Finance

Debt collection efforts at the ATO are now on a "firmer footing" than in recent years, Deputy Commissioner Will Day has confirmed, with the number of court actions initiated by the tax office expected to hit pre-COVID levels this year.

The ATO has issued a last-chance notice to attempted GST fraudsters, after joining forces with the Australian Federal Police to execute new search warrants on those suspected of promoting the scam.

Australians who work from home and want to simplify their tax returns will soon need to record each hour they complete outside the office or worksite.

Preserving trust between tax professionals and the ATO is necessary to provide the best outcomes for small business, accounting industry expert Tony Greco says, as the federal government chases the PwC tax leak scandal.

Two years after launch, the eInvoicing system had only reached 25,000 of Australia's estimated 2.5 million businesses.

Giving businesses tax credits for consuming fuel without having to pay for or reduce their carbon emissions is sharply at odds with the government’s goal of net zero emissions by 2050.

The federal government should legislate a standard tax deduction for work-from-home expenses, mirroring how drivers are reimbursed for every kilometre they cover for work, according to CPA Australia.

Scammers are monitoring public social media pages for commenters seeking assistance with their tax payments or MyGov registration and reaching out to those taxpayers from bogus accounts, the federal government states.

Professional accounting groups are optimistic the ATO will continue to refine its new tax agent-linking system, after industry representatives said its six-step registration process could pose a significant challenge to small business clients.

The ATO is trialling a new digital process linking clients to tax agents, but some accounting groups are concerned the six-step process could place a significant administrative burden on small businesses.

With a backdrop of rising inflation and falling wages, the government is facing renewed pressure to rethink its support for Morrison-era tax cuts.

Nearly all economists and most politicians seem to agree stamp duty is a bad tax. But nearly all state and territory governments rely on it to keep the lights on.