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  1. GDP grows but slows, while inflation edges lower

    UPDATED: The latest figures from the ABS reveal economic growth last year and show inflation coming off its peak. GDP growth slowed for the second consecutive quarter to just 0.5 per cent according to ABS figures for December, which was down on the...

  2. GBST appoints Aussies to top roles

    Both have already commenced their new roles. GBST was acquired by Australian private equity firm Anchorage Capital Partners last December for $250 million from global financial services giant FNZ. The deal returned GBST to local ownership after only one...

  3. Gaps in ASIC’s accountant crackdown surface

    to ASIC’s crackdown on accountants’ provision of disclosure documents to clients, but there are gaps in ASIC’s announcement last week. Late last week, ASIC said it has found that, in recent fundraisings, some accountants have used trust or company...

  4. Gaps identified in ATO auditor independence guidance

    an SMSF services firm has identified an omission in the ATO’s response relating to a common structure used in the industry. Last week, the ATO released further guidance on the APESB Independence Guide, providing further detail on what firms need to do...

  5. FWO slammed for ‘useless’ review of small business definition

    up with meaningful recommendations but instead the FWO squibbed it. What we have instead is a review which was established last year with submissions from multiple government and non-government organisations and no recommendations except for the...

  6. FWO secures highest penalties for bookkeeping breaches

    were a major warning for businesses and the need for sound record-keeping practices in light of new laws passed late last year that have significantly increased sanction for record-keeping breaches. “The breaches by this Caltex franchisee occurred in...

  7. FWO secures $204k penalty order against restaurant operator over unpaid wages

    workers were generally engaged as kitchen attendants, waiters or cooks. The company fully rectified underpayments in July last year after the FWO commenced litigation.

  8. FWO recovers record $500m in unpaid wages

    The ombudsman also doubled the number of matters filed for litigation compared to last year. The FWO recovered a record $532 million in unpaid wages and entitlements for more than 384,000 workers in 2021-22 financial year. The ombudsman said that the...

  9. FWO offers assurance over ATO system hiccups

    of the SBSCH system to the ATO’s online services has been plagued with processing and crediting of payment issues in the last month, causing significant concern and disruption for the bookkeeping industry. In an update, the FWO said it had been advised...

  10. FWO greenlights select workplace COVID-19 vaccine mandates

    and ask them to prove they’ve had it. The Fair Work Ombudsman (FWO) released updated workplace COVID-19 vaccination guidance last week, which maps out a four-tier system highlighting the select circumstances under which some Australian employers would...

  11. FWO forces big business to hand back $500m in unpaid wages

    and promote compliance through education. The FWO forced big business to hand back more than $500 million in unpaid wages last year by putting corporations and universities at the top of its hit list. Over a quarter of a million workers received back...

  12. FWO forces big business to hand back $473m in unpaid wages

    the past financial year. The FWO forced businesses to hand back more than $473 million in unpaid wages for 160,000 workers last year by going after some of the country’s biggest employers. It is the third-highest result ever recorded by the watchdog in...

  13. FWO fast food crackdown penalises Subway director over $30k 

    the FWO.” The penalties come as part of the FWO’s crackdown on the treatment of employees among fast food operators which last year saw 77 Brisbane shops forced to back pay over $400,000 in unpaid entitlements along with the 31 Darwin outlets forced to...

  14. FWO eyes sham contracting in surprise audits

    down on sham contracting arrangements, with the agency launching a series of surprise audits across three capital cities. Last week, the Fair Work Ombudsman conducted surprise audits at AAMI Park in Melbourne, ANZ Stadium in Sydney and GIO Stadium in...

  15. FWO acts against Melbourne Uni over treatment of casuals

    had arisen previously with the vice-chancellor addressing it. "Separate to the legal matter at hand, the vice-chancellor last year apologised to past and current casual employees who had been paid less than they were due for work that they performed,"...

  16. Further tax audits in the works, says director

    the next 12 months, in light of increase data matching from the ATO. “What we’re finding is that the ATO has said over the last number of months that they are doing a lot of comparison of databases, bank accounts from overseas,” said Mr Munro. “Every...

  17. Further NSW business support ‘imminent’

    to businesses is the state’s $10,000 business support package, announced by NSW treasurer, Dominic Perrottet, in the last week of June. The support package will see small businesses with fewer than 20 full-time employees, and payrolls up to $1.2 million...

  18. Further changes expected in accounting in 2020

    as technology, regulatory and business transformation converge, says one accounting industry leader. The changes in the last decade are set to continue and there are still many unknowns, said Lielette Calleja, the founder and director of All That...

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

  19. Funding constraints linger despite government’s regulator blasting

    the regulators were being systematically defunded, pointing to the $170 million funding boost to the regulators and courts last year. “We have increased their funding by $170 million across the regulators and our enforcement agencies and we will ensure...

  20. Full Federal Court overturns tax residency decision

    keep relevant, contemporaneous evidence so that they can support their position in any ATO audit.” Reviewing residency rules Last year, the Board of Taxation released its report on its review of income tax residency rules for individuals, finding that...

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