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  1. CSLR blowout to 'further decimate financial advice sector', says CPA

    and the SMSF Association have both welcomed the government's announcement of a review into the Compensation Scheme of Last Resort after recent data revealed more than a threefold increase in the industry funding required. Reports suggest that financial...

  2. Coalition slams GIC deduction changes as ‘brazen cash grab’

    opportunity.” The bill to implement the measures was referred to the Senate Economics Legislation Committee in late November last year, with the committee handing down its report last week. The Senate committee said the changes to GIC and SIC deductions...

  3. Government to protect Aussies with ‘ironclad’ scam laws

    has passed “the world’s toughest” anti-scam laws to prevent Australians from being an easy target for scammers. On Thursday last week, Financial Services Minister Stephen Jones revealed the government had legislated anti-scam laws to reinforce the cyber...

  4. SMSF sector cautiously optimistic Div 296 battle has been won

    to MPs and senators about why this tax is unfair, unprecedented, and unnecessary.” Panagis said that with Parliament's last sitting day before the 25 March budget now concluded, time is running out for the government to pass the bill before the next...

  5. Anti-money laundering rules ‘inflexible’ for sole practitioners, small firms

    Following the passage of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) amendment bill in November last year, AUSTRAC is updating the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1). In December...

  6. Political interest in overhauling tax residency laws has ‘disappeared’, says specialist

    paper with a proposal for modernising individual tax residency. Despite the consultation paper, Messner said neither of the last two governments have viewed addressing the tax residency rules for individuals as a priority. “It doesn’t feel like there’s...

  7. SMSFA says it is time for government to take Div 296 ‘off the table’

    with industry on a solution to the problem the government is trying to solve. This is all that we’ve been saying over the last few years.” Burgess said the SMSFA has been a “thorn in the side of the government” since the tax proposal was released and he...

  8. ASIC pledges to continue online scam blitz

    accountable for their scam detection and response practices.” ASIC also outlined in its recent report that in the last six months of 2024, investigations had been increased by 31 per cent to 109 new investigations, commenced 15 new court actions and...

  9. ATO issues draft determination on dodgy circular financing schemes

    following the emergence of a tax avoidance scheme involving the early-stage investor tax offset. In a taxpayer alert issued last year, the ATO explained that the scheme promoted involves an investment opportunity in a start-up company. The scheme...

  10. High taxes, regulation burden driving Aussie start-ups offshore, says tax specialist

    currently being taxed. "Australia has very high income tax rates. Given the changes that have occurred in the world over the last 100 years with capital becoming more productive than labour, it's probably not the best idea to tax labour heavily." "We...

  11. Governance frameworks key to business triumph, accountant says

    take any form, but is crucially important for reminding you to keep on top of important things, like when authorities were last delegated, who holds responsibility for certain tasks and when certain elements were last reviewed,” she said. “The idea of...

  12. CPA Australia calls on government to revamp ‘bleak’ SME landscape

    average of 71 per cent. Additionally, Australian small businesses were also the least likely to increase their headcount last year, with only 9 per cent having created new jobs, while 33 per cent grew their workforces. Ord said this was a “worrying...

  13. Dealmakers could be impacted by rapidly evolving market, says M&A expert

    but it depended on whether someone was a “glass half full or glass half empty” type of person. “It’s fair to say the last couple of years for deal making in Australia and also globally have been relatively tough. There wasn’t a lot of activity, and...

  14. GIC deduction changes to start ‘at worst time for businesses’, accountants warn

    with high inflation, high interest rates and cash flow constraints, tax professionals and accounting bodies have warned. Last week, the bill to remove the ability for taxpayers to deduct payments of the general interest charge (GIC) and shortfall...

  15. ART affirms TPB decision on registration of tax agent

    has upheld a decision by the TPB to reject a former tax agent’s request for registration as a tax agent. In a decision last week, the Administrative Review Tribunal of Australia (ART) has affirmed a decision by the Tax Practitioners Board on an...

  16. ATO to appeal ART decision on truck driver’s meal expenses

    ARTA 224, which determined that deductions claimed by a long-haul truck driver for meal expenses should be allowed in full. Last week, the Commissioner of Taxation filed a notice of appeal against the ART's decision in the Federal Court. In its decision...

  17. Accounting industry awaits federal election outcome

    the outcome of many of these tax incentives, along with other tax reforms that are yet to be enacted. Labor's policies Last month, the prime minister announced that Labor would introduce a $1,000 instant tax deduction for work-related expenses. Prime...

  18. Hold off on major changes until final Div 296 bill is passed, experts warn

    help of the Greens. “It is inevitable that Div 296 will be reintroduced and passed. Notably the Prime Minister reiterated, last week, that the cap will not be reduced to $2 million as demanded by the Greens. Presumably the new tax will become effective...

  19. Small business to remain ‘front and centre’ under Ley leadership

    focus for business is certainty and access to reliable and affordable energy while continuing on the pathway to net zero.” Last year, in an address to the CPA Albury Wodonga Branch, Ley said the value of the work that each financial service professional...

  20. AFSA puts insolvency practitioners on notice over ‘system misuse’

    noted that AFSA had already taken recent action in this area, including an application it made to the Federal Court last year regarding a personal insolvency agreement it considered to be unreasonable. In its decision in February, the Federal Court set...

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