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  1. Government extends SME responsible lending exemption

    responsible lending obligations for banks. The SME responsible lending exemption, introduced at the start of the pandemic last year, was due to expire on 2 April but will now be extended until the government secures passage of its credit reforms through...

  2. 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...

  3. Government exec appointed to bolster mid-tier's audit services

    financial statements of state entities and reporting outcomes of those reports to Parliament. Mr Dean, who began his role last month, said his time in the Tasmanian Audit Office gives him a sense of perspective in his services to the not-for-profit...

  4. Government establishes e-invoicing hub to encourage take-up

    owners.” Australian Small Business and Family Enterprise Ombudsman Bruce Billson also advocated for the technology during last year’s e-invoicing week. “It is a great way to enable faster payment, it cuts the administrative burden and is more secure...

  5. Government encouraging tax avoidance: William Buck

    further complexity to the tax system. This again increases opportunities and incentives for tax avoidance,” he said. “The last thing Australia needs to do is create, within our own borders, complex and inefficient tax arrangements that add more...

    • Type: Article
    • Author: Michael Masterman
    • Category: Tax

  6. Government doubles tax on super balances above $3m

    by this reform.” This announcement follows the release of Treasury’s consultation on the objective of superannuation last week. Treasurer Jim Chalmers said there was no plans at this stage for the $3 million cap to be subject to indexation. “Since...

  7. Government defers start date for Div 7A changes

    1 July 2020 start date comes after Treasury released a long-awaited consultation paper of proposed amendments to Division 7A last October, which raised concerns from tax experts due to its departure from some recommendations in the Board of Taxation’s...

  8. Government defers Div 7A, tax, superannuation start dates

    exempt current pension income (ECPI) will also have a new start date of 1 July 2021. Mr Sukkar’s announcement on the last day of the financial year comes as the profession contends with great uncertainty over the proposed Division 7A changes, with no...

  9. Government contracts ‘in crowd’ keeps small business in dark

    failed. Mr Billson said ASBFEO is conducting an inquiry into the impact of changes to the procurement process introduced last July. “Since beginning the inquiry in March, many small businesses have told us they feel shut out of the process or they...

  10. Government commits $41m to power SME energy relief

    funding to help small and medium enterprises save on energy bills and reduce their carbon footprint, it said in a statement last week. The funding would be used for the second round of the government’s Energy Efficiency Grants and was almost triple the...

  11. Government cites bookkeepers in 'thriving' SME figures

    in the release of the latest Sensis Business Index, which has shown an uptick in small business confidence for the last quarter. According to the Index, which tracks the activity and confidence of about 1,000 regional and metropolitan Australian SMEs, a...

    • Type: Article
    • Author: Reporter
    • Category: Business

  12. Government cautioned on penalty proposal for accountants’ certificates

    investor and wholesale client tests. "There have been no adjustments to these wealth thresholds for over 20 years, in the last five to ten years individuals who are currently considered to have modest wealth have invested most of their life savings into...

  13. Government called to revisit ASIC industry funding model in view of 'all the facts'

    looking for a qualified financial planner.” Despite the government announcing a $550 million funding boost to ASIC and APRA last week, ASIC has since released its latest indicative levies for the 2018-19 year. Registered liquidators will face a $2,500...

  14. Government called to increase incentives in super

    In a pre-budget submission, Pitcher Partners said that numerous changes have been made to the superannuation system over the last number of years which have had the effect of “significantly reducing the attractiveness of using the superannuation system...

  15. Government called to improve Treasury, tax profession relations

    relationship between the ATO and tax practitioners, and ensure that Treasury gives the profession the due respect as well. Last week, Assistant Treasurer Michael Sukkar said he would ensure tax practitioners would be given the due recognition and...

  16. Government called to consider apportionment for CGT main residence exemption bill

    to capital gains tax exemptions continue to be raised, with the government urged to consider rules around apportionment. Last month, the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 was introduced in...

  17. Government called on to overhaul FBT regime

    anomalies in the FBT, including salary packaging bus travel, which was outlined in ATO class ruling CR 2016/58 in August last year. The ruling allows an employer to provide a bus travel smart card as part of a salary sacrifice arrangement for bus travel...

  18. Government called on for CGT cuts, deduction caps for property

    in stamp duties for investors in higher value properties to a long-term (5–20 years) shift to a broad-based property tax.” Last year, The Industry Super Australia Assisting Housing Affordability Discussion Paper 2017 called for current stamp duties to...

  19. Government backs off from new aged care tax

    tax as calls to abandon the royal commission’s recommendation widen. The aged care royal commission final report released last Monday had called for a new levy to fund an overhaul of the beleaguered sector, with both commissioners presenting cases for a...

  20. Government appoints new ASIC chair

    funds to pay for personal tax services was appropriate. Mr Shipton, who was appointed as chair in 2017, announced in October last year that he would step aside from the role pending a formal review after Auditor-General Grant Hehir revealed that ASIC...

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