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  1. $3m super tax likely to progress ‘warts and all’, IPA warns

    on the growth of super balances exceeding $3 million was referred to the Senate Legislative Economic Committee in December last year, with the Committee due to report back at the end of this week. Despite the extensive advocacy work undertaken by the...

  2. $3m super tax cast into limbo as parliamentary support crumbles

    thrown into limbo with the Labor government failing to secure crossbench support to pass the measure during Parliament’s last sitting session. Industry experts welcomed news of the bill being left out of the government’s list of priority legislation...

  3. $3m super tax bill taken off debate schedule again

    safeguards to ensure both small businesses and consumers can benefit from lower costs,” Prime Minister Anthony Albanese said last year. “We are prepared to ban debit card surcharging from 1 January 2026, subject to the consultation undertaken by the...

  4. $3m bill set for debate next Thursday

    “The bill is due for debate on Thursday, but that doesn’t necessarily mean it will be as we have seen, as there can be last-minute changes to the schedule,” Burgess said. He said he has arranged to meet with independent MP Allegra Spender and is...

  5. $360K, $1.8m data breach penalties raise flags for small business ombudsman

    study reporting 44 per cent of Australian businesses are not fully prepared,” said Ms Carnell. “Another report by Telstra last year found 33 per cent of small businesses don’t take proactive measures to protect against cyber breaches,” she said. The...

  6. $21m tax scheme forces ATO to make system changes

    tax fraud, such as the Western Australia scheme where 700 taxpayers attempted to claim $21 million, from happening again. Last month, reports from Derby, Fitzroy Crossing and surrounding areas in the Kimberley region in remote WA revealed a large-scale...

  7. $20k instant asset write-off to get 1-year extension

    traced back to a $1,000 deduction introduced by the Gillard government in 2012 and it has undergone a raft of changes in the last decade in response to changing economic conditions. As part of the COVID-19 measures, the government scaled up the...

  8. $20k instant asset write-off passes lower house

    It comes after the eleventh-hour passage of a bill that raised the threshold from $1,000 to $20,000 for FY24 last week. A 12-month extension to the $20,000 instant asset write-off scheme has passed the lower house. The scheme was the government’s chief...

  9. $20K instant asset write-off extension locked in

    a tax return till sometime after the end of the financial year so it’s very advantageous to take advantage of it in the last couple of weeks of this financial year.” The upfront tax deduction for SMEs with an annual turnover of less than $10 million was...

  10. $2.4m lost to tax scams, ACCC reports

    ACCC reported that the ATO received 81,250 scam reports with $2,396,178 of reported losses, down from the 155,035 reported last year. Of those, 58,054 of those reports were for threat-based impersonation scams for which $2.3 million was reported lost....

  11. $2.3m in scams, dodgy contracts sting taxpayers, businesses

    he said. Accountants and financial advisers have told Accountants Daily they’ve come close to being stung by a scam in the last 12 months, given how advanced the strategies of cyber criminals are. You can read more about their experiences here....

  12. $1m penalties set to kick in for dodgy sales tools

    sales suppression tools will have just over three weeks to come clean before $1 million penalties kick in. New laws passed last year made it illegal to manufacture, distribute, possess, use or sell electronic sales suppression tools (ESSTs). According...

  13. $1m in GST fraud lands director in jail

    in similar behaviour: if you break the law we will hold you accountable, even if it means pursuing you in the courts.” Last week, a New Zealand resident was sentenced to five years and 10 months in jail for fraudulently claiming GST refunds as a...

  14. $19m digital advice program aims to move small businesses online

    1997. A 120 per cent tax deduction for spending on digital uptake by small business, introduced by the former government in last year’s budget and widely welcomed by the sector, has yet to be made law. It would allow businesses with an annual turnover...

  15. $18m cyber package targets ‘biggest fears’ of small business

    resilient nation, and this dedicated support will make a huge difference in their preparedness and resilience,” she said. Last week, the Australian Signals Directorate revealed that cyber crimes were reported every six minutes in FY23 and the average...

  16. $17.5 billion in lost super sees savings ‘eroded’

    in the NT. The latest round of postcode data also shows that Victorians had the biggest boost to their retirement savings last year, with a reduction of over $174 million in lost and unclaimed across the state. Mr Whyte said people often lose contact...

  17. $16bn: Small business owes ATO big

    Almost one in five Australian SMEs entered into payment plans with the ATO last financial year, as they struggle to pay a collective tax bill of over $16 billion. Sail Finance recently revealed the findings of a sample poll of finance brokers it had...

  18. $150k instant asset write-off extended for 6 months

    asset write-off has seen its threshold bumped up in recent times, moving to $25,000 and then $30,000 in the build up to last year’s federal election, before jumping to $150,000 as part of the government’s first round of stimulus measures in response to...

  19. $13bn in JobKeeper pocketed by profitable businesses

    $12.5 billion in JobKeeper payments were made to businesses that didn’t record a shortfall in revenue between April and June last year. The PBO also found that $4.6 billion was paid to 157,650 firms whose turnover actually increased over the same...

  20. $12m illegal tobacco haul destroyed in NSW

    and police, also found a number of safes containing unlicensed firearms and ammunition. One person was arrested in the raids last week. ATO Assistant Commissioner Jade Hawkins said organised crime was behind illegal tobacco cultivation and innocent...

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