single touch

Tax on shares

ATO extends data matching program The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades. The ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The information complements information that the ATO…

penalties

ASIC penalties ‘the cost of doing business’

Australian Securities and Investment Commission (ASIC) to increase penalties for corporate and financial sector misconduct to deter fines being seen as the cost of doing business. The impact of the proposed changes would be to expand the range of civil penalty provisions and to increase maximum civil penalty amounts in the Corporations Act 2001 and…

common questions

ASIC Trading Name changes

Trading names A trading name was a name used by an entity or person to trade under. A trading name is not a registered business name. The Australian Taxation Office (ATO) collected trading names before 28 May 2012. They are currently displayed on the Australian Business Register (ABR). Current situation Since 28 May 2012, the…

audit

ASIC Targets Growing Companies In Audit Crackdown

ASIC is in the midst of a concerted campaign targeting private companies that have outgrown the reporting exemptions. ASIC requires companies to prepare and lodge a financial report and a directors’ report each financial year, and have the accounts audited unless the company is exempt. Most small companies are exempt from the compliance requirements as…