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  1. 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...

  2. 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...

  3. ‘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...

  4. ‘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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 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...

  13. Pitcher Partners appoints new managing partner

    1 July, taking over from Rob Southwell, who will now step down after nine years as managing partner. Mr Irwin has spent the last 18 years as chief operating officer of the firm’s Sydney bureau, and managed the operational and technological elements of...

  14. SMSF auditors urged to proactively identify SAN misuse

    numbers had been identified as an ongoing area of concern with the ATO and the TPB, with 74 tax practitioners singled out last year over such misuse. Last month, a Perth-based tax agent saw his registration terminated after he was found to have lodged...

  15. Early access to super used to pay mortgages, credit cards, bills

    over two transactions, across two financial years, once before 30 Jun, 2020 and once after. The program closed at the end of last year. According to the report, the average private household income — including salaries, investments and superannuation —...

  16. KPMG confirms 4% pandemic bonus

    repaid one-third of the May and June cuts. KPMG then moved to repay half of the July and August 2020 cuts at the end of last year, before returning a further portion in February. The firm saw a 7 per cent increase in revenue to $1.9 billion last year,...

  17. Expanding self-education deductions a ‘no-brainer’, says IPA

    only claim deductions for self-education expenses if they are directly related to their work. The proposal, contained in last year’s October federal budget, has divided the tax profession and has yet to move beyond an initial discussion paper released...

  18. ‘Too simplistic’: Standardised deductions aren’t a silver bullet

    work-related expenses. “As the report states, the percentage of taxpayers using a tax agent has hardly changed over the last 10 years,” Mr Jeffreys said. “Why is this? It is not because taxpayers have a significant need to have their tax agents work out...

  19. Shake-up in the practice management landscape for accountants

    with two big players having changed owners. First, Sage sold off their Australian business to The Access Group at the end of last year. Then American company KKR jumped through the last hoops of the ACCC in April to finally seal their deal acquiring the...

  20. ‘A temporary stimulus measure’: $1,080 tax offset extended

    of the LMITO for a further 12 months comes after the government announced a similar extension in its October federal budget last year despite backdating its stage 2 tax cuts to 1 July 2020. Mr Frydenberg stressed that the extension of the offset was a...

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