Tag: tax
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ATO warns many to count on their tax refunds will shrink
It’s virtually a month into the brand new monetary yr and for tens of millions of Australians, meaning now could be the time to file your tax return. A variety of pre-fill information is offered on the Australian Taxation Workplace (ATO) myGov platform that permits taxpayers to finish 2022-23 returns with minimal trouble. “Many of…
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CFMEU pushes for mining tremendous earnings tax as housing repair
Leaders on each side of the political divide have slapped down a proposal for a mining tremendous earnings tax that will fund an enlargement of the nation’s social spending packages. The highly effective Building, Forestry, Mining and Electrical Union (CFMEU) printed new figures on Tuesday suggesting the coverage might be key to fixing Australia’s worsening…
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‘Unfair’: Australians dealing with increased cocktail costs as authorities prepares to hike alcohol tax
Australians are dealing with even increased costs for cocktails and different spirit-based drinks because the federal authorities hikes taxes once more this week. A controversial excise on spirits will attain $100 a litre below the most recent twice-annual inflation indexation of the tax in a transfer the trade warns will find yourself hurting shoppers nationwide.…
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Why being an early chook doesn’t pay when submitting your tax return
The brand new monetary 12 months is upon us and which means tens of millions of Australians are speeding to file their tax returns for the 2022-23 12 months. However whereas the prospect of a profitable tax refund is tempting, the tax workplace is urging individuals to carry off and be affected person – advising…
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$700 tax break for low earners might elevate returns
We’re now lower than two weeks from the tip of economic yr (EOFY), and whereas tax workplace adjustments will imply returns are more likely to be smaller in 2023-24, there are nonetheless sweeteners. The low- and middle-income tax offset (LMITO), which was accountable for massive returns in the course of the COVID-19 years, has expired.…
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Report labels PwC tax scandal as ‘egregious breach of belief’
Stay A Senate committee has labelled embattled consultancy agency PwC’s conduct within the tax recommendation scandal as an “egregious” breach of belief. An interim report by the committee into PricewaterhouseCoopers’ conduct within the scandal the place confidential data on tax avoidance was leaked and shared with different companions for monetary achieve with different consumer, urged…
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Michael Pascoe: IKEA and Netflix tax scandal overshadows shameful PwC saga
Overshadowed by PwC’s scandal of peddling inside data to assist multinational firms keep away from tax is the larger ongoing scandal of multinational firms dodging tax. Treasurer Joe Hockey’s “Google tax” – the factor PwC sought to take advantage of confidential details about – was alleged to cease worldwide firms ripping off Australia by whisking…
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Methods to ensure your tax return pays
Australians are being urged to make sure they’re tax literate as EOFY approaches, with CPA Australia warning that too many individuals are making pricey errors on their tax return. The accounting physique issued a “stark message” to taxpayers on Monday, saying the Australian Tax Workplace (ATO) shall be scrutinising bills carefully this yr, particularly distant…
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EOFY to convey anticipated spike in tax scams
Cyber criminals are poised to benefit from tax time, with the federal government urging Australians to be alert to scams. This comes because the Australian Taxation Workplace says it has already acquired 19,843 stories of scams in 2022-23, with impersonations of the organisation itself being the most typical at tax time. Assistant Treasurer and Minister…
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Michael Pascoe: Learn how to ethically minimise revenue tax
June – the winter solstice, the naked London airplane timber in our avenue briefly not dropping stuff of 1 kind or one other, the (optimistic) begin of the ski season – and the barrage of EOFY (finish of monetary yr) ads encouraging folks to purchase a brand new laptop/ute/desk/forklift earlier than June 30 to assert…