IPA NEWS
Embracing "digital by default"
In this edition of IPA Update we look at how digitisation has and will affect the accounting profession. We also look at the new systems put in place by the ATO and discuss the somewhat clunky beginnings of the MyGov site and what the IPA has done to try and ensure the ATO improve this service for our members and their clients.
An interview with IPA & IFA CEO's
IPA CEO Andrew Conway sits down with IFA CEO John Edwards to discuss the progress of the IPA Group, the UK Market and what to expect in the future for both Australian and UK members.
IPA membership renewals are now overdue
If you are yet to forward your IPA membership renewal to us, they are now overdue.
Update your email preferences
Based on the results of our satisfaction survey last year, we have changed the way we send you emails. You can now select which CPE topics and member offers you are interested in.
Have a technical query? IPA Professional Assist is the answer.
IPA Professional Assist is an online technical service provided in partnership with Information Exchange and we've just released this series of videos to show you how to use and get the best out of it.
TAXATION
Tax Bill (No 2) introduced
Contains amendments concerning: remedial power for Commissioner; primary producer averaging; and luxury car tax relief for public institutions.
Budget Savings (Omnibus) Bill receives Assent
Contains amendments concerning: single touch payroll reporting, rates of research and development (R&D) tax offset, etc.
Claiming the small business income tax offset
The ATO has issued some tips for tax practitioners on claiming the small business income tax offset.
ATO warns against international profit shifting
The ATO has issued two Taxpayer Alerts concerning cross-border round robin financial arrangements and restructures in response to MAAL involving foreign partnerships.
ATO updates Pt IVA and other general anti-avoidance rules guidance
The ATO has updated Practice Statement Law Administration PS LA 2005/24 (Application of General Anti-Avoidance Rules).
ATO flags flexible approach on penalties
The ATO is seeking comments on a more flexible approach to penalties for small business and individuals.
Counter-Terrorism Legislation Amendment Bill (No 1) introduced
Contains amendments to authorise tax officers to disclose information to an Australian government agency for the purposes of preventing conduct relating to security.
Social Services Legislation Amendment Bill introduced
Contains amendments to introduce means testing for certain social security benefits.
Forced sale of properties illegally held by foreign nationals
The Treasurer has ordered the divestment of a further 16 Australian residential properties that have been held by foreign nationals.
ANAO critical of ATO revenue commitments
The ANAO has tabled its report assessing the effectiveness of the ATO in achieving revenue commitments established under specific Budget-funded compliance measures.
Workplace giving PAYG withholding variation
The ATO has issued for comment draft legislative instrument PAYG Withholding Variation: Donations to deductible gift recipients.
Extension of time for lodging R&D concession applications refused
The AAT has decided not to exercise the discretion to grant the taxpayer an extension of time to register for R&D concessions for an engineering "conceptual process study".
Search warrants were valid in tax investigation
A taxpayer has been unsuccessful before the Federal Court in seeking to challenge the validity of search warrants issued in respect of premises.
ATO is seeking tax practitioners to pilot the new Small Business Cash Flow Management Program
A new initiative for small business, the Cash Flow Management Program, has been designed by the ATO and PwC Indigenous Consulting in consultation with accountants and small businesses.
Helping the building and construction industry with debt
The ATO have been working with the building and construction industry to provide support and assistance to those with outstanding debts. From late September the ATO may contact you regarding your clients in the building and construction industry who continue to have outstanding tax debts.
REGULATOR NEWS
Australia's money laundering laws to be extended to accountants
It is understood the Federal Government is working on plans that would extend the AML/CTF regime to accountants.
Accountants remain most trusted advisor to engine room of global growth
It has long been recognized that small- and medium-sized entities (SMEs) power the global economy. And accountants working in small- and medium-sized practices (SMPs) remain their most trusted advisor, according to a report released today by the International Federation of Accountants.
Significant global accountancy profession appointments announced by IFAC
Following a rigorous nominations process, the International Federation of Accountants today announced the appointments of three outstanding members of the global accountancy profession to lead important committees supporting the profession.
