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  1. ‘No material exposure’ to troubled SVB, Xero assures ASX

    the stockmarket it has no “material exposure” to the troubled Silicon Valley Bank following its meltdown in the US late last week. “As at 10 March 2023 Xero’s total exposure to SVB was approximately US$5 million, reflecting Xero’s local transactional...

  2. 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...

  3. 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...

  4. 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...

  5. EY Australia staff in job cuts firing line

    to brace for cutbacks after being “disappointed and embarrassed” by the collapse of the split plan, the Guardian reported last week. It quoted a UK managing partner as saying it would target “inefficiencies” in the business and start cost-cutting in...

  6. Rate rise ‘will push at risk mortgage-holders to record high’

    the eve of the next RBA decision about interest rates and shows the cumulative impact of 10 consecutive increases since May last year, with only one rise (by 0.25 points in March) during the survey period of Q1 2023. Roy Morgan said the number “at risk...

  7. ChangeGPS cracks the big time with PKF deal

    notes for the purposes of the ATO.” The s100A tool did the calculations for trust distributions in the wake of last year’s ATO ruling and also assisted in the provision of advice. Another tool, released today (4 May), addresses the requirements of...

  8. 8 months after suicide, nervous EY staff await review ‘in weeks’

    an independent report as employee concerns over safety increase. The findings of a review into the suicide of an EY employee last August are due “within weeks”, the firm says, as staff increasingly share concerns about safety in the absence of any news....

  9. Second member of $105m fraud syndicate sentenced to 9 years

    $105 million Plutus payroll tax fraud with a nine-year term handed down by the Supreme Court of NSW to Patrick Willmott late last week. Mr Willmott, 36, was convicted in March of conspiracy to deal proceeds of crime worth $1 million or more and...

  10. Budget: the tax profession delivers its verdict

    30 June 23. That’s where companies can, if they make current year losses, claim them against other income years over the last three years.” “I think it’s a useful one to support business. H&R Block director of tax communications Mark Chapman said most...

  11. Surging construction costs stall residential builds

    firm revealed almost 16,400 dwellings were approved but not commenced by the end of March, up from 13,800 at the same time last year, while Victoria had 10,500 approved but not started in the same period up from 5,000 the year prior. KPMG urban...

  12. Accountancy firms to increase salaries across FY2023–24: Hays

    Mr Cawley. “This year, both the number and value of increases will rise, continuing the upwards trajectory we first noted in last year’s Hays Salary Guide.” “Despite the increased salary boost, employers and their accountancy employees’ expectations...

  13. Rising living costs impacting businesses and employees at EOFY

    Officeworks revealed that 90 per cent of Australians had planned to complete their tax return – a jump from 83 per cent last year and 75 per cent in 2021. However, the company’s research also revealed 29 per cent said they would look to save money by...

  14. RBA reveals greatly anticipated June rate decision 

    will give the RBA some early indications that we should be able to avoid significant wages pressures going forward, despite last week’s increase to the minimum wage by 5.75 per cent by the Fair Work Commission,” she said. “The RBA is also concerned...

  15. Rising recession fears dampen SME revenue predictions

    interest rates and costs, according to the SME Sentiment Tracker report by ACA Research. This was an increase from May last year when only 48 per cent of businesses generated a profit. Despite the strong financial data for last month, 39 per cent of...

  16. Inflation slows to lowest level in more than a year

    services. ABS head of prices statistics Michelle Marquardt said the 5.6 per cent annual rise was the smallest since April last year. “While prices have kept rising for most goods and services, many increases were smaller than we have seen in recent...

  17. One in four households raids savings to make ends meet

    mirror to a nation dealing with surging inflation and cash rate rises. “There has been unprecedented financial change in the last 12 months and unfortunately the turmoil doesn’t look likely to end anytime soon,” Mr Zeller said. “A $500,000 variable...

  18. Why tax time turns accountants into cyber targets

    that, on average, there is one cyber attack in Australia every seven minutes and attacks are up by 13 per cent compared with last year. In my experience, accounting practices are prime targets for cyber attacks because they hold vast amounts of...

  19. PwC to reveal timeline of activities in response to breach 

    outlined in public statements, our detailed investigations into the Tax Practitioners Board matter occurred over the last eight weeks,” said PwC. “We have publicly apologised and regret that we did not do more sooner.” “We will provide a detailed...

  20. ‘I came here thinking success would come quickly’

    her lack of English was a barrier to getting almost any job and the $15,000 in her bank account, which she thought would last a year, ran out in three months. “I did have a degree in Russia and not only a degree, I also had a very successful career,”...

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