Finance

The Australian Taxation Office is pledging an "increased focus" on lingering business debts while preparing a new, multi-year program to improve small business tax performance.

The Coalition will seek to reverse a set of new and highly controversial rules for tax practitioners, arguing they will impose unnecessary red tape on accountants and bookkeepers.

It’s time Australian sole traders took tax matters into their own hands, and the technology is there for the taking. 

Early signs point to yet another parliamentary showdown over the instant asset write-off scheme, as both Coalition senators and independent crossbencher Senator David Pocock say the small business tax break should expand beyond the government's latest proposal.

Accountants and bookkeepers have welcomed a last-minute reprieve from eight new obligations scheduled to begin in August, but feel more should be done to shield small practices from further 'red tape'.

We collate a handful of the key figures related to personal and business tax returns, and some of the more esoteric figures linked to the new financial year.

Large utes are exempt from the Luxury Car Tax while contributing to higher carbon emissions, road damage and serious safety concerns, according to a report by think tank the Australia Institute.

A petition against "unfair and unworkable" changes to the rules governing tax agents has closed with more than 2,000 signatures, calling on Assistant Treasurer Stephen Jones to reconsider the August 1 shake-up.

A significant pathway to tax practitioner registration should be closed, the Treasury argues, rattling the accounting sector and causing concern among professional associations like CPA Australia.

The ATO will no longer send an SMS message to taxpayers to inform them their tax return has been processed, as the rising tide of fraudulent messages makes it difficult to discern real communications from costly scams.

Australia's peak accounting and bookkeeping organisations are calling on Assistant Treasurer Stephen Jones to renegotiate a set of fresh industry rules, arguing tax practitioners will struggle to meet the August 1 compliance deadline.

Small businesses will be free to claim immediate tax deductions under the $20,000 instant asset write-off scheme, and seek a bonus 20% deduction on energy-efficient upgrades, after a contentious and long-delayed bill passed in Parliament Tuesday night.