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ATO flags trust administration changes ahead of 1 July
The ATO has provided details on tax return changes for the 2023–24 year as part of the modernising trust administration project.
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Global ethics body to probe firm culture amid accounting ‘trust crisis’
The IESBA will look to tighten its code and step up its leadership role in a new three-year strategy to address recurring failures in the profession.
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ATO issues response on NALI decision by AAT
A recent tribunal decision regarding non-arm’s length income is unlikely to apply to private lending arrangements more broadly, says the ATO.
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Climate reporting bill ‘onerous and costly’ for small business: CA ANZ, CPA
Professional accounting bodies warn the government that small businesses and not-for-profits could be out of pocket up to $50,000 to prove they are exempt from new climat...
Businesses must ‘embrace internal auditors as strategic partners’
An HLB Mann Judd partner says directors gain a competitive advantage by recognising the full potential of what internal auditors can bring to their business.
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AFP busts business that allegedly washed $1bn for 1.2k tax evaders
The ongoing investigation is part of the ATO-led Serious Financial Crime Taskforce’s crackdown on false invoicing schemes.
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Small business urged to use ATO courses to learn tax, boost compliance
The government says the program is one of many initiatives that make it easier for businesses to do taxes in a bid to tackle the $50 billion collectable debt book.
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Accounting firm, related party to pay $26m for ‘usurping’ client investment
Mulcahy and Co breached confidentiality and fiduciary obligations by using confidential client information to capitalise on an investment opportunity.
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Restaurant operators hit with $4m in penalties for underpaying staff
Former operators of three Taiwanese restaurants have been issued $4 million in penalties after “deliberately and systematically” underpaying staff.
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Australian accounting firm held to ransom by Hunters International
A ransomware group has claimed to have exfiltrated data from a Sydney-based accounting firm.
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AAT reinstates liquidator’s registration with conditions
The tribunal has determined that a liquidator’s registration should be reinstated in a recent decision.
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Findex announces partnership with investment firm
The advisory and accounting firm has formed a new partnership with Mercury Capital to expand its services.
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‘Gift and loan back’ arrangement ruled invalid by Federal Court
The Federal Court has found that representations made about an arrangement promoted as a Vestey Trust were false and misleading.
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Cost of tax debt ‘to soar in 2025’, CA ANZ warns
Changes to the deductibility of the general interest charge and shortfall interest charge may see the ATO holding a larger proportion of unrecoverable debt.
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Positive signs for retail and construction in latest business survey
Business conditions fell slightly in March but there are signs of improvement in both the retail and construction sectors, NAB has said.
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Small business productivity slipping below pre-COVID levels
Small business labour productivity is managing to keep pace with big businesses but remains below pre-pandemic output, Xero data has revealed.
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ASIC unveils plans to ramp up surveillance on auditor independence
The corporate regulator plans to undertake a review of auditor compliance across key systemic requirements in 2024–25.
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Service station enters enforceable undertaking over $2.3m in unpaid leave
The South Australian employer will back pay or credit $2.3 million in annual leave entitlements to staff following a Fair Work Ombudsman investigation.
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Victorian cities rank highest as best location for start-ups
A recent study has revealed that regional cities in Victoria have been ranked as some of the best locations to start a business.
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Draft legislation to provide tax relief for certain lump sum payments
The draft legislation will exempt eligible lump sum payments in arrears from the Medicare Levy where they are received by low-income taxpayers.
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