ATO Signs Annual Income Tax And GST Compliance Arrangement With BAE Systems

ATO Signs Annual Income Tax And GST Compliance Arrangement With BAE Systems The BAE has signed a legal compliance arrangement with the Australian taxation office. This move will help in creating simple solutions and transparency in the BAE business, said BAE Finance director Alan Osborne. The compliance will reduce the total cost of tax related work for businesses and will also help in providing ready-to-use solutions rather than facing surprising conditions and uncertain future. BAE believes “this is an opportunity to work closely under ATO’s...

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Australian Equities Market 19 Dec

THIS MORNING (19 Dec 14) In Australia and the US no economic data is released. OVERNIGHT MARKETS US Equities US sharemarkets rallied for the second straight session on Thursday. Upbeat results from Oracle (up 8%) in the prior session continued to support technology stocks. The S&P technology sector lifted 2.2%. With just over an hour of trade left, the Dow Jones was up by 294 points or 1.7%. The S&P 500 index was up by 1.6% and the Nasdaq gained 80 points or 1.7%. US treasuries fell on Thursday (yields higher) as traders continued...

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Hockey Backflips On Tax Laws To Target Multinational Profit Shifters

Treasurer Joe Hockey has broken a pledge to impose tough new tax avoidance rules on multinational companies that shift billions of dollars in profits between Australia and their international subsidiaries. The practice of global corporations loading up subsidiaries with debt and then claiming relief from the Australian tax man on the interest paid gives an "unfair competitive advantage" over local rivals, Treasury said in 2013. "When some taxpayers avoid or minimise their tax in a sustained way, the tax burden eventually falls more heavily...

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FWO To Crack Down On Unpaid Work Experience After Research Reveals Exploitation

The Fair Work Ombudsman today announced a new focus on educating employers and employees about the legitimacy of schemes for unpaid work experience, following research by the University of Adelaide Law School. The FWO commissioned the research, published in the report Experience or Exploitation?, which uncovered a growing number of businesses using unpaid work schemes as an alternative to hiring paid staff. The report also found young people and migrant workers are particularly vulnerable to being exploited through these schemes. Key...

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Australia’s Trust Emergency Will Stymie Year Of Reform

Political and business leaders are touting the next 12 months as a make-or-break year for the country’s reform agenda - and Australia’s economy. A number of big changes will be proposed and debated. These include tax reform, a major shake-up of federal-state relations and workplace relations change. The stakes are high. With global growth faltering and concerns about our own economic performance rising, our leaders are urging the public to support the changes. The alternative is that Australia risks returning to the dark days of 1970s...

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Australian Equities Market 12 Dec

In Australia lending finance data is released. In the US, consumer confidence is released. Chinese retail sales, industrial production and fixed asset investment figures are released.OVERNIGHT MARKETSUS EquitiesUS sharemarkets rallied on Thursday boosted by the strength in retail activity and ongoing improvement in the US labour market. The S&P retail index jumped 1%, driven by a 1.2% rise in Home Depot shares. Energy stocks recovered part of the recent losses. At the close of trade, the Dow Jones was higher by 63 points or 0.4%, after being...

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Australian Equities Market

THIS MORNINGThe second half of Wednesday's session saw buyers make some pact on the market, taking advantage of prices that were discounted over the course of the morning. The ASX 200 bottomed out late this morning when it was down by 60 points. By the end of trade this deficit had been wound in and the index ended with a loss of 23 points or 0.45%.OVERNIGHT MARKETSUS EquitiesThe difference that allowed the market to turn around from session lows came down to the resource sector. At lunchtime the group was attempting to get traction and in the...

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Australian SMEs Targeted By Employees In Cyber Attacks

Australian small businesses are "under attack" from cyber criminals, as increasing numbers of small businesses are having data stolen from both external threats and disgruntled employees, a new survey has revealed. The survey released this week by security company McAfee found 45% of surveyed SMBs had been the target of an electronic attack in the past year – but that 46% had suffered a data or security breach as the result of disgruntled former or current employees.  Of those businesses, 24% had experienced this kind of attack three or...

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Wealthy Tax Evaders On Australian Taxation Office Hit-List

RICH Australians owing hundreds of millions of dollars in unpaid taxes are about to be tapped for the cash they have hidden in tax havens around the world. The Australian Taxation Office says the net is closing in on the wealthy tax evaders who are about to be given a “last chance opportunity” to declare the assets they have squirreled away overseas. Commissioner of Taxation Chris Jordan today announced an amnesty for all Australians who have failed to declare foreign income, ahead of a global crackdown that will expose funds held in havens...

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Australian Tax Office Slashes

Australian Tax Office Slashes 4700 Staff, Brings In $250,000-A-Year Spin Doctor The Australian Tax Office is hiring a $250,000-a-year media wrangler to sell the idea revenue collection will not fall but its own figures show each of the 4700 staff walking out the door collect an average of $23 million in taxes. Tax Commissioner Chris Jordan's newest senior executive will respond to "high profile, high risk" media enquiries and craft the single most important message the organisation needs to send to the public: that cutbacks to staff numbers...

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ATO Letting Big Multinationals Get Away With It

Martin Lock was formerly the top withholding-tax specialist at the Tax Office, a role that encompassed oversight of profit shifting by multinationals. He is one of many former officers who have voiced their concerns to Fairfax Media about the challenge of arresting the slide in tax receipts from multinational companies operating in Australia. Like many of his colleagues, Lock took a voluntary redundancy in June this year. During the past three years, the number of those at the Australian Taxation Office supervising international activities...

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Finance and Accounting Outsourcing

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