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News
Government calls for cash mandate to be on the horizon for 2026
The government has released a consultation paper to gather insights and feedback on a cash acceptance mandate that will become effective on 1 January 2026.
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TPB finalises TASA determination guidance
The long-awaited guidance addresses industry concerns over the changes before the regime starts in January.
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Top tax changes in 2024
As 2024 comes to a close, it is useful to reflect on key developments in the tax landscape for small and medium-sized accounting firms.
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ATO shares payroll data to monitor mutual obligations, provider claims
An STP data-matching initiative aims to improve the administration of welfare program Workforce Australia, with compliance action off the table for now.
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CPA outlines gaps in system for combating financial abuse
Better co-ordination between legal, financial and social services and increased awareness is critical to address financial abuse in the tax system, says CPA Australia.
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Reckon welcomes Cashflow Manager to software family
Reckon has acquired Cashflow Manger and its 20,000 clients as part of a $8.75 million agreement with Money Management Group.
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Voluntary wage compliance code looms for SMEs
The Fair Work Ombudsman has reminded SMEs that from 1 January 2025, intentionally underpaying wages or entitlements could be a criminal offence.
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Ex-liquidator who stole $3m from clients gets 4 years’ jail
Peter Amos pleaded guilty to misappropriating funds from five companies over six years for his own benefit.
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Division 7A rules in need of ‘care and maintenance’, says tax partner
Some of the inconsistency and uncertainty surrounding Division 7A highlights the need for certain areas of tax law to be reviewed, BDO has said.
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COSBOA calls for comprehensive SME support following IR changes
Australian SMEs must “draw a line in the sand” against increased costs and complexities caused by recent industrial relations changes, according to the Council of Sma...
Government’s AI plan must include small business focus, says CPA
The professional body has urged the government to do more to encourage the adoption of AI by small businesses.
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Fake cleaners, horse breeders, project managers: tax scammers in 2024
The ATO had its hands full this past year tracking down the thousands of fraudsters who invented fake businesses to claim over $2 billion in GST refunds.
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Reinstating EV subsidies key to market’s future: report
More support is needed to boost sales and match adoption rates of other developed nations, according to the peak industry body.
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A year of major reforms and new obligations
2024 was another big year for regulation with accountants forced to contend with a multitude of new obligations and laws stemming from the government’s response to the ...
Interest in super surges across Gen Z, Millennials
Gen Z and Millennials have begun to take greater interest in their superannuation as cost-of-living pressures persist, according to research by AustralianSuper.
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Retail and hospitality to recover from sales slump, data reveals
The retail and hospitality sectors are set to bounce back as the festive season kicks off, according to recent data from Employment Hero.
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ATO flags priority areas for Next 5,000 reviews for 2025
The Tax Office has provided guidance on how groups within the Next 5,000 program can prepare for a risk-based review and what its priority areas are.
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Tax Office issues cyber warning for tax professionals
Tax professionals must ensure the security of their business premises, client information and digital resources over the holiday break, the Tax Office has warned.
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Accountants Daily voted media of the year for accounting professionals
Momentum Media’s Accountants Daily has been recognised as the Accounting Industry Media of the Year at the IFPA’s Australian Financial Industry Awards 2024.
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ATO issues alert on guarantee arrangements and Division 7A
A new taxpayer alert raises concerns about certain arrangements involving guarantees by private companies for third-party loans.
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