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ATO software bugs revived false on-hold debts, documents show
Internal memos show faults in the Tax Office’s automated systems affected over 600 taxpayers and led to 1,083 wrong transactions.
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Financial management critical amid rising insolvencies, says insolvency expert
SMEs continue to face challenges in the current financial market due to inflation, increased cost of living and post COVID-19 impacts, an insolvency practitioner warns. ...
Boutique law firms seeking accounting practice partnerships
Boutique law firms are increasingly exploring partnerships with local accounting firms in order to provide SME clients with more diverse services.
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Stage 3 tax cuts to bring long-term benefits, experts say
UNSW experts say advantages to the recalibrated tax cuts include addressing bracket creep and maintaining a progressive system.
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ATO to crack down on Amazon, eBay sellers’ tax affairs
The Tax Office will receive details of accounts that make over $12,000 a year to identify hobbyists-turned-businesses and those misreporting income.
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Accountants enlisted in war against dirty money
CPA Australia and CA ANZ say proposed anti-money laundering reforms must be balanced and proportionate to avoid burdening smaller firms.
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Momentum Media Australian AI Awards 2024 launches for the first time
Submissions and nominations have opened for the inaugural Momentum Media Australian AI Awards 2024, which champions the accountancy services sector for contributing to th...
ATO emphasises cyber hygiene during tax time
The ATO has reminded businesses to secure their online platforms, systems, and processes to prevent cyber attacks during tax time.
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Shock tax code changes hit industry
Governance procedures introduced by the Assistant Treasurer without warning last week have flown under the radar but will overwhelm many firms, practitioners say.
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ATO and Lunar seize over $6m of illicit tobacco in West Victoria
The ATO and detectives from Taskforce Lunar have seized 3.3 tonnes of illicit tobacco, over $170,000 cash, and 11 firearms during a joint investigation in Victoria.
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ASIC retains small-business protections in banking code
The corporate regulator has rejected a push by the banks to reduce the protections available to small businesses in the Banking Code of Practice.
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Bankruptcy trustee’s bid to shirk CGT on $388k sale fails in court
A recent Federal Court ruling confirms bankruptcy trustees are on the hook for tax on capital gains.
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Charities stumble on pay disclosure rules, watchdog finds
Nearly a third of large charities misreported executive pay under new transparency requirements, according to the ACNC.
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ATO hands NFPs 5-month extension to lodge self-reviews
The Tax Office has extended the October deadline to March 2025 amid concerns over the sector’s ability to meet the new rules.
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CA ANZ appoints new director to board
The professional body has welcomed Rachel Walsh to its board of directors, effective 1 July.
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ATO flags important super changes for FY25
The ATO is reminding taxpayers of important changes that will impact their superannuation from 1 July.
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Review of Qld property tax draws cautious support
Industry advocates support the move but want a commitment that it will not result in any new taxes being introduced.
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ATO teams up with private sector in anti-scam fight
The Tax Office has become the first government agency to join the Australian Financial Crimes Exchange.
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Rank audit firms and tie pay to quality, government told
The IPA has called for major reforms to address firm culture, including public performance ratings and quality-based remuneration.
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PayPal used unfair contract term with small business, court rules
The Federal Court has found fine print in the company’s user agreement had allowed it to retain unreported overcharges.
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