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  1. 2021: End of year wrap

    has, according to the World Health Organization at the time of writing, infected nearly 272 million people. This time last year, I reported in this column that nearly 66 million people globally had been infected. In this same period, Australia has...

  2. Accountants flagged on rising insolvency figures

    in FY21 were 7.2 per cent below the historical average, with court liquidation appointments plunging 72 per cent. Last financial year, 3,709 fewer companies went into external administration than on average, while in January 2021, companies entering...

  3. ATO provides further clarity on DIN process

    with respect to the director identification number process and outlined some of the ATO’s longer-term plans. In June last year, the government passed laws introducing the requirement for all directors of a company in Australia to have a director...

  4. ATO reveals improved tax compliance trend from big business

    tax compliance among large corporations, with Australia’s biggest corporations paying more than $57.2 billion tax in the last financial year. The Australian Taxation Office (ATO) has released its seventh annual report on corporate tax transparency...

  5. Payroll tax: The hidden risk of interstate employees

    tax in their home state but have one or two interstate employees. The risk of this occurring has been exacerbated in the last two years with the COVID-driven explosion in remote working, with the realisation that many employees can work from anywhere,...

  6. 'Identity crisis' to impact Australian accountants

    firm consolidator. Speaking to Accountants Daily, Fleming Stojanovski, Chief Executive Officer at CAAA, said over the last 12 months his firm has witnessed much change impacting the profession, largely brought on by the COVID-19 pandemic creating a new...

  7. ‘We cannot rest on our laurels’: Senator Jane Hume

    said they were shaping the industry and “holding out the torch for other women who will in turn pave their own way forward”. Last year, the federal government released an updated iteration of the 2018 Women’s Economic Security Statement as part of the...

  8. ATO reiterates tax system incentives

    the 100 businesses that have approached the ATO, with around $270 million already repaid. “Similarly, and as I mentioned last year in relation to the newer stimulus measures, please access them and use the proceeds to invest in your business. But also...

  9. ATO provides end-of-year deadlines ahead of annual closure

    2021, will be processed from 4 January 2022 and SG quarterly payments are due on 28 January 2022. The ATO will send its last tax return status email, which reports the actions it is taking when processing clients’ tax returns, in the week commencing 13...

  10. RBA delivers December cash rate call

    For the last time in 2021, the Reserve Bank of Australia has handed down its decision on the cash rate. The board has decided to maintain the cash rate at its record-low 0.1 per cent – which has now stood for the entirety of 2021 – and is now set to be...

  11. Chris Jordan speaks out on JobKeeper disclosure probe

    details related to large companies that received JobKeeper. The Senate committee of privileges’ report, released late last week, cleared Chris Jordan of any contempt arising from his engagement with a Senate order to provide the information about...

  12. ASIC releases annual audit report

    financial reports were free from material misstatement. The overall results for the six largest firms were consistent with last year, ASIC noted. ASIC noted that in the 23 per cent of the 115 key audit areas reviewed across 35 audit files of the six...

  13. Addressing the discrepancy: Why supporting women in accounting is paramount for the profession

    firm. “I would like to see more accounting firms embracing this approach. “There has been a significant improvement over the last decade. But more flexibility is required.” To address gender equality in the accounting industry, Intuit QuickBooks has...

  14. Auditors urged to remain vigilant on businesses ‘cooking the books’

    over the next few years – my guess is that future data will show us that many zombie companies have been lurking for the last two years,” Mr Withane said. “We think that accountants are likely to see more clients in need of restructuring and turnaround...

  15. AI and automation: the key to increasing revenue potential

    Accountants and bookkeepers who have come through the challenges of the last two years the strongest and continue to drive efficiency, are those who have embraced AI and automation. For the last two years, finance teams have faced challenges on both...

  16. Why more Millennials are turning to SMSFs

    more cost-effective. And the SMSF Association really validated a lot of that and debunked ASIC’s fact sheet that they had last year by releasing research to show that costs are coming down, which, therefore, means the framework for entry points and...

  17. Why now is an opportune time for accountants

    over the next few years – my guess is that future data will show us that many zombie companies have been lurking for the last two years." Going forward, Mr Withane said he expected accountants to see more clients in need of restructuring and turnaround...

  18. Hume warns super funds tapping into members’ money to ‘save their own skins’

    which may need to fund a separate reserve of trustee capital to meet any potential fines or penalties issued by regulators.” Last month, the Supreme Court of Queensland declared QSuper could impose a new fee on members in order to pay any regulatory...

  19. APAC e-commerce payments to increase 17%

    payment methods like cash and cards,” the group said. “The APAC e-commerce market has been growing at a robust pace over last few years supported by rising Internet and smartphone penetration, growing middle class population and tech-savvy millennials....

  20. CountPlus reappoints CEO

    its business and focus resources on tax and business advisory services. The firm’s Western Australian outpost was the last CountPlus member firm to offer audit services, said newly appointed Bentleys WA managing director Fab Fanayan at the time....

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