News and Media

Global collaboration needed to mitigate cyber threats

  17 May 2019
Credit: Mortgage Business

The finance industry, regulators and governments need to work collaboratively to fight cyber crime, but industry should not be "afraid of risk", the ASIC Forum 2019 has heard.

At the first day of the ASIC Forum 2019, taking place in Sydney between 16 and 17 May, delegates from across the finance and regulatory sectors heard how the threat of cyber espionage and "hacktivism" was an increasing and global problem - but one that would not make the sector afraid of digitising the finance world.

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Employers hit with rolling SG audits as ATO toughens stance

  28 March 2019
Credit: Accountants Daily

Employers are increasingly being subjected to a rolling series of audits by the ATO where they slip behind on their SG obligations as the Tax Office now taking a harder line on non-compliance, warns a technical expert.

Insyt chief executive Darren Wynen said the focus by the federal government on SG non-compliance has seen the ATO taking a much tougher approach towards non-compliant employers.

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ATO ramps up its focus on rental properties and hosts on platforms such as Airbnb

  21 March 2019
Credit: ABC News Australia

The Australian Taxation Office (ATO) is ramping up its enforcement activities and will undertake 4,500 audits of taxpayers it considers are "high risk" because they overclaim or don't declare income relating to rental properties.

ATO assistant commissioner Adam Kendrick said it would audit 2017-2018 financial year tax returns relating to rental investments that its data analytics systems had flagged as potentially problematic.

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Errors in 9 out of 10 rental claims prompt new compliance blitz

  14 March 2019
Credit: Accountants Daily

ATO Commissioner Chris Jordan has signalled his agency’s intent to crackdown on rental property deductions after seeing dividends in their enforcement of work-related expenses. 

Speaking at the Tax Institute’s National Convention in Hobart, ATO Commissioner Chris Jordan said the Tax Office’s audits of over 300 rental property claims found errors in almost nine out of 10 returns reviewed. According to Mr Jordan, 85 per cent of taxpayers with rental properties are represented by a tax agent.

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