Yesterday
$1b family trusts dispute may be headed to the High Court
The Australian Taxation Office will continue to fight a decision that could leave it owing as much as $1 billion in refunds to 971,000 family trusts.
February
Bullock admits RBA too slow; Domain rockets; Mansion smashes record
Read everything that’s happened in the news so far today.
Family trusts may seek $1b in tax refunds after landmark decision
Family trusts incorrectly penalised by the Australian Tax Office should act now to lodge objections, lawyers say.
Mystery ATO tangle in Solomon Lew’s web
The billionaire rag trader’s network of associated entities stretches into complexity.
MinRes confirms Ellison exit, board rules no further penalties for MD
Mineral Resources’ embattled board has confirmed to shareholders that Chris Ellison will depart the miner.
What the ATO wants to know about your family’s succession plan
The founders of some of the nation’s most successful family business will soon turn 70, and the ATO wants to know what comes next.
First, do no harm to the tax system at the 2025 election
Large corporates would take a promise to do nothing over ‘somethings’ that have translated into complex and productivity-sapping changes to an already uncompetitive corporate tax system.
January
ATO to crack down on Baby Boomer wealth transfer ‘risks’
The Australian Taxation Office says it will zero in on Baby Boomers restructuring private companies to pass billions onto their heirs.
December 2024
Harsher penalties urged for PwC-style false privilege claims
The changing nature of law firms is making privilege claims more difficult to determine, a federal government discussion paper says.
Grant Samuel delivers all but fatal blow to $2.2b Perpetual deal
The corporate advisory firm, assigned as an independent expert on the sale, said it was not in the best interest of investors.
November 2024
Why SMSFs might soon need to load up on cash
Taxing unrealised capital gains on super balances over $3 million will make cash-flow management extremely difficult.
Tax Office tells CFOs to question their lawyers and accountants
Businesses should learn from the PwC tax scandal by testing the tax advice of accountants and lawyers to avoid being shamed in public, the ATO says.
What the inquiry into the structure of the big four firms recommended
A summary of the key recommendations from the joint parliamentary inquiry into the structure of the big four consulting firms and what they mean for the sector.
MinRes governance nightmare rages with Hesta putting it on ‘watch’
Hesta said the governance failures at Mineral Resources are “extremely concerning” and ASIC has progressed to an official investigation.
PwC still not transparent enough on tax leaks: inquiry
A parliamentary inquiry has found PwC International and PwC Australia have engaged in an ongoing cover-up of the extent of the tax leaks scandal.
MinRes’ Chris Ellison finds another way to reduce his tax
Having played such a blinder on the ATO already, having it forfeit part of the cost of his contrition seems the least Chris Ellison could try.
ATO gave PwC CEO early warning about ‘incompetent’ tax division
New details of a meeting in February 2020 between the ATO’s Jeremy Hirschhorn and then-PwC CEO Luke Sayers contradict earlier evidence provided by Mr Sayers.
October 2024
Virtical’s Adelphi Hotel sold for discounted $19m
Collapsed pub and hotel developer and operator Virtical bought the boutique Melbourne hotel on Flinders Lane for $25 million in 2023.
Chris Ellison and Richard White should stand aside
MinRes and WiseTech have done the minimum necessary to buy time. The companies are offering crisis management, not good governance.
Financial advice is expensive – is it tax-deductible?
A change from the ATO has broadened the tax-deductibility of some financial advice fees, which should make seeing an adviser for the first time a bit cheaper.