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Social media side hustles all count as income, ATO warns
Many clients will need reminding by their accountants that they have to declare secondary sources of income, including gifts and gratuities.
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ATO boosts data-matching arsenal to close $1.3bn rental property gap
Nine out of 10 rental claims are wrongly filed but the Tax Office is cracking down on compliance in a move that gets a thumbs-up from the national auditor.
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AFCA racks up $1bn in refunds, reappoints CEO
The financial complaints body says it has never been more needed with 100,000 issues this year alone.
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Salon penalised almost $300k for abuse of a visa worker
The FWO found the hairdressing salon had underpaid the worker and required her to make cashback payments to assist her visa sponsorship status.
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ACCC calls for more ammunition to prevent uncompetitive mergers
Legal reform is essential to prevent companies pushing the boundaries of Australia’s informal regime, chair of regulator says.
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Data-hungry businesses must be alert to risks
Firms are torn between the advantages of accumulating information and the increased liability that comes with it, says Pitcher Partners.
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EY scraps plans to split, but recommits to the idea
Opposition from its US division has derailed a scheme to divide the firm, but an email to partners says the goal remains.
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ATO adds PAYGW prefill to activity statements
In the 2023–24 financial year, 3,000 employers will also be randomly selected to receive reminders regarding the lodgment of activity statements.
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Accountants must alert clients to LMITO, remind them who to blame
Alarm bells in the media could mean angry clients, so tax agents need to explain the change or risk being a target.
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Four-day weeks ‘just a matter of time’, most professionals think
Survey reveals increasing optimism over shorter hours with almost two-thirds expecting them within a decade.
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Taskforce seizes $28m in illegally grown tobacco
Retailers warn of declining sales and a potential budget hole as expensive tobacco products drive buyers towards contraband sales and vaping.
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Former KPMG director joins BDO
The firm bolsters its risk expertise team as businesses increasingly seek assistance with tougher conditions.
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Latitude rebuffs ransom demand from cyber criminals
The finance group says paying up would encourage further extortion attempts.
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KPMG expands environmental award for start-ups
Five finalists will get $250,000 worth of KPMG services with the winner receiving a $100,000 prize.
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KordaMentha appoints forensic, cyber security specialists
Both partners have over 20 years’ experience in the industry and previously worked for big four accounting firms.
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May budget ‘must deliver for imperilled small business’
The sector deserves star billing as it faces a fresh set of challenges, says Gavan Ord of CPA Australia.
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SMSF body develops excess member balance tax calculator
Debate continues around the calculation method for the government’s proposed tax on accounts exceeding $3 million, but the SMSF Alliance has taken matters into its own ...
Potential downturn ‘could be fatal for one-third of SMEs’
A recession could be a knockout blow for businesses rebounding from the pandemic, says a research firm.
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Limited licence advisers ‘an endangered species’
Numbers will drop into double digits this year, according to Adviser Ratings.
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ASIC sues Auto & General alleging unfair contracts
The regulator says a requirement by the insurer imposes an “unclear obligation” that could “mislead or confuse”.
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