Involved in cross-border intragroup financing transactions? The ATO is on your back!

Encouraged by its recent win in the landmark Chevron court case, the Australian Taxation Office (ATO) has today released new compliance guidelines targeting intragroup loans and other financial arrangements of multinational companies.

This is an important development for the ATO, as it expects to raise significant tax revenue as a result, and it also means compliance costs will increase for taxpayers.

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Australian businesses urged to seek protection following global cyber attack

The recent global cyber-attack has sent shockwaves around the world, and the impacts are being felt close to home.

More than 200,000 people in 150 countries have been affected by the unprecedented ransomware attack which occurred on Friday. The Federal Government has confirmed that several Australian businesses have fallen victim, and we’re being warned that more is yet to come.

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False invoices – would your organisation “detect it” or “pay it”?

Scenario: Your organisation receives a phone call from an entity claiming to be a well-known professional organisation.  The person on the phone claims that the membership fees for the CEO are outstanding and if not paid by close of business that day, the membership will be cancelled. As a consequence, the invoice is immediately paid using a company credit card.

Although your organisation does not know it (yet), you have become a victim of a modern day fraud using a false invoice. How did this happen?

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