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  1. Why accountants should learn to love the smashed avo generation

    The census data revealed that baby boomers and Millennials each have over 5.4 million people in Australia. However, over the last 10 years, Millennials have increased from 20.4 per cent of the population in 2011 to 21.5 per cent in 2021 while baby...

  2. Consumer sentiment plunges to recession levels

    spending, Westpac index shows, as inflation, rates and energy prices hit home. Consumer sentiment plunged almost 7 per cent last week to hit recession levels and presages a grim Christmas with 40 per cent of consumers looking to cut seasonal spending....

  3. ATO issues private ruling on member benefit issue

    private ruling examining the issue of whether a benefit requested shortly before death is a member benefit or death benefit. Last week the ATO published a private ruling it issued regarding the payment of a benefit from an SMSF which was requested...

  4. Average cyber crime costs a small business $40k

    a favourite target. Each cyber crime costs a small business $40,000 on average and the number of attacks leapt 13 per cent last year to the equivalent of one every seven minutes, the Australian Cyber Security Centre reveals in its 2021-22 report....

  5. Big-end-of-town tax: miners, banks pay up, but for one-third it’s zip

    understand how the system is working and where the gaps are,” he said. “We invested in increasing tax compliance in last week’s budget and this data will help us target that additional funding.” Ms Saint said the increased investment in the Tax...

  6. What does the Minerva case mean for trust distributions?

    top marginal rate, has been done to obtain the tax benefit? Very likely, yes. So, what stops Part IVA applying? It is the last element in the requirements — the Commissioner must decide to apply Part IVA — and this is why I don’t think accountants need...

  7. Brisbane food shops forced to back pay workers over $400k

    body. The Brisbane audits came after the FWO conducted surprise inspections of 24 cafes and restaurants across Launceston last month with almost 150 workers back paid over $120,000. “The Fair Work Ombudsman will continue to prioritise improving...

  8. IR reforms will end up closing small business, says advocate

    owners had been overlooked in the sometimes heated debate over the Secure Jobs, Better Pay Bill introduced to Parliament last Thursday. For most businesses, the focus of concern has been Labor’s intention to expand the multi-employer bargaining system,...

  9. DPP drops charges against WA accountant accused of stealing $725k

    in collaboration with a former managing director, Sharon Kia Le Heng. At a committal hearing in Perth Magistrates Courts last Friday the Commonwealth DPP said the charges against Ms Kwan, which date back to 2020, would be discontinued. The charges came...

  10. CA ANZ members decisively reject pay rise for directors

    UPDATED: Last week’s AGM voted down a proposal to increase the remuneration pool by almost 16 per cent. CA ANZ members have decisively rejected a move to increase the pay of directors by almost 16 per cent at last week’s AGM. The resolution was voted...

  11. ATO collectable debt balloons to $45bn, small business on hit list

    cent of the net take – and focus of a trio of key compliance programs which were extended by $1.5 billion in budget funding last week. Assistant Treasurer Stephen Jones said the compliance programs would bring in $5.7 billion over four years to improve...

  12. ASIC finds rise in audit issues focused on revenue, assets

    for an increase in negative findings in its inspection report for 2021-22. Negative findings rose to 36 per cent from 32 last year and ASIC called on the sector to focus on improving audit quality by examining best practice case studies in the report....

  13. Budget: Share buy-back change ‘needs scrutiny’

    One of the few surprises last week will have to be examined for unintended consequences once the details are released, says Gavan Ord of CPA Australia. Changes to the treatment of off-market share buybacks was one of the few surprises in the budget and...

  14. Rushed changes to workplace relations risk ‘conflict’

    to be rushed, say business bodies in the wake of the government’s Secure Jobs, Better Pay bill introduced to parliament last week, or the result will be “workplace conflict”. A simpler and more accessible industrial relations system should be the...

  15. [CPD] PCG 2021/4 : How to advise your clients on professional firm profits

    tax planning time of May/June 2023 will be too late. The ATO released PCG 2021/4 - Allocation of Professional Firm Profits last year, and it applies from July 2022 onwards. The ATO require your professional client groups to have an average tax rate of...

  16. CPI leaps to 7.3% on rises in cost of food, fuel and housing

    been expecting a quarterly rise of 1.6 per cent and an annual lift of 7.0 per cent. “This quarter's increase matches that of last quarter and is lower than the 2.1 per cent result in March quarter this year,” said ABS program manager of prices, Michelle...

  17. Medibank breach could compromise up to 4 million

    the breach to cost $25 million to $35 million. Medibank shares, which resumed trading yesterday following suspension last week, had plummeted 18 per cent by the end of the day to $2.87. The marketing manager of cyber security specialist Eftsure, Niek...

  18. ATO to target individual taxpayers over $8bn shortfall

    of rental claims that needed adjustment, according to ATO Second Commissioner Jeremy Hirschhorn. Mr Hirschhorn, speaking at last week’s Tax Summit, called upon the “tax community” to help shift Australia’s attitude towards maximising returns through...

  19. Over half of SMSF directors yet to apply for director ID

    a director, and you’ll need to apply for your director ID,” said Assistant Treasurer Stephen Jones. “Don’t leave it to the last minute — if you’re a company director, you must apply by 30 November — so make sure you make time to get it done.”

  20. Small business debt and tax gap at top of ATO hit list

    even bigger problem with the total taxes outstanding blowing out from $39 billion at the start of 2019 to about $60 billion last January. “Of this, more than $37 billion is defined as collectable, which means either not disputed and not insolvent.” “Of...

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