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  1. Deloitte and Freedom Foods Group hit with class action

    revealed that its past financial results were inaccurate, among other revelations. Freedom Foods reported, in October last year, that it earned a full-year profit of $11.6 million. But that figure has now been “restated” as a $145.8 million loss. The...

  2. ATO tipped to be ‘unshackled’ in 2021

    of its $53 billion debt figure.” While the ATO had pledged to begin with a “really soft re-engagement on debt” in September last year, Mr Blow expects the approach to change over the new year. “This current tax and stimulus nirvana cannot last forever,”...

  3. RBA makes first cash rate call of the year

    to stick around for another few years, will send property prices soaring. According to a document released by the RBA last month, following a Freedom of Information request, a permanent 1 percentage point (100 basis point reduction) cut in the official...

    • Type: Article
    • Author: Maja Garaca Djurdjevic
    • Category: Business

  4. Post-JobKeeper jitters hitting small-business owners: Survey

    expectation that JobKeeper will extend beyond the end of March. It was always a temporary program,” Mr Frydenberg said late last month. “More than $80 billion is already out the door, and it’s helped to support more than 3.5 million Australians.”...

  5. 12% SG rise a right idea at a wrong time, says CA ANZ

    has backed calls to halt the increase to 12 per cent in recognition of the economic situation and its impacts. “Since the last election, there has been a global pandemic, the first Australian recession in 29 years, our highest unemployment in 20 years,...

  6. ATO sounds alert over new ‘alarming’ TFN scam

    “We’re seeing that instead of scammers asking for a specific amount of money, they’re requesting victims to transfer every last dollar in their bank account. “What’s most malicious is that, in some cases, these scammers are stealing money under the...

  7. Accountants foreshadow ATO compliance storm

    recommencement of ATO audit and debt activity as recent signs point towards a renewed approach to compliance-related work. Last year, the ATO made a “conscious choice” to pause its debt, audit and lodgement work at the height of COVID-19, ultimately...

  8. Graduates encouraged to look to ‘competitive’ smaller firms

    in lieu of traditional graduate intake schemes. Following a hiring slump of about 60 per cent across the sector in May last year, job postings are edging towards pre-pandemic levels, with listed openings currently sitting 2.3 per cent below what they...

  9. Harvey Norman hangs on to JobKeeper as profits double

    The company had previously revealed that it received $7.6 million in wage subsidies for Harvey Norman franchisees in the last financial year, but failed to disclose recent payments in its latest half-year report. When queried by 3AW’s Tom Elliott on...

  10. Fintech peak body pushes for e-invoicing mandate

    are considered to be included in the July 1, 2022 mandate.” Treasury’s consultation paper, which was released late last year, outlines three prospective approaches to accelerating the adoption of e-invoicing in Australia. The first option would see all...

  11. ‘Monster levy’: Accounting bodies slam ASIC fee hike

    offering financial advice forced out of the space. The pushback follows the latest industry funding levies published by ASIC last week, which will see an accountant holding an Australian financial services (AFS) limited licence exposed to $3,926 in fees...

  12. ‘JobKeeper must come to an end’: Employment bounces back to a pre-pandemic level

    point below the rate it was in March 2020. Hours worked by women are 0.6 of a percentage point above what they were in March last year, while hours worked by men remain 1.6 per cent below. “Hours worked increased across all of the states and...

  13. Sydney man charged over $3m GST fraud

    face up to 12 years in jail after being found to have fraudulently obtained $3 million in GST refunds. The man was arrested last Thursday after a month-long investigation by the Australian Federal Police (AFP) and the ATO-led Serious Financial Crime...

  14. Lodgement deferrals on the cards as profession speaks out

    we’re going to wait a little bit before we put our hand up.” Blanket lodgement deferrals were a sore point for practitioners last year, with the professional accounting bodies unable to convince the ATO to defer due dates to the end of the financial...

  15. Insolvency comparison site launched

    for the terms insolvency and bankruptcy in Australia have increased significantly since the pandemic was declared in March last year,” he said. “There have been various peaks [in search volume] — including around the end of last and start of this...

  16. Premier Investments defies calls to repay JobKeeper

    past, and that they didn’t want to risk rolling out a scheme that underperformed. 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 July...

  17. Government extends another COVID-19 lifeline to the arts

    will be rolled into the government’s pre-existing Restart Investment to Sustain and Expand (RISE) fund, which was announced last year with a view to prop up the sector after venues were shuttered and lockdowns ensued. The remaining $10 million will go...

  18. ATO locks in permanent review service for small businesses

    available to businesses with a turnover of more than $250 million. Originally, the small business pilot program was only to last 12 months, but it was later extended in February last year following a strong approval rating. Since the pilot program’s...

  19. KPMG appoints new chief executive

    empowering the business to make “thank-you payments” to staff who had suffered COVID-induced salary cuts in May and June last year. The firm also made 200 roles redundant one year ago as it grappled with the impact of the pandemic. KPMG last year...

  20. Small business revenue bounces back to pre-pandemic levels

    small business revenue rose by 5.1 per cent in February — after a 1 per cent rise in January — from 4.6 per cent last year. For February, the arts and recreation industries remain the weakest, with data recorded emerging before recent support programs...

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