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  1. ATO to quiz professionals over profit allocation arrangements

    contacting professionals to quiz them about their profit allocation arrangements in the wake of issuing PCG 2021/4 late last year. PCG 2021/4 sets out the ATO’s compliance approach to the allocation of profits or income from professional firms, and...

  2. Grant Thornton merges with AML specialist Initialism

    has been accentuated by aggressive levels of recruitment being undertaken by AUSTRAC and financial institutions over the last 12 months,” said Mr Pittendrigh. “Neil Jeans and Initialism are considered to be pre-eminent experts in the AML/CTF field, and...

  3. PKF expands into Townsville CBD

    of the fastest-growing mid-tiers. The Townsville move comes after PKF’s Brisbane office acquired a local firm, PT Partners, last year. That contributed to PKF’s 30 per cent increase in personnel and took it to $15 million in fees. PKF Brisbane’s...

  4. Surge in payment defaults ‘a portent of things to come’

    Thompson said there were mixed economic signals but the signs were clear. So compared with the period of pandemic lockdown last year, trade receivables were up 11 per cent, retail sales were strong and even the NAB’s consumer sentiment index had...

  5. Millions of SMEs could lose short tax amendment window, says CA ANZ

    would unnecessarily impact over 2 million small businesses due to 20,000 medium-sized entities receiving a leg-up. “In the last budget they have increased the small business entity threshold to $50 million and said that they are going to put...

  6. Long-term planning is no longer on the agenda

    unknown meant business leaders felt long-term planning would be ineffective. “Business leaders impacted by upheaval in the last two years no longer have confidence that a long-term strategy will hold up, so they are lowering their sights to the shorter...

  7. EY confirms intention to split, partners to vote

    and stakeholders to share our bold vision for the future that amplifies our purpose of building a better working world.” Last month EY Australia reported revenue growth of 18 per cent to $2.75 billion, putting it second only to PwC among the Big 4...

  8. Overdue invoices ‘cost small business $1.1bn a year’

    leaner months.” Xero data showed rental costs have rose 9 per cent year-on-year and payroll expenses 13 per cent in the last quarter of 2021 while during the January and February holiday season, revenue drops nearly 20 per cent for the average...

  9. State subsidy scheme shows small business ‘desperate for advice’

    have a role in encouraging and supporting business to access advice.” He contrasted the Victorian scheme with one announced last week by Canberra, which pledges $18.6 million to help small businesses adopt digital technology from April 2023. Small...

  10. ‘Devil in the detail’ of extra skilled migrant scheme 

    will solve the talent shortage in accounting, says CPA Australia. Details of an extra 35,000 migration places, announced last week, will be critical to whether it can mitigate the accounting skills shortage, said CPA Australia senior manager Gavan Ord,...

  11. NSW and building industry lead nation into insolvency

    NSW businesses are going bust quicker than those elsewhere in Australia with almost half the total insolvencies in the last financial year, according to figures from Insolvency Australia. At the same time, early numbers from ASIC showed the building...

  12. Disability services provider forced to back-pay over $3m

    the healthcare and disability services industries face acute staff shortages and suggestions, including at the jobs summit last week, that low pay was a key disincentive for workers. CLRS was found to have underpaid employees’ minimum wages between 2015...

  13. Skilled migration system ‘unfit for purpose’

    fail to meet their needs. There are over 1,000 such agreements currently in place, increasing almost two-fold in the last 18 months.” The report said while changes in policies to increase labour supply and promote skill acquisition for the local...

  14. Where have all the accountants gone?

    shortage, but the reasons become clear after a look at the data. The Federal Government’s skill shortage list indicates the last time there was a shortage of accountants in Australia was in 2008. Until recently, data shows there has consistently been...

  15. Small businesses applaud digital and skills incentives

    that will help them become more competitive and resilient. The move to legislate the measures, which were initiatives in the last budget, will enable businesses with an annual turnover under $50 million to claim for spending on technology or training...

  16. A trio of trip-wires businesses should avoid, says ATO  

    the two years of the pandemic. “It’s been around for a while as an issue, but probably as we’ve all experienced over the last few years, some of the lines between work and home have blurred as we’ve gone into lockdowns and many business owners – they...

  17. CountPlus profit leaps, raises dividend

    we have a stable platform and well-defined pathways for growth in each segment.” Mr Humphrey stepped into the CEO role last month after previously working as general manager of NAB’s consumer bank. It came after CountPlus announced in February that a...

  18. Redraw blurred lines between work and home, ATO warns

    messages for businesses this year. “It’s been around for a while as an issue, but probably as we’ve all experienced over the last few years, some of the lines between work and home have blurred as we’ve gone into lockdowns and many business owners –...

  19. Excess overtime ‘fuels quiet quitting epidemic’

    increases demands on existing staff but the result will be a backlash, says recruiter. An “alarming” increase in overtime last year caused by the acute skills shortage could inflame the epidemic of “quiet quitting”, according to the head of recruitment...

  20. Hardware firm gives e-invoicing huge thumbs up

    falls on to businesses like us to then try to pass on the good word I guess because it is the right thing for the customer.” Last week, the ATO put on e-invoicing events every day in an attempt to promote its advantages online, via podcasts and social...

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