Markets

The ATO is investigating 27 multinationals over $80 billion in revaluations

The Tax Office is investigating 27 multinationals over $78 billion in potentially dodgy revaluations used to get around anti-tax avoidance rules. In a submission to a senate inquiry, the ATO warns that companies are revaluing assets to skirt 2014 changes to thin capitalisation rules designed to stop companies loading debt […]
The ATO is investigating 27 multinationals over $80 billion in revaluations
Tech

Amazon and Australia Post are butting heads over new GST laws

Amazon has proposed a model where delivery service providers would collect GST on behalf of online retailers, but Australia Post has immediately rubbished the idea. Online purchases worth less than $1,000 are not currently slugged with GST but that exemption will be removed from July next year. The Productivity Commission […]
Amazon and Australia Post are butting heads over new GST laws
Tech

The ATO is targeting ecommerce businesses ahead of changes to GST laws

The Australian Taxation Office has used data-matching from external sources to identify thousands of businesses that may need to register for the new GST on low-value goods sold online. Currently items bought online worth less than $1,000 are not charged GST but that exemption will be removed from July next […]
The ATO is targeting ecommerce businesses ahead of changes to GST laws
Tech

Apple Australia’s profit plunged 97% after the taxman knocked on the door

Apple Australia’s net profit for its financial year to September 24, 2016, fell by a massive 97%, largely due to a tax “adjustment” for previous years. The financial report, published on Friday, shows Apple Australia made just $3.67 million net profit for last year, compared to $123 million in 2015. […]
Apple Australia’s profit plunged 97% after the taxman knocked on the door