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Tax practitioners warned on emerging issues with family trust elections
A tax specialist has flagged some of the practical problems arising with family trust elections and family trust distributions tax with the ATO increasing its scrutiny in...
Trusts here to stay despite mounting complexities, says KPMG partner
A tax advisory specialist has said trusts will remain a fundamental part of the tax system despite many businesses moving away from trust structures in recent years.
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Businesses must avoid promoting ‘accidental leaders’, expert cautions
Under-trained leaders can be detrimental to the success of their team and broader organisation if not addressed and adequately trained, a leadership expert has said.
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Treasurer claims ‘no alternative’ to taxing unrealised capital gains
Treasurer Jim Chalmers said after three rounds of consultation “nobody” could propose a better way to calculate how super balances over $3 million should be taxed.
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Insolvencies plateau but tariff risks loom, CreditorWatch warns
Insolvencies have remained steady in recent months, but tariff uncertainty could impact the near-term business outlook, credit reporting agency data has shown.
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ATO issues EOFY checklist to trustees
The Tax Office has created a checklist to help trustees avoid basic trust errors with the 30 June deadline for trust resolutions approaching.
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Experts outline business preparation for looming code obligations
Businesses and tax practitioners have been urged to ensure they have effective quality management systems in place as the start date of the TASA reforms looms.
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Poor succession planning exposing private groups to major tax bills: ATO
Privately owned and wealthy groups are increasingly being hit with unexpected tax consequences as the Tax Office homes in on their succession planning.
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Issues with family trust distribution tax on the rise, ATO warns
Inadequate record keeping and succession planning can increase the risk of family trust distributions tax, the ATO has warned trustees.
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Cash flow issues, inflation still plaguing businesses, NAB survey finds
Cash flow is the number one concern keeping small and medium business owners awake at night, a survey has found.
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Div 296 to drive surge in administration, audit costs: IPA
The complexities with calculating the new super tax for funds with defined benefits or those with illiquid assets will see administration costs rise for many super funds,...
Victorian budget proves ‘controversial’ for SME community
The release of the Victorian budget is set to leave struggling businesses without the tax relief they desperately want and need, according to CPA Australia.
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Rate cut offers relief but won't resolve productivity crisis: CPA
The 25 basis point cut to interest rates provides relief for households and businesses but does not address Australia's lacklustre productivity growth, says the accountin...
Accounting fees climb amid rising business costs, report finds
Most accounting firms plan to increase their prices this year as rising business costs and growing regulatory complexities bite, a new report has revealed.
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Less commute, more coffee: inside an accounting firm’s caffeinated recruitment drive
As the accounting shortage continues to worsen, one firm in Sydney’s Northern Beaches has taken an unconventional approach to recruiting: handing out free coffees to co...
TPB urges small firms to prepare for new code obligations
Small accounting firms should begin reviewing their procedures and practices to ensure they comply with the eight new code obligations starting on 1 July.
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ATO claims online systems are ‘secure and resilient’
The Tax Office has reassured taxpayers its systems have not been hacked, despite media reports claiming otherwise.
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RBA announces cut to interest rates
The Reserve Bank has decided to reduce the cash rate target following its latest board meeting.
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Gap between employer and employee flexibility expectations is widening, survey finds
There is a widening chasm between employer and employee expectations on workplace flexibility, with implications for talent retention and productivity, a survey has found...
Tax expert slams NSW government over ‘sloppy’ communications on IAWO
Recent email communications to small business owners contain misleading and inaccurate statements about the instant asset write-off measure, a tax specialist has said.
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