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The ATO has announced that it has undertaken its first-ever automatic sharing of bank information with the United States (US) Internal Revenue Service (IRS). Details of over 30,000 financial accounts worth over $5 billion are being provided to the US.…

Editor:  In a recent speech, Kasey Macfarlane, Assistant Commissioner, SMSF Segment, Superannuation, discussed the issues facing SMSFs and their aging trustees.  The following is an excerpt from her speech. Planning ahead – cognitive decline “I’d like to touch on the…

The ATO has advised that it will be visiting restaurants, cafés and take-aways in Box Hill (Melbourne) over the coming months as part of its ongoing Australia-wide program involving the café and restaurant industry. Assistant Commissioner Michael Hardy said similar…

Editor:  There are laws protecting consumers from unfair terms in ‘standard form contracts’ where the person has little or no opportunity to negotiate with the business concerned. Businesses use standard form contracts to more efficiently deal with their customers.  However,…

Since 1 July this year, a new Serious Financial Crime Taskforce has been operating to ensure that Commonwealth financial crimes are disrupted and deterred. The Taskforce is led by the Australian Federal Police, and also includes: the ATO; Australian Crime…

The ATO has announced that it will acquire online selling data relating to between 15,000 and 25,000 individuals who sold goods and services of $10,000 or more on eBay between 1 July 2014 to 30 June 2015. Data will be…