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Tax administration lessons learnt from COVID-19 (and promptly forgotten) - Tax

To print this article, all you need is to be registered or login on Mondaq.com. Although most of us will remember 2020 as a year of enormous disruption and difficulties, it likely represents the zenith of tax administration in Australia. Driven by Treasury s JobKeeper and Cashflow Boost programmes, the ATO pivoted in a way never seen before in an organisation of over 20,000 employees. In a surprising, but necessary, decision the Commonwealth government tasked the ATO with supporting nearly one million businesses and three million employees. In the first iteration of JobKeeper alone, the ATO handed out nearly $9 billion in payments

Australian Financial Services Regulatory Update - February 2021 | Jones Day

This edition of the Update covers: Recent legal and regulatory developments, including the release of APRA s policy and supervision priorities for 2021, the launch of APRA s Cyber Security Strategy 2020 – 2024, Australian regulatory support for the ISDA IBOR Fallbacks Protocol and Supplement, and Australia s renewed focus on sanctions; Two recent Federal Court decisions which support ASIC s position on obligations to comply with ASIC notices and to substantiate any claims for legal professional privilege; The continuing fallout of the Financial Services Royal Commission and the recent cases which demonstrate that ASIC and APRA appear to remain committed to taking enforcement action in relation to matters referred by the Commissioner;

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