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SMEs face recession-like conditions as consumer spending dries up
Low demand but high cost pressures are hitting hospitality businesses the hardest, CreditorWatch says.
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TPB releases guidance on planning for practitioner incapacity
The guidance is aimed at assisting practitioners to put arrangements for unforeseen circumstances in place.
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ATO flags top problem areas for rental property deductions
Investors incorrectly apportioning interest from investment loans and confusion between repairs and improvements are some of the main issues, says the ATO.
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Insolvency accountant awarded liquidator licence at Mackay Goodwin
The insolvency and restructuring firm has announced that Nelson Huang has received his liquidator licence.
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ATO affirms Federal Court’s ‘employee’ definition for super purposes
The finding that superannuation entitlements extend only to natural persons and not partnerships accords with submissions made by the Tax Commissioner.
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AAT sets aside trustee disqualification
The tribunal has overturned the commissioner’s decision to disqualify an individual from acting as an SMSF trustee despite serious breaches that were made.
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Dob-in provisions to pose major issues for common scenarios
The breach reporting obligations will cause significant headaches for practitioners across a wide range of real-life scenarios, a tax expert warns.
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ATO funding to bring more taxpayers under real-time scrutiny
Dealing with the Tax Office should now be seen as a regular cost of doing business, one expert says.
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Promoter penalties, whistleblower, TPB reforms pass Parliament
Labor’s bill containing reforms that respond to the PwC scandal and PRRT amendments has finally passed both houses after a deal was struck with the Greens.
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Ignition appoints global president to drive next growth phase
The software platform has appointed Greg Strickland to oversee all operational aspects of the business globally.
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‘Culture eats strategy for breakfast’: how this applies to accountants
The famous quote by management consultant Peter Drucker is relevant for accountants wanting to attract and retain talent amid the labour shortage, according to an executi...
Instant asset write-off the latest ‘political football’, says NTAA
Disputes between parties over the size of proposed increases to the instant asset write-off threshold have seen the measure remain stalled in Parliament.
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Court rules against Qld businessman’s EY-inspired tax schemes
The founder of surfwear brand Billabong used advice from EY to minimise tax from the sale of his bioplastics company, according to the Federal Court.
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ASBFEO ‘disappointed’ by government response to procurement inquiry
The government is missing an opportunity to meaningfully improve the chances that small and family businesses have to win bids for government contracts, the ombudsman say...
CA ANZ urges ATO to revise NALI guidance after court decision
The outcome of the BPFN and Commissioner of Taxation provides the ATO an opportunity to take a more pragmatic approach on non-arm’s length income, says the professional...
CA ANZ welcomes additional staffing for ASIC
The additional staffing announced for ASIC should focus on the regulation of audit and financing reporting, says CA ANZ.
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Grant Thornton makes 9-day fortnight permanent
The mid-tier accounting firm will continue to refine its approach to the shortened working week, citing encouraging results from its 12-month trial.
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Budget ‘fails to charm small business’, says IPA
The federal budget has delivered little relief to small businesses facing increased debt collection activities, margin erosion and longer hours, according to the IPA.
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Definitions in dob-in provisions ‘highly problematic’ for practitioners
The requirement for tax practitioners to form a legal opinion about what constitutes an indictable offence will be extremely challenging for non-lawyers, an expert warns....
ATO to be granted greater discretion over old tax debts
The Tax Office will be given additional discretion as to how it treats the billions of dollars in on hold tax debts.
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