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Contrived trust income arrangements “not on”, says ATO

The ATO’s “trusts taskforce” has uncovered a class of arrangements that it says appears to be designed to “exploit the proportionate approach to trust taxation”. Therefore a taxpayer alert has been issued by the ATO that warns closely held trust trustees against engineering a reduction in trust income to improperly gain access to favourable tax

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The tips (and traps) of tax when winding up a business

When your client first went into business, either buying an established enterprise or starting from scratch, probably the last thing on their mind was the day they would close the door for the last time. The tips (and traps) of tax when winding up a business But it’s no use ignoring the inevitable, as one

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Cloud computing, and navigating your business’s risk

Agreements between users of cloud computing services are as variable as the businesses involved, which has led the government to the realisation that the ongoing adoption of cloud-based business solutions has brought with it a need for a whole-of-government approach to the issues that can surface. The government’s Information Management Office (IMO) defines cloud computing

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Large increase in tax audit insurance claims over past 12 months

Not long into Tax Time 2016, ATO assistant commissioner Graham Whyte said in a media release that “every tax return is scrutinised using increasingly sophisticated tools and data analytics developed by our ‘data doctors’ at the ATO. Large increase in tax audit insurance claims over past 12 months He went on to say: “This means

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The PLS is looming larger on the horizon

The ATO’s new practitioner lodgment service (PLS) is replacing its incumbent electronic lodgment service (ELS) as the primary lodgment channel (which will be “turned off” at the end of March 2017). Lodgments made using PLS will need to be made with standard business reporting (SBR)-enabled software packages. The PLS is looming larger on the horizon

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