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  1. ATO tipped to pounce once JobKeeper ends

    options before the ATO moves on recouping debts. “While the ATO has been very quiet for almost 12 months, that won’t last,” said Bradd Morelli, national managing partner at Jirsch Sutherland, a national insolvency firm. “And that’s when we expect to see...

  2. UK moves to break up big 4 audit dominance

    and be funded by an industry levy. The proposed reforms follow mounting concerns over the UK’s audit market over the last two years. The UK’s Competition and Markets Authority released a final report on its audit services market study in April 2019,...

  3. Treasury defends absence of JobKeeper clawback mechanism

    have now agreed to voluntarily repay JobKeeper payments in the order of $180 million. An Ownership Matters report released last week showed that 58 of the 66 ASX 300 companies which received the government’s $93 billion JobKeeper wage subsidy between...

  4. Businesses wean themselves off government support as conditions improve

    it to be easy, or very easy, to meet financial commitments over the next three months, compared to 23 per cent in August last year, while reports of decreased revenue halved. “This latest survey also showed the proportion of businesses reporting...

  5. JobMaker in need of a rethink: BDO

    the scheme, said Mark Molesworth, tax partner at BDO. Introduced as part of the government’s federal budget in October last year, JobMaker rewards eligible employers with $200 a week for every person they hire under 35 who was previously on either...

  6. ATO expected to ‘turn the tide’ on insolvencies

    to that plan’.” According to data released by ASIC, roughly 8,000 businesses go into external administration each year. Last year, only 5,000 businesses went into administration, leaving 3,000 businesses on the precipice of insolvency. On the release of...

  7. ATO chases $172bn in undeclared contractor income

    and construction, cleaning, and courier industries are required to lodge a TPAR annually. After the scheme was extended last year, businesses providing road freight services, information technology services, and security, investigation or surveillance...

  8. KPMG shakes up retirement age policy

    by the big four that force partners out of the door earlier than they might want to. KPMG launched the review in August last year, but stood by it as recently as the month before, saying that partners are aware of the clause when they join and are...

  9. Wage Theft: Don’t be an unwitting contributor

    to know. While proposed wage theft reforms did not make it into the Federal Governments industrial relations bill passed last month, it would be impossible to argue that wage theft is not an ongoing issue in Australia. Analysis from PwC released in 2019...

  10. Charities watchdog flags financial reporting errors across the sector

    of AISs and accurate annual financial reports is an important way for a charity to present itself.” Among the errors up from last year were submitting an AFR type, with just 66 per cent selecting the correct type of AFR, down from 68 per cent in the...

  11. ASIC extends COVID-19 record of advice relief

    said in a statement. The record of advice relief measure was rolled out as part of a three-pronged relief package in April last year. The suite of measures enabled registered tax agents to give advice to existing clients about early access to...

  12. Xero scores subscriber surge despite slowed revenue

    falling short of analyst estimates by 20 per cent. The company reported a revenue increase of NZ$848.8 million over the last 12 months, making a profit of NZ$19.77 million for the year, up from NZ$3.3 million the year before. Xero recorded record...

  13. ‘Overconfident’ taxpayers warned to approach tax time with caution

    have included focuses on working-from-home expenses, and a renewed approach to monitoring crypto asset reporting. The ATO last week warned that it would write to about 100,000 taxpayers to alert them to their tax obligations amid growing concerns that...

  14. EY announces 40 partner promotions

    and seven were from its strategy and transactions business. The announcement follows 31 internal promotions made in October last year, and another 30 admitted as lateral or direct admit partners this year, in a bid to expand the skills and experience...

  15. ‘A warning to employers’: Victorian wage theft laws commence 1 July

    says one peak body. The new laws, which made Victoria the first state to criminalise wage theft when they were announced last year, will see employers who withhold a range of entitlements face fines of up to $198,264 for individuals, $991,320 for...

  16. Accountants champing at the bit to unlock NSW support payments

    Scott Morrison said it was modelled on the cash flow boost that was introduced at the start of the COVID-19 pandemic last year, which saw $35.5 billion paid out to over 800,000 businesses. However, unlike the cash flow boost, the new measure will be...

  17. Lockdowns to force economy into reverse, says Business Council

    they are for longer than 100 days, the Australian economy could plummet to productivity lows recorded through the worst of last year’s recession. Business Council chief executive Jennifer Westacott said that, while vaccination “remains our best...

  18. Deloitte scraps partner retirement cap

    longer be expected to retire once they turn 62. Deloitte Australia chief executive Adam Powick told the firm’s partnership last week that partner succession will in future be handled on a case-by-case basis, doing away with a long-standing informal...

  19. JobKeeper transparency bid slapped down by the House

    $12.5 billion in JobKeeper payments were made to businesses that didn’t record a shortfall in revenue between April and June last year. The PBO also found that $4.6 billion was paid to 157,650 firms whose turnover actually increased over the same...

  20. The Access Group acquires cloud payroll and HR platform

    customers and partners to The Access Group,” Mr Agiasotis said. “This acquisition marks the fourth for the company in the last two years and demonstrates The Access Group’s intent for being recognised as a leading business software provider across the...

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