This Month
ATO targets property valuations in countdown to new $3m super tax
SMSFs are in the firing line for failing to update the market value of investment properties and commercial buildings such as farms and medical practices.
- Duncan Hughes
June
- Exclusive
- KPMG
‘Poacher turned gamekeeper’: The tax commissioner’s secret money trail
Before he was tax commissioner, Chris Jordan was involved in a transfer from a mystery company in the Isle of Man and a casino junket venture that turned out to be a Ponzi scheme.
- Neil Chenoweth
The three types of people most likely to avoid high-end super tax
A new study shows a quarter of high-income earners tweak their finances to minimise the tax they pay on superannuation, and they are mostly self-employed, trust beneficiaries and women.
- Updated
- Hannah Wootton
‘EY have modelled it’: Emails reveal advice that cost client $50m
In 2014, Billabong founder Gordon Merchant wanted to sell his bioplastics business. He also wanted to make sure he didn’t pay much tax. Now the advice he took from EY has led to a $50m tax bill.
- Max Mason
May
Tax fraud, capital gains tax crackdown to raise $3.3b
The budget includes a broad crackdown on tax fraud, the shadow economy and the avoidance of capital gains tax by foreign residents, which Labor hopes will raise $3.3 billion.
- Tom McIlroy
- Exclusive
- Lendlease
Aware says it is in ‘early discussions’ with Lendlease over tax bill
The industry superannuation fund is one of the company’s largest investors and owns a big stake in the retirement living business at the centre of the audit.
- Campbell Kwan
- Exclusive
- Lendlease
Lendlease hit with $112m tax bill over retirement business
The property group has been hit with an initial $112 million bill from the Tax Office, in a dispute that could ultimately cost it more than $300 million.
- John Kehoe
ATO targets crypto traders’ tax affairs, bank details
The Tax Office is ramping up its surveillance of crypto traders, demanding that exchanges hand over details around clients’ ID, wallet addresses and bank accounts.
- Tom Richardson
- Exclusive
- Construction
Tax office moves on administrators in ‘$180m tax fraud’
The administrators of a formwork company involved in what could be the country’s biggest tax fraud are facing court action for reducing an $11 million payroll tax debt to just $1.
- David Marin-Guzman
April
Tax changes ‘turning investors off Australia’
Business groups react to new tax laws like they do to a horror movie, “with one eye closed and hands covering your face”.
- Tom McIlroy
Limiting negative gearing to new builds would raise $16b in a decade
Jacqui Lambie and David Pocock will push for curb tax concessions for investment properties, in a plan that could raise as much as $6 billion for new supply.
- Tom McIlroy
Alcoa vows to ‘listen better’ as it closes in on Alumina
Alcoa boss Bill Oplinger says permitting delays in Western Australia showed the US company needed to listen better, as he prepares to spend $4.6 billion buying more Australian assets.
- Peter Ker
Tax changes may make super the best place to stash cash
New analysis shows the changes will have the perverse effect of entrenching tax benefits for some of the country’s wealthiest, spurring calls for widespread tax reform.
- Hannah Wootton
Last thing Australia needs ‘is another car industry’, warns MCA boss
Labor should lay off “steering” business, invest in R&D and work with, rather than against, trade partners, says Minerals Council CEO Tania Constable.
- Jacob Greber
More than 50,000 taxpayers are ghosting the ATO
Many have Tax Office debts of more than $100,000 that are older than 90 days, and they collectively owe about $15 billion. But they aren’t returning its calls.
- Tom McIlroy
March
$60 billion in trust payments under cloud following ATO court loss
The court warned the ATO cannot dictate to taxpayers how they should arrange their affairs.
- Duncan Hughes
New minimum tax laws could fast track reporting
Multinationals and some of Australia’s biggest businesses could be forced to beef up financial reporting if new a corporate minimum tax rate passes parliament before July 1.
- Tom McIlroy
Borrowers squeezed: RBA; UK tax hits Aussies; Apple’s core problem
Read everything that’s happened in the news so far today.
- Exclusive
- EY
Client alleges ex-EY partner took secret payments on tax scheme
A wealthy client is suing the EY Australia partnership alleging a partner earned $700,000 in secret commissions as part of a failed tax loss scheme.
- Max Mason
Experts concerned over ASIC’s lack of phoenixing prosecutions
Little has changed in illegal phoenixing since the $105 million Plutus tax fraud as the building industry is hit by a wave of tax-dodging schemes.
- David Marin-Guzman
