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  1. Small business revenue bounces back to pre-pandemic levels

    small business revenue rose by 5.1 per cent in February — after a 1 per cent rise in January — from 4.6 per cent last year. For February, the arts and recreation industries remain the weakest, with data recorded emerging before recent support programs...

  2. KPMG appoints new chief executive

    empowering the business to make “thank-you payments” to staff who had suffered COVID-induced salary cuts in May and June last year. The firm also made 200 roles redundant one year ago as it grappled with the impact of the pandemic. KPMG last year...

  3. Practitioners urged to get across NZ property tax changes

    Australian practitioners should be across new property tax changes introduced in New Zealand last week to rein in surging property prices for first home buyers, says one peak body. In an effort to “back” first home buyers and incentivise new builds,...

  4. JobMaker in need of a rethink: BDO

    the scheme, said Mark Molesworth, tax partner at BDO. Introduced as part of the government’s federal budget in October last year, JobMaker rewards eligible employers with $200 a week for every person they hire under 35 who was previously on either...

  5. Brisbane to enter 3-day lockdown

    hours after JobKeeper’s expiry, which in its final week supported around 1 million jobs. Treasury secretary Steven Kennedy last week said the end of JobKeeper could mass trigger unemployment for up to 150,000 Australians. Lockdown restrictions in...

  6. Greens propose 6% wealth tax, corporate super profit tax

    a day, and fund government employment programs. “The next election will be closer than people think,” Mr Bandt said. “At the last election, Australia was only 828 votes away from a minority Parliament. “At the next election, people can kick the Liberals...

    • Type: Article
    • Author: Reporter
    • Category: Tax

  7. ATO locks in permanent review service for small businesses

    available to businesses with a turnover of more than $250 million. Originally, the small business pilot program was only to last 12 months, but it was later extended in February last year following a strong approval rating. Since the pilot program’s...

  8. ATO makes extension relief on NALI

    recent Tax Institute Superannuation Intensive Series 2021, ATO assistant commissioner Justin Micale said that, in December last year, the ATO took further industry consultation and since then has continued to receive submissions on draft Law Companion...

  9. Government extends another COVID-19 lifeline to the arts

    will be rolled into the government’s pre-existing Restart Investment to Sustain and Expand (RISE) fund, which was announced last year with a view to prop up the sector after venues were shuttered and lockdowns ensued. The remaining $10 million will go...

  10. Businesses wean themselves off government support as conditions improve

    it to be easy, or very easy, to meet financial commitments over the next three months, compared to 23 per cent in August last year, while reports of decreased revenue halved. “This latest survey also showed the proportion of businesses reporting...

  11. Premier Investments defies calls to repay JobKeeper

    past, and that they didn’t want to risk rolling out a scheme that underperformed. An Ownership Matters report released last week showed that 58 of the 66 ASX 300 companies which received the government’s $93 billion JobKeeper wage subsidy between July...

  12. Treasury defends absence of JobKeeper clawback mechanism

    have now agreed to voluntarily repay JobKeeper payments in the order of $180 million. An Ownership Matters report released last week showed that 58 of the 66 ASX 300 companies which received the government’s $93 billion JobKeeper wage subsidy between...

  13. Insolvency comparison site launched

    for the terms insolvency and bankruptcy in Australia have increased significantly since the pandemic was declared in March last year,” he said. “There have been various peaks [in search volume] — including around the end of last and start of this...

  14. Lodgement deferrals on the cards as profession speaks out

    we’re going to wait a little bit before we put our hand up.” Blanket lodgement deferrals were a sore point for practitioners last year, with the professional accounting bodies unable to convince the ATO to defer due dates to the end of the financial...

  15. ATO called to drop Part IVA for personal services businesses

    the right thing after having passed the stringent tests of Part 2-42, only to find out that this is not the case.” PSI rules last came into the spotlight in 2009 after the Board of Taxation’s review, followed closely by Dr Ken Henry’s Australia’s Future...

  16. UK’s audit reforms could be a ‘watershed moment’ for global markets

    that similar reforms might take shape in Australia, after recommendations handed down by the inquiry, released in November last year, cast emphasis on ASIC and the Financial Reporting Council to define audit and non-audit categories, and provide clarity...

  17. Why STP Phase 2 is good news for you and your clients

    Learn more about the expansion of Single Touch Payroll (STP) and what it means for your clients. Last month it was announced that mandatory reporting for STP Phase 2 will commence from 1 January 2022—six months later than initially planned. The news...

    • Type: Article
    • Author: ADP Team
    • Category: Business

  18. Sydney man charged over $3m GST fraud

    face up to 12 years in jail after being found to have fraudulently obtained $3 million in GST refunds. The man was arrested last Thursday after a month-long investigation by the Australian Federal Police (AFP) and the ATO-led Serious Financial Crime...

  19. UK moves to break up big 4 audit dominance

    and be funded by an industry levy. The proposed reforms follow mounting concerns over the UK’s audit market over the last two years. The UK’s Competition and Markets Authority released a final report on its audit services market study in April 2019,...

  20. Government extends SME responsible lending exemption

    responsible lending obligations for banks. The SME responsible lending exemption, introduced at the start of the pandemic last year, was due to expire on 2 April but will now be extended until the government secures passage of its credit reforms through...

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