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  1. Rid nation of money laundering stain, Canberra told

    laundering software specialist First AML. The company set up three washing machines filled with fake money in the Sydney CBD last week to illustrate the “devastating extent of money laundering in Australia” and the reality that we are now “viewed...

  2. Australia ranks second for housing market risk: IMF

    “National home values declined a record -9.1 per cent from their peak in April 2022, before recovering 0.6 per cent last month. While it may still be too early to call the bottom of the market, the steep price falls to date have seen limited increases...

  3. AFCA racks up $1bn in refunds, reappoints CEO

    natural disasters and scams.” This financial year AFCA is on track to receive close to 100,000 complaints, up from 70,000 last year, and almost double the level of its predecessors in their final year of operation. Professor Pollaers said the body had...

  4. How data hoarding magnifies the risk of a hack

    need to reassess how they manage data. Far from being a one-off, the hack follows a string of high-profile data breaches last year which collectively pushed cyber security, data privacy and secure information management higher up the business and...

  5. EY scraps plans to split, but recommits to the idea

    plans to split the company after opposition from its US branch and its future now looks uncertain after it emailed partners last night saying it remains committed to the idea. Project Everest, which planned to divide EY into separate audit and...

  6. Four-day weeks ‘just a matter of time’, most professionals think

    trials at food giant Unilever, brand specialist Bright Agency and top 10 accounting firm Grant Thornton, among others. Last month, a landmark deal between charity Oxfam Australia and the Australian Services Union secured the first four-day week on...

  7. Latitude rebuffs ransom demand from cyber criminals

    a ransom demand from the cyber criminals who made off with the personal details of millions of present and former customers last month. “Latitude will not pay a ransom,” the company said in an update to the ASX. “This decision is consistent with the...

  8. For some, greenhushing means it’s all quiet on the climate front

    investors, they need to reflect the true position.” Greenhushing gained currency after the World Economic Forum learned last November that nearly a quarter of the 1,200 firms surveyed had not planned to publicise their science-based emissions targets...

  9. Cracks in construction won’t be filled by home owners warranty

    signs in the data and so it’s time for a rethink. The building sector has witnessed another two large-scale collapses in the last 10 days with the demise of home builder Porter Davis in Victoria and community building constructor Lloyd Group in...

  10. Expect rates to stay higher for longer, and plan for rises

    of RBA rises, were unlikely to return. “We will have elevated interest rates for quite some time — above the average of the last 10 years but more consistent with the average of the prior 10 years,” he said. “If you listen to some economists, interest...

  11. How demise of peak indebtedness rule resets clawback amounts

    In Badenoch, the High Court confirmed that the so-called “peak indebtedness rule”, a feature of insolvency law for the last 60 years which benefited liquidators, can no longer be used to calculate the quantum of an unfair preference claim. This is...

  12. Insolvent financial firms put $692m of claims in limbo, AFCA reveals

    The compensation scheme of last resort will be crucial for almost 5,000 complaints on hold due to company wind-ups. More than $692 million is being pursued in almost 5,000 open cases involving insolvent companies before the AFCA, the financial...

  13. $19m digital advice program aims to move small businesses online

    1997. A 120 per cent tax deduction for spending on digital uptake by small business, introduced by the former government in last year’s budget and widely welcomed by the sector, has yet to be made law. It would allow businesses with an annual turnover...

  14. Two jailed for separate multi-million dollar tax fraud schemes

    lodgements and the first jail term for alleged members of an international crime syndicate. Two men received jail terms late last week for their roles in two separate multi-million dollar schemes to defraud the ATO. A NSW man was sentenced to one year...

  15. Understanding Evolving Technology and Your Firm's Profitability

    Join Alan FitzGerald, the ‘software whisperer’ from Practice Connections to find out how your practice can benefit from the ever-evolving tech landscape. You’ll learn: Why accounting technology is the friend, not foe of the smaller firm Get practical...

  16. ATO warns SMSF on sole purpose test for property investment

    director of the SMSF auditors segment. In a presentation to the SMSF Australian Auditors Association Conference in Sydney last week, Paul Delahunty said the rules around property investment for SMSF are clear-cut and there are three key considerations...

  17. Government initiates bill to expand unpaid parental leave

    Protecting Worker Entitlements Bill would increase unpaid parental leave entitlements from 30 to 100 days. “The message at last year’s Jobs and Skills Summit was clear: parental leave needs to be fairer, more flexible and more generous,” said Mr Burke....

  18. SMEs battle unique combination of inflation, labour drought

    It found the fourth-highest job vacancy rates on record with open positions almost triple pre-pandemic numbers during the last quarter of 2022 and first quarter this year. CEO of Rural Business Tasmania, Elizabeth Skirving, said regional areas were...

  19. 14m personal records stolen in Latitude hack

    details involved in the Latitude attack now exceeds the 9.7 million customers compromised during Medibank cyber breach last October and a similar number in the Optus hack last September. Cybersecurity expert Professor Nigel Phair of Monash University...

  20. Investors vulnerable to financial misconduct ‘despite CSLR’

    protection for consumers. Too many investors will be left exposed to financial misconduct even if the Compensation Scheme of Last Resort (CSLR) legislation is approved by parliament, according to CPA Australia and CA ANZ. CPA Australia spokeswoman Dr...

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