Tax & Accounting Blog

NEWS, TRENDS AND RESOURCES FOR
TAX AND ACCOUNTING PROFESSIONALS

Statutory Reporting gets a global makeover
5 Star Rating: CPA Practice Advisor reviews Thomson Reuters’ ONESOURCE

5 Star Rating: CPA Practice Advisor reviews Thomson Reuters’ ONESOURCE

Best suited for companies of all sizes that are tasked with handling global sales and use tax, VAT, and GST, ONESOURCE Determination and Compliance, offers a complete solution. ONESOURCE is designed to work with a variety of third-party applications to deliver complete indirect tax management from initial tax determination and calculation to complete compliance including forms processing and remittance. … Read More

Bank levy solution to company tax cut deadlock?

Bank levy solution to company tax cut deadlock?

The big bank levy could be the key to curing two of the Turnbull government's biggest headaches: its continuing failure to legislate for company tax cuts and the scandals now emerging from the banking royal commission. However, Any wins for the government around securing company tax cuts would be likely to come on top of personal tax cuts this budget. … Read More

Corporate beneficiaries and corporate tax rate: How might the new legislation be applied?

Corporate beneficiaries and corporate tax rate: How might the new legislation be applied?

On 18 October 2017, the Government introduced Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 into Parliament.  The Bill contains amendments to s 23AA of the Income Tax Rates Act 1986 to clarify which entities will be eligible for the reduced corporate tax rate for the 2017-18 income year and subsequent income […] … Read More

Professional services firms left in a quandary after ATO suspends risk assessment guidelines

Professional services firms left in a quandary after ATO suspends risk assessment guidelines

As practitioners will be aware, the ATO has suspended the application of its risk assessment guidelines for allocation of profits within professional services firms. The ATO’s risk assessment guidelines previously stated they would be reviewed in 2017. However, writing in Thomson Reuters 2018 Weekly Tax Bulletin Issue 3, Lance Cunningham, BDO National Tax Director, says […] … Read More

Are you tax-ready in 2018?

Are you tax-ready in 2018?

Did you know that most landlords can no longer claim a deduction for travel costs connected with an investment property? So that trip to the Gold Coast to inspect your rental unit is no longer deductible. There are also restrictions on claiming depreciation on second-hand assets used in a rental property. There are exceptions, in […] … Read More