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  1. ‘Not sustainable’: FWO criticises businesses for under-resourcing payroll

    Fair Work Ombudsman director of knowledge Cletus Brown said the agency has seen around 30 self-disclosures over the last “two to three years”. “Some of the larger businesses may have taken their eyes off the ball and not employ as many payroll...

  2. ‘No successful claims for dead or fictitious employees’: ATO denies JobKeeper fraud

    our economy in one of its darkest hours of need.” Over $80 billion has been paid since JobKeeper was introduced in March last year. A total of 3.6 million workers were supported at the height of the program, with the figure dropping to 1.5 million...

  3. ‘No material exposure’ to troubled SVB, Xero assures ASX

    the stockmarket it has no “material exposure” to the troubled Silicon Valley Bank following its meltdown in the US late last week. “As at 10 March 2023 Xero’s total exposure to SVB was approximately US$5 million, reflecting Xero’s local transactional...

  4. ‘No demand shortage’: Predictions for the profession in 2021

    complete their FASEA exam, a single disciplinary body will be legislated, FASEA is being wound up, a compensation scheme of last resort is touted, and they may face increased fees under the ASIC funding model,” she said. “It will come as no great...

  5. ‘No confidence’ in PwC’s ethics, senators say

    sharing, we will not tell you what happened’,” she said. Ms Pocock also questioned other measures taken by PwC in the last year as a means of tightening the firm’s internal ethics controls. Mr Burrowes had told the Senate in his opening remarks that “a...

  6. ‘No blanket extensions’: ATO set to contact 150,000 in STP push

    today, some of them are not ready,” Mr Laming said. Guidance from the ATO for software developers was finalised in December last year. [email protected]

  7. ‘No benefit’: H&R Block casts doubt on standard deductions

    beyond filing them. “The role the profession plays extends far beyond tax returns, and the proof of this can be seen in the last 12 months alone where many members were the first port of call,” Ms Franks said. “With the current economic situation and...

  8. ‘No action warranted’ until Labor provides CGT and negative gearing clarity, says Tax Institute

    discount has raised questions around its transition policy, with investors being warned against taking action immediately. Last Friday, shadow treasurer Chris Bowen announced that Labor, if elected, would set a 1 January 2020 start date to begin...

  9. ‘Nirvana’: ATO promises more goodies post-online services rollout

    account balances; a better view of clients’ obligations and tax history, including debt and payment plan information for the last 10 years; and an overview screen that lets you quickly see what lodgment and payment obligations need action for your...

  10. ‘New and significant’ merger for mid-tier

    a financial advice firm has joined its network, in a bid to up its national presence in the wealth management space. Late last week, HLB Mann Judd announced that Sovereign Plus has joined its Perth division of accountants and advisers. Sovereign Plus...

  11. ‘Name and shame’ proposal for tax dodgers cops backlash

    and entities connected to illegal phoenix activities has its merits but more needs to be done, says industry voices. Last week, Labor announced that if it came into government, it would introduce measures to allow the commissioner of taxation to “name...

  12. ‘Most hated tax’: Treasury’s payroll tax positions knocked

    the results do not match up to public feedback received during its Small Business White Paper roadshows across Australia last year. “When we asked business owners what the most hated tax was, payroll tax, by far, comes up as the number one,” said Mr...

  13. ‘More harm than good’ feared in push for upped ATO powers

    against granting additional powers to the Commissioner of Taxation in its bid to clamp down on the black economy. Late last year, the Treasury released a consultation paper outlining several recommendations aimed at improving black economy enforcement,...

  14. ‘More Australians in work than ever before’: Frydenberg

    for the month, a level unseen since 2014, as hours worked rose to levels unseen since before the pandemic took hold in March last year. “Employment and hours worked in March 2021 were both higher than March 2020, up by 0.6 [of a percentage point] and...

  15. ‘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...

  16. ‘Material decline’ in corporate insolvencies

    published its yearly review of corporate insolvencies, which based on statutory reports lodged by external administrators last financial year. The reports show a “material decline” in reports received during the 2016/17 financial year, down almost 18...

  17. ‘Marked increase’ in directors seeking help with DPNs

    fact that within the ATO system, a lockdown DPN has been issued.” He said the ATO’s resumption of debt collection activity last year was chasing collectible debt of almost $45 billion, up from a pre-pandemic figure of less than $27 billion. “That’s...

  18. ‘Many’ practitioners already compliant with new code rules: TPB

    practitioners will already be complying with the new requirements”. In a web page containing 13 frequently asked questions last week, the TPB has offered practitioners several tips for compliance and laid out its consultation timeline with less than two...

  19. ‘Many hundreds’ of Australians feared to be caught in tax evasion arrangements: ATO

    their taxation obligations. “Tackling the abuse of correspondent banking arrangements was at the heart of our direction last month, and we are looking beyond just a single financial institution in Central America. And again, I have fears that there may...

  20. ‘Mandate cash acceptance or risk disaster’

    in our economy and all communities have cash available when required." A Change.org petition started by the campaign group last year has also amassed over 160,000 signatures in 10 months. The petition called for access to banking services in addition to...

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