Overview The ATO released new draft guidance relating to the allocation of professional firm profits on 1 March 2021. The Draft Practical Compliance Guideline PCG 2021/D2 (the Draft PCG) explains how the ATO intends to assess the tax risk of individual professionals who operate professional practices and how they will allocate their compliance resources [...]
The Queensland government has announced the next phase of the rollout of Project Bank Accounts. Currently the regime applies to building contracts entered into with the Queensland government with a value between $1 million and $10 million. From 1 July 2020, the scheme is expanded to include contracts provided by a hospital or health [...]
What is Happening? In recent weeks we have had first-hand experience with the ATO taking a much more aggressive approach to contractors with outstanding tax lodgements. This has been possible principally due to the use of the Taxable Payments Annual Report (TPAR). Author: Tom Aitkenhead TPAR is a report that those in [...]
On 22 February, new laws will require businesses who suffer data breaches to notify both the government and their customers / clients. The consequences of a notification could be extremely damaging to businesses, and it is therefore imperative to understand the rules and to take action to protect yourself! Author Thomas Aitkenhead [...]
