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  1. Anti-money laundering rules ‘inflexible’ for sole practitioners, small firms

    Following the passage of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) amendment bill in November last year, AUSTRAC is updating the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1). In December...

  2. Anti-money laundering reforms pass both houses

    Parliament. The Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 was passed by Parliament last week on its final sitting day for the year. The legislation expands the Anti-Money Laundering and Counter-Terrorism...

  3. Another rate raise ‘to put a further 75k mortgages at risk’

    The survey group said its modelling showed more than 700,000 had joined the at-risk group since the RBA began raising rates last year and its latest figures, for October, failed to take in the increase on Melbourne Cup Day to 4.35 per cent. Roy Morgan...

  4. Annual wage growth highest in a decade over December quarter

    cent compared to 1.1 per cent), said Ms Marquardt. “It was, however, higher than any December quarter increase across the last decade, this follows on from the September and June 2022 quarters which were also higher than their comparable quarters back...

  5. Annual tax agent registration fees introduced to boost oversight

    will be required to pay $273 every year after the government updated the fee schedule and abolished the triennial system last week to ensure greater visibility over practitioners. The updated schedule would apply from 1 July to new and renewal...

  6. Annual report reveals rapid decline in satisfaction with ATO

    score was 67.46. The fourth quarter score was just 54, indicating a significant downward trend. The annual report, released last week, noted that tax professional perceptions of the ATO had been in decline since early 2023. The ATO said that the drivers...

  7. Announcing the Top 50 Women in Accounting for 2023

    participating in this year's awards. Your work and dedication to the accounting industry are influencing change that will last for generations to come. The community is grateful for your contributions and for the positive waves you’re making in the...

    • Type: Article
    • Author: Ignition
    • Category: Business

  8. Angry members slam ‘shameful’ CA ANZ discipline secrecy

    five years, were widely known but ignored until an investigation in the US by the Public Company Accounting Oversight Board last year. “I’m surprised CA ANZ did anything – I assume the US investigation forced their hand,” said another anonymous...

  9. And that’s a rap: Div 296 tax gets an upbeat rendition

    for a few years now, and this is just the latest drop,” Ong told Accountants Daily's sister brand, SMSF Adviser. “The last one was on the Bendel case about unpaid present entitlements. This was a way of keeping sane amongst all the doom and gloom that...

  10. An end-of-tax year preview in a post stimulus world

    issue relating to the requirement to have an Australian Business Number (ABN) and evidence of business activity by 12 March last year to be eligible for JobKeeper (on the basis of business participation, not employees) and the cash flow boost. There’s...

    • Type: Article
    • Author: Intuit QuickBooks
    • Category: Tax

  11. AMP distances business from jailed tax agent

    SMSF arm has distanced itself from a jailed tax agent who has been previously linked with one of its recent acquisitions. Last week, Arjuna Samarakoon was sentenced at at Melbourne County Courthouse to 29 months’ imprisonment with 18 to serve for his...

  12. Ambiguity in Shareholder Agreements - what you need to know

    The value of the Company by valuing it on a multiple of the average earnings of the Company before interest and tax for the last 3 years, where the multiple is determined by 2 valuers as agreed between the respective parties. - The deed then goes on and...

  13. Altus Financial announces official launch on Central Coast

    while sustaining the core integrated advisory solutions that both original firms were built upon. Following its merger last year, the entity continued to run under both brand names; however, Fortunity will now transition to operate under Altus. This...

    • Type: Article
    • Author: Matthew Taylor
    • Category: Business

  14. Alternative to tax cuts floated amid Senate stalemate

    that Labor has proposed. With the second tranche of tax cuts for businesses over $50 million shot down in the Senate last month, the government has announced that it will not be taking the policy to the next election, instead focusing on accelerating...

  15. Alternative tests ‘still apply’ for JobKeeper extension

    alternative tests this week after the Treasurer’s rules and the subsequent commissioner’s determinations were registered last week. These alternative tests are expected to mirror the original tests that cover seven circumstances, including businesses...

  16. Alternative super tax proposal now in the hands of government

    analysts evaluating the alternative, the explanation of the modelling was added to the previous 34-page summary, which was last week provided as a 57-page document to the Greens, the Labor party and the Liberal party.” Gore added that as part of the...

  17. Alleged money mule laundered $176k from fraudulent emails

    (BEC) fraud and other cyber crime. The charges came after the AFP was alerted to unusual financial transactions by a bank last August and began Operation Dolos-EMMA8. The investigation allegedly identified that from June 2021 to May 2022 the man...

  18. Alex Malley, former directors stripped of CPA life memberships

    constitution allows the board to remove life members for any reasons it sees fit. This decision was made in December last year; CPA Australia chair Peter Wilson was forced to go public with it today, after enquiries from the Australian Financial Review....

  19. Aldi to face $150m wage theft class action suit

    FY 2020-21 that it increased its revenue from $9.6 billion to $10.7 billion. In April, Aldi reported that its sales in the last quarter of 2022 were up 13.2 per cent year-on-year, as consumers switched to the discounter to save money amid higher living...

  20. Albanese concedes franking credit rethink

    entirety,” Mr Bowen said. “But no political party ever takes to the next election exactly the same policies they took to the last. That would be dumb. They all have to be reviewed. It’s a blank canvas. We start again with new policies, collectively.”...

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