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  1. PKF Melbourne banned from expert reports after ASIC probe

    uncovered compliance failings in past engagements. In a court-enforceable undertaking between PKF and ASIC released last week, PKF admitted it failed to uphold documentation and conflict of interest requirements for three past IER engagements, breaching...

  2. Digitisation a boon for productivity in cost-of-living crisis: MYOB

    said the average productivity rating was 6.2 out of 10. “The nation’s 2.5+ million SMEs have shown resilience throughout the last few years, and with further difficulties anticipated as the economy stabilises it will be important to review their...

  3. Consultant boom threatens accounting sector, expert says

    head of data analytics Julia Thomson told accountants at Accountants Daily's Accounting Conference & Exhibition in Sydney last week. She said there had also been an increase in the need for advisory work – a market traditionally dominated by accounting...

  4. Payment Times Reporting Bill enters the Senate

    to delay paying the invoice.” The changes to the Payments Times Reporting Act follow a review undertaken by Dr Craig Emerson last year into the effectiveness of the current Act which made several recommendations to improve the operation of the scheme....

  5. PepsiCo wins appeal against Commissioner of Taxation

    which was royalty for the use of PepsiCo/SVC’s intellectual property,” the written reasons for the judgment set out. Last November, the Federal Court’s Justice Mark Moshinsky found PepsiCo was liable for the royalty withholding tax at a five per cent...

    • Type: Article
    • Author: Naomi Neilson
    • Category: Tax

  6. ‘Don’t panic’ over new reporting rules, ATO tells NFPs

    be lodged between 1 July and 31 October for the past financial year. During a Senate Economics Legislation Committee hearing last week, Liberal Senator Dean Smith raised concerns from constituents to the ATO over NFPs' inability to meet the...

  7. 125% foreign student visa fee hike to worsen accountant shortage

    However, after the international student population reached a record high of 671,000 in March – a 15 per cent increase on last year – pressure has mounted to bring numbers down. According to budget papers released in May, the government estimated its...

  8. ATO portal’s 24-hour malfunction vexes tax agents

    it disrupts your workflow during the day. Whatever you're doing, you have to put down and come back to it the next day.” Last week, the OSfA dashboard reported an outage for client correspondence for just under seven hours, days before the financial...

  9. Navigating business debts as the ATO ramps up collection activity

    how they manage these debts, according to specialist credit provider Global Credit Investments (GCI). Since the middle of last year, the ATO has accelerated its activities with debt collection following a more relaxed and supportive approach during the...

  10. OECD executive among 3 new ‘high calibre’ KPMG hires

    both for our people and our clients.” The appointments come after KPMG announced a major overhaul of its consulting practice last month. It involved cutting 200 senior staff and pivoting towards technology advisory in an effort to save $80 million and...

  11. Temporary FBT break lifts plug-in hybrid sales 130%

    of PHEVs,” chief executive Rohan Martin said. PHEVs accounted for 17 per cent of all electrified passenger and SUV sales last month, up from 6.6 per cent in June 2023, and made up around 22 per cent of electrified SUV sales for the year to date, up from...

  12. Accountant’s $340k BAS refund claim crumbles

    for a creditable purpose so that there could not be a creditable acquisition,” AAT member Rob Reitano said in a judgment last week. Reitano also upheld the ATO’s $136,000 fine against Ecosse because he found Guy was reckless as to the operation of the...

  13. Bankruptcy trustee’s bid to shirk CGT on $388k sale fails in court

    on the sale of two of Lanning’s Noosa properties which sold for a combined $388,000 in 2020 and 2021. However, in a judgment last week, the Federal Court dismissed Robson's argument that the tax laws around CGT did not apply to bankruptcy trustees. “The...

  14. ATO to crack down on Amazon, eBay sellers’ tax affairs

    thing,” the ATO said. The ATO’s online seller data matching program comes after it announced one for Medicare levy claims last month. In February, the ATO acquired personal details and rental bond information of 900,000 landlords from state and...

  15. ATO software bugs revived false on-hold debts, documents show

    obtained by iTnews under freedom of information laws. The documents showed the ATO first identified the bugs in July last year and resolved them months later in October after numerous meetings and briefings. As part of “remediation” efforts, ATO staff...

  16. Minister Jones’ determination ‘inconsistent’ with current law, warns IPA

    exposure draft. The determination is the first use of new ministerial powers provided under legislation that was enacted last year in Treasury Laws Amendment (2023 Measures No. 1) Bill 2023. The legislation enables a Minister to supplement the existing...

  17. ATO’s growing data access ‘alarming’, says TaxTank CEO

    trust. Taxpayers should know what data is collected, how it’s used and why.” The errors occurring in the ATO's systems last year which impacted 603 taxpayers highlights the dangers of unchecked data access and automation with proper safeguards,...

  18. Unemployment rate rises to 4.1%

    per cent lower than just prior to the COVID-19 pandemic. “The unemployment rate was 0.5 percentage points higher than June last year, and 1.1 percentage points lower than March 2020.” This all said, employment grew by 42,000 people (0.3 per cent) in...

  19. ‘Bleisure’ travel claims in ATO sights, experts warn

    deductions and a failure to include all income sources in lodgments. It said over 8 million people made a work-related claim last year and urged taxpayers to follow “three golden rules”, including only claiming expenses if they spent money themselves...

  20. Ute tax loophole costs government $250m

    The research paper stated the number of utes on the road compared to passenger vehicles has grown significantly in the last 20 years. The Australia Institute outlined the tax exemption on utes provides people with more of an incentive to buy them,...

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