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ASIC Penalties - The Cost of Doing Business

ASIC penalties ‘the cost of doing business’
The Australian Securities and Investment Commission (ASIC) is set to increase penalties for corporate and financial sector misconduct to deter the fines being seen as the cost of doing business.

The impact of the proposed changes would be to ex...

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Cleaners and Couriers Latest Black Economy Target

Cleaners and Couriers Latest Black Economy Target

The detail of the Government’s crackdown on cleaning and courier companies was revealed late last month.
From 1 July 2018, the taxable payments reporting system will extend beyond the building industry to cleaning and courier businesses. This means that these businesses will need...

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New Legislation Restricts Access to the Reduced Company Tax Rate

New Legislation Restricts Access to the Reduced Company Tax Rate

Legislation restricting access to the small business company tax rate reduction entered Parliament last month. The changes specifically preclude companies with passive investments such as rental property income from qualifying for the small business entity tax rate of 27.5%.

For th...

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Taxing Bitcoin

Taxing Bitcoin

Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in Australia. New legislation passed by Parliament last month seeks to change all of that by removi...

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How Small Subsidiaries Are Being Caught By Australia's New Multinational Tax Crackdown

How Small Subsidiaries Are Being Caught By Australia's New Multinational Tax Crackdown

Entities with a global parent or that are part of a large group of companies are being caught in the multinational tax crackdown regardless of their size in Australia. 
   
With effect from 1 July 2016, many smaller entities connected to a larger par...

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