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  1. Small business debt and tax gap at top of ATO hit list

    even bigger problem with the total taxes outstanding blowing out from $39 billion at the start of 2019 to about $60 billion last January. “Of this, more than $37 billion is defined as collectable, which means either not disputed and not insolvent.” “Of...

  2. Over half of SMSF directors yet to apply for director ID

    a director, and you’ll need to apply for your director ID,” said Assistant Treasurer Stephen Jones. “Don’t leave it to the last minute — if you’re a company director, you must apply by 30 November — so make sure you make time to get it done.”

  3. ATO to target individual taxpayers over $8bn shortfall

    of rental claims that needed adjustment, according to ATO Second Commissioner Jeremy Hirschhorn. Mr Hirschhorn, speaking at last week’s Tax Summit, called upon the “tax community” to help shift Australia’s attitude towards maximising returns through...

  4. Medibank breach could compromise up to 4 million

    the breach to cost $25 million to $35 million. Medibank shares, which resumed trading yesterday following suspension last week, had plummeted 18 per cent by the end of the day to $2.87. The marketing manager of cyber security specialist Eftsure, Niek...

  5. [CPD] PCG 2021/4 : How to advise your clients on professional firm profits

    tax planning time of May/June 2023 will be too late. The ATO released PCG 2021/4 - Allocation of Professional Firm Profits last year, and it applies from July 2022 onwards. The ATO require your professional client groups to have an average tax rate of...

  6. Rushed changes to workplace relations risk ‘conflict’

    to be rushed, say business bodies in the wake of the government’s Secure Jobs, Better Pay bill introduced to parliament last week, or the result will be “workplace conflict”. A simpler and more accessible industrial relations system should be the...

  7. ASIC finds rise in audit issues focused on revenue, assets

    for an increase in negative findings in its inspection report for 2021-22. Negative findings rose to 36 per cent from 32 last year and ASIC called on the sector to focus on improving audit quality by examining best practice case studies in the report....

  8. ATO collectable debt balloons to $45bn, small business on hit list

    cent of the net take – and focus of a trio of key compliance programs which were extended by $1.5 billion in budget funding last week. Assistant Treasurer Stephen Jones said the compliance programs would bring in $5.7 billion over four years to improve...

  9. DPP drops charges against WA accountant accused of stealing $725k

    in collaboration with a former managing director, Sharon Kia Le Heng. At a committal hearing in Perth Magistrates Courts last Friday the Commonwealth DPP said the charges against Ms Kwan, which date back to 2020, would be discontinued. The charges came...

  10. IR reforms will end up closing small business, says advocate

    owners had been overlooked in the sometimes heated debate over the Secure Jobs, Better Pay Bill introduced to Parliament last Thursday. For most businesses, the focus of concern has been Labor’s intention to expand the multi-employer bargaining system,...

  11. Brisbane food shops forced to back pay workers over $400k

    body. The Brisbane audits came after the FWO conducted surprise inspections of 24 cafes and restaurants across Launceston last month with almost 150 workers back paid over $120,000. “The Fair Work Ombudsman will continue to prioritise improving...

  12. What does the Minerva case mean for trust distributions?

    top marginal rate, has been done to obtain the tax benefit? Very likely, yes. So, what stops Part IVA applying? It is the last element in the requirements — the Commissioner must decide to apply Part IVA — and this is why I don’t think accountants need...

  13. Big-end-of-town tax: miners, banks pay up, but for one-third it’s zip

    understand how the system is working and where the gaps are,” he said. “We invested in increasing tax compliance in last week’s budget and this data will help us target that additional funding.” Ms Saint said the increased investment in the Tax...

  14. Average cyber crime costs a small business $40k

    a favourite target. Each cyber crime costs a small business $40,000 on average and the number of attacks leapt 13 per cent last year to the equivalent of one every seven minutes, the Australian Cyber Security Centre reveals in its 2021-22 report....

  15. Why accountants should learn to love the smashed avo generation

    The census data revealed that baby boomers and Millennials each have over 5.4 million people in Australia. However, over the last 10 years, Millennials have increased from 20.4 per cent of the population in 2011 to 21.5 per cent in 2021 while baby...

  16. Hackers post sensitive Medibank data

    personal identification information. Operation Guardian, which was a joint initiative with state and territory police set up last month to protect those impacted by the Optus data leak, will now also extend to Medibank Private customers. The public is...

  17. WFH 67c fixed rate ‘opaque and too demanding’

    method of 80c and the hybrid method rate of 52c, was the headline change among a raft of revisions in PCG 2022/D4 released last week. Also in the guidance were changes to substantiation requirements and a requirement for tighter record-keeping from next...

  18. COSBOA joins demand for changes to IR bill

    limit should be raised to 100 employees. In response to business concerns, the government drafted a number of amendments last week: Requiring majority support from employees of each employer for a single interest bargaining stream authorisation. A...

  19. Offspring living with parents miss out on 67c WFH rate  

    ATO’s revised WFH guidance, say tax professionals. The revised fixed rate of 67c an hour, set out in PCG 2022/D4 released last week, specifies tighter record-keeping requirements than the previous 80c shortcut method and specifically rules out claims...

  20. Internal mobility ‘magic ingredient’ for staff retention: LinkedIn

    global economic climate, it is likely that the hiring rate will continue to decelerate from the historical highs of last year,” the report said. LinkedIn found the labour market in the Asia-Pacific region remained tight, with many countries reporting...

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