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  1. Business insolvencies set to rise as court actions jump 58%

    it shakes off the impacts of the pandemic. Among the dire results were court actions jumping a massive 58 per cent over the last quarter compared to the corresponding period last year, which is a return to pre-COVID levels and a strong indication that...

  2. EY cuts 148 staff citing low consulting, financial services demand

    decision" was driven by a “continued downturn in demand” particularly across consulting and financial services. In November last year, the firm cut 232 staff from its headcount, citing similar market pressures. Then, the lion’s share of the redundancies...

  3. Politicians need to put down the IAWO ‘bargaining tool’: CPA, ACCI

    by Australian small businesses after the Albanese government failed to address the future of the IAWO in the federal budget last Tuesday. CPA Australia voiced support for the announcement, however, also outlined that the IAWO was crucially important to...

  4. Lodgements spike by 88% as taxpayers ignore advice

    have ignored the ATO’s calls to hold off on returns, with lodgements now 88 per cent higher than they were at the same time last year as the Tax Office’s call centre creaks under pressure. With tax time 2019 just over a week old, 810,000 individual tax...

  5. Greens move to force profitable firms into JobKeeper repayment

    would see companies with an annual turnover of more than $50 million that received JobKeeper and booked a profit over the last year forced to repay the full amount received from the government. The proposed amendments would also force firms with an...

  6. Time running out for 50,000 ‘nervous’ directors with ATO debt 

    The clock is ticking for thousands who were given a stern warning by the ATO to act on their tax liabilities late last month. More than 50,000 ATO letters demanding debt repayment by company directors had delivered a “jolt” last month that spurred many...

  7. TBC increase to add further complexity, advisers warned

    With the general transfer balance cap set to increase to $1.9 million from 1 July, the SMSF Association has highlighted some of the potential strategies and pitfalls with the increase. Following the release of the December quarter CPI figure this week,...

  8. Complaints to AFCA rise 23% to hit record, scam issues double

    The financial complaints body handled more than 100,000 issues last year and says increases have become “unsustainable”. Complaints to AFCA jumped 23 per cent last year led by a huge increase in disputes over personal transaction accounts along with a...

  9. Insolvencies ‘off to fast start’ after post-pandemic record in 2023

    Less forgiving creditors and a focus on tax debt mean last year’s rising trend looks set to continue, Jirsch Sutherland says. Insolvencies soared above their pre-pandemic peak last year to 9,159 and 2024 has begun with a “bang” as wind-up inquiries...

  10. Australian small businesses trail rest of APAC: CPA

    A recent survey from CPA Australia placed Australian small businesses last or near last on nearly all vital indicators. Inadequate use of technology and a lack of young entrepreneurs continue to undermine Australia’s small business market, said CPA...

    • Type: Article
    • Author: Nick Wilson
    • Category: Business

  11. Last chance to expand into Asia, says PwC

    work. Along with large local businesses, they are now the competition – and they are world-class competitors.” Mr Parker last week launched the report Passing us by: Why Australian businesses are missing the Asian opportunity. And what they can do about...

    • Type: Article
    • Author: Staff Reporter
    • Category: Business

  12. Last chance saloon for large employers as STP penalties kick in

    now to say this is your final reminder now that you should have been reporting by now and that we are giving you that last notice before penalties may apply for not having transitioned into STP. “You’re not covered by that grace period anymore and it is...

  13. Over 2m Aussies asked the TPB for help during the last year

    to rely on Australia’s Tax Practitioners Board (TPB). According to the latest report by the regulator, the challenges of the last 12 months only brought tax practitioners and taxpayers closer together. “As Australia and the world continued to grapple...

  14. One last chance to tell the ATO how you feel about s100A

    draft guidance proposed to be incorporated into the final Practical Compliance Guide (PCG). This will be possibly the last chance to have your say before the ATO guidance is finalised. Distributions to corporate beneficiaries It is first worth noting...

  15. How a wobbly drinks brand dodged last orders

    has a second lease on life after being sold to online retailer Just Wines. Creditors agreed to a deed of company arrangement last week which will mean secured creditors and employees get paid in full while unsecured creditors receive about 48c in the...

  16. Inflation slips to lowest annual figure since last February

    prices statistics Michelle Marquardt said inflation continued to ease from 5.4 per cent in June and its peak of 8.4 per cent last December. Slowing the inflation rate in July increase were price falls for automotive fuel (-7.6 per cent) and fruit and...

  17. Healthcare, public admin firms ‘fail at double rate of last year’

    latest ASIC figures show 1,165 building companies have entered administration since July, up 33 per cent on the same period last year and well ahead of other sectors. Accommodation and food services were the next most vulnerable, with 598 insolvent...

  18. Why early access to super should be a last resort

    informed of all potential consequences, however unintended they may be, and continue to treat early access to super as a last resort. Naz Randeria is the managing director of Reliance Auditing Services.

  19. Business confidence hits 7-year high

    business confidence for April has reached a seven-year high, up by 62.9 per cent to 125.3 points from 48.4 points in April last year, according to new figures from Roy Morgan. Business confidence is 11.6 points above the long-term average of 113.7...

  20. SMEs begin to feel pre-pandemic business pressures: MYOB

    country’s 2.29 million SMEs, with 14 of the 16 business pressures measured by the MYOB Business Monitor increasing in the last six months,” Ms Fawcett said. “This demonstrates that as COVID-19 pressure subsides, other business pressures increase. “SME...

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