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  1. Former ASX-listed company accountant faces multiple stealing charges

    an ASX-listed company has now been charged with stealing over $700,000 from the company. Facing the Perth Magistrates Court last Friday, the former accountant of Legacy Iron Ore Limited, Karen Kwan, was charged with 13 counts of stealing. The ASX-listed...

  2. Ongoing and Changing Security Needs in the New Normal

    the following basic measures: Be aware of the latest security trends. Albarella says scammers' focus has been fluid over the last several months. Whereas the focus during the early stages of the pandemic was on targets seeking virus-related information...

  3. 23 days late: Accounting firms face growing debtor days

    flow now ranks within the top five challenges facing practices, despite such concerns failing to feature for three of the last four years. The white paper notes that there are a range of strategies to help reduce delays, including documenting credit...

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

  4. Indexation of TBC tipped to trigger surge in excess amounts

    if indexation of the general TBC does occur, this will result in “significant difficulties” for many SMSFs. In an update last week, the ATO reminded SMSFs that if the All Groups consumer price index (CPI) figure for the December 2020 quarter is 116.9 or...

  5. Ombudsman data foreshadows challenging future for small businesses

    has revealed that payment times in October have ballooned up to an average of 31 days late, compared to 13 days late last year. Ombudsman Kate Carnell believes the new figures are an indicator of the challenges facing small businesses in the coming...

  6. Key dates ahead of the ATO’s annual closure

    Lodgement program deferral requests processed after 14 December may not display on a client’s record until the new year. The last tax return status email that reports the actions the ATO are taking when processing clients’ tax returns have been sent on...

  7. Profession revolts against proposed ATO deadline

    now been told in no uncertain terms that the proposed start date for the second phase of Single Touch Payroll is unfeasible. Last week, the ATO confirmed that it was working towards a 1 July 2021 start date for STP Phase 2, which will see employers...

  8. GST and stamp duty reform key to a sustainable tax system

    also be crucial in ensuring long-term sustainability in the tax system, says a key tax body. Delivering the state budget last month, NSW Treasurer Dominic Perrottet announced his intention to reform stamp duty. Supported by a consultation paper, the...

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

  9. Sole trader triumphs in JobKeeper test case

    a sole trader access to JobKeeper after it found that his backdated ABN registration satisfied the integrity rules. Late last month, the AAT ruled that sole trader Jeremy Apted was in fact entitled to the JobKeeper program despite not holding an active...

  10. Phoney tax agent jailed after 14 years on the run

    to five months in jail after pocketing over $40,000 in fraudulent tax refunds. Sentenced in the Parramatta Local Court last month, Ibrahim El-Hassan had posed to be a tax agent and lodged multiple false income tax returns on behalf of unsuspecting...

  11. Firms warned against delaying audit decisions for ATO letter

    regarding the auditor independence standards until they receive the ATO’s letter have been warned they could be caught in a last-minute scramble. The ATO announced in June last year that it would be writing to firms during the 2020-21 financial year to...

  12. 80¢ per hour work-from-home deduction method extended

    the third time the Tax Office has chosen to extend the shortcut method, after it was first due to expire at the end of the last financial year, then September 2020, and more recently, at the end of December 2020. Conversely, the ATO’s updated Practical...

  13. ASIC defends handling of Shipton’s tax expense probe

    late to the Australian National Audit Office, on 16 October 2020. Auditor-General Grant Hehir told the committee in November last year that he had been forced to escalate the expenses matter to Treasury after ASIC’s processes in response to the expenses...

    • Type: Article
    • Author: Sarah Kendell
    • Category: Tax

  14. Treasurer details tax-free coronavirus grants

    coronavirus grant programs will now be exempt from income tax following a declaration from Treasurer Josh Frydenberg. Last month, legislation was passed to make certain grant payments non-assessable non-exempt income so that these payments are not...

  15. 6-member SMSFs still sparking client interest

    paid on contributions. Following its election loss in 2018, Labor Party leader Anthony Albanese confirmed in a speech late last week that changes to franking credits were firmly off the table for the next election. “I can confirm that Labor has heard...

  16. Retail turnover spikes as Australians spend big in November

    the third quarter of 2020. “$7 billion has flowed through the tax cuts to the pockets of Australian families over the last six months and more than $1 billion a month will be flowing over the next nine months,” Mr Frydenberg said. “Household consumption...

  17. ‘Consistent approach’ critical to reforming SMSF advice model

    this area must ensure a “consistent consumer experience” regardless of what type of professional a client sees. In November last year, the government stated that it would support, in principle, a recommendation from the review of the Tax Practitioners...

  18. Businesses from ‘accountants to zoos’ demanding end to JobKeeper: Acting PM

    incomes by around $7 billion. “$7 billion has flowed through the tax cuts to the pockets of Australian families over the last six months and more than $1 billion a month will be flowing over the next nine months,” Mr Frydenberg said. “Household...

  19. Scaled and limited advice hampered by ‘confidence issue’

    and insurers has left advisers uncertain about their ability to provide limited advice, says a technical expert. In November last year, ASIC released Consultation Paper 332, which is aimed at exploring some of the problems associated with providing...

  20. Payment times improve despite COVID-19 threat

    but new data suggests business failures will continue to trend upwards over the next 12 months. CreditorWatch’s data for the last month of 2020 found that over three quarters of industry groups had reported a reduction in payment times. The transport,...

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