obtain taxpayer information?
The ATO's power to access taxpayer information The ATO’s wide-ranging formal and informal information gathering powers are supported by an arsenal of powerful computers, connections with other government bodies and an array of sanctions to assure cooperation, which...
JobKeeper – new rules and ATO guidance
Background The Banter Blog article titled The JobKeeper Payment, published on 17 April 2020, outlined the operation of the Government’s $130 billion JobKeeper Payment scheme which was enacted on 9 April 2020 (the Coronavirus Economic Response Package...
The JobKeeper Payment
The Federal Government’s $130 billion JobKeeper payment package is the largest financial package in Australia’s history to assist businesses with the impact of the Coronavirus (COVID–19) pandemic.
The Coronavirus economic stimulus package
Editor's note: On Thursday, 2 April, we conducted a webinar, hosted by Senior Tax Trainer Robyn Jacobson, on the implications of this package. Click here for more information and to register for a copy of the recording. Background The Coronavirus (COVID-19) pandemic...
Tax Practitioners Board proposal to increase CPE requirements
TPB proposal to increase CPE hours The Discussion Paper On 19 February 2020, the Tax Practitioners Board (TPB) released a discussion paper titled TPB(DP) D1/2020 Continuing professional education for tax practitioners under the Tax Agent Services Act 2009 (the...
Directors’ personal liability extended to include companies’ GST liabilities
The Combating Illegal Phoenixing legislation Another layer of the corporate veil has been lifted. The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2019 (the Act), which received Royal Assent on 17 February 2020 as Act No. 6 of 2020, extends the director...
An appreciation of depreciation
Background A key module in TaxBanter’s Tax Fundamentals program is Capital Allowances. There is an array of different thresholds, applicable dates, calculation methods and hidden peculiarities throughout the provisions. Given depreciation deductions are as relevant...
Issue with agents accessing information of deceased taxpayers to be resolved
On 13 January 2020, the Commissioner registered a Legislative Instrument CRP 2020/1 titled Taxation Administration (Remedial Power — Disclosure of Protected Information by Taxation Officers) Determination 2020 (the Legislative Instrument). An accompanying Explanatory...
TaxBanter is positioning itself for the future – two announcements from our Director
TaxBanter becomes part of Knowledge Shop Last week, we became part of Knowledge Shop (a wholly owned subsidiary of ASX listed Easton Investments) with Knowledge Shop acquiring a 60% share in TaxBanter (ASX announcement). The synergy between TaxBanter and Knowledge...
Draconian and retrospective CGT main residence exemption changes become a reality
NOTE: In this article, all section references are to the Income Tax Assessment Act 1997. Background On 9 May 2017, as part of the 2017–18 Federal Budget, the Government announced that it would make changes to the CGT main residence exemption (MRE). On 23 October 2019,...
