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  1. Returns for super fund members exceeded $400bn in 2021

    the table with a return of 7.6 per cent p.a. over the past seven years. Following the introduction of super stapling late last year, which sees individuals stapled to their super fund when changing jobs, Mr Rappell said that Australians should take the...

  2. Return of accountants’ exemption hits a snag

    accountants’ exemption, with the government urged to conduct a wholesale review of the current financial advice framework. Last month, in its independent review of the Tax Practitioners Board, Treasury floated the return of the accountants’ exemption as...

  3. Retiree income from super almost tripled since 2002

    (SMC), recent retiree wealth levels have increased by 196 per cent, thanks to the super system within Australia. Over the last two decades, this means middle Australians have become more than $256,000 better off in retirement. Weekly income from super...

  4. Retailers brace for 8% fall in Christmas gift spending

    Two-thirds of shopping would be in store with just over one-third done online and one in five doing fewer web purchases than last year. Almost half of shoppers will buy an environmentally friendly gift. ARA predicts Australians will spend $67.1 billion...

  5. Retail, food sectors see spike in corporate insolvency

    The retail, accommodation and food services sector have seen a spike in corporate insolvency appointments over the last 12 months, in line with industry concerns. The accommodation and food services industry saw a 21 per cent spike in corporate...

  6. Retail turnover spikes as Australians spend big in November

    the third quarter of 2020. “$7 billion has flowed through the tax cuts to the pockets of Australian families over the last six months and more than $1 billion a month will be flowing over the next nine months,” Mr Frydenberg said. “Household consumption...

  7. Retail turnover figures disappoint

    of momentum consistent with recent readings on consumer sentiment - after surging into solidly optimistic territory late last year, the Westpac-MI Consumer Sentiment Index retraced all those gains in early 2014 to be back slightly below 'neutral' in...

  8. Retail spending flattens as consumers curb spending, ABS data shows

    is not likely to happen before Q3 2024.” The ABS data showed that turnover rebounded in all non-food industries following last month’s falls with clothing, footwear and accessory retailing seeing the largest rise at 2.4 per cent. This was followed by...

  9. Retail rebounds on discretionary spending, dining out

    along with Mother’s Day and the Click Frenzy Mayhem sales event. “Just as we saw during the November Black Friday sales last year, consumers appeared to take extra advantage of discounting during large sales events in May in response to cost-of-living...

  10. Retail business failure rate highlights ongoing challenges for sector

    sub-industries feeling the strain, but according to the report, those with the highest proportion of business failure in the last 12 months were: Fuel retailing (5.4 per cent) Food retailing (5.4 per cent) Other store-based retailing (4.96 per cent)...

  11. Restaurant director faces court after ‘physically blocking’ access to wage records

    and obstructed inspectors by physically blocking an inspector from viewing time and wage records during a site visit last year, and then removing that record from the premises. CNL is also alleged to have provided false and misleading pay records to...

  12. Resort developer gets 10-year sentence for $15m tax fraud

    the matter in 2016 but his co-conspirators – including Mr Zhang – fled the country while under investigation. His sentencing last week follows extradition from New Zealand in 2019. ATO assistant commissioner Jade Hawkins welcomed the result. “Mr Zhang...

  13. Resigning KPMG GC appeals to ‘benefit of hindsight’ during interview scrutiny

    Allens, relied only on 14 interviews of partners in its investigation into whistleblower allegations, with each lasting half an hour each. Allens partner Christopher Kerrigan told the committee: “We didn’t interview in our first investigation people...

  14. Reserve Bank reveals latest cash rate decision

    latter half,” in line with central banks in the US, UK and Europe. “All indicators point to inflation falling faster than last year’s forecasts,” she said, and a rapid uptick in the unemployment rate could also prompt the RBA to bring rate cuts forward...

  15. Reserve Bank makes emergency move

    be announced until 7 April, but the coronavirus pandemic prompted the Reserve Bank board to hold an emergency meeting. The last time the Reserve Bank moved to cut rates out of cycle was in 1997. As at COB 18 March 2020, the ASX 30 Day Interbank Cash...

    • Type: Article
    • Author: Grace Ormsby
    • Category: Business

  16. Researcher calls for overhaul of Australia’s insolvency frameworks

    but unfortunately in Australia we've got this real stigma about accessing insolvency frameworks.” In a speech delivered last Tuesday (18 November), Andrew Leigh, Assistant Minister for Productivity, Competition, Charities and Treasury, said a robust,...

  17. Research reveals consumer spending preferences for holiday season

    despite the challenging economic climate. Seventy-six per cent of shoppers said they would spend more or the same as last year, indicating that SMEs should attempt to maximise their sales before shoppers begin purchasing online. Miller noted many SMEs...

  18. Research reveals big opportunity for accountants

    19 per cent of businesses in the sector using an external accountant. The Intuit Financial Fitness Startup Study, released last week, has revealed a number of industry trends that point to a great opportunity for accountants to help drive growth in...

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

  19. Reprimand for lawyer who dodged 9 tax returns

    has put arrangements in place to prevent similar lapses from reoccurring and has been compliant with his obligations for the last five years. In response, the Legal Services Commissioner said QCAT should find his explanations “insufficient” and it was...

    • Type: Article
    • Author: Naomi Neilson
    • Category: Tax

  20. Repeal ‘perverse’ rules that put super at risk, Canberra told

    Assistant Treasure Stephen Jones. At the same time, the group’s submission said proposed revisions to NALI rules, released last month, were “unacceptable” and set out a “better long-term solution”. The group, comprising CPA Australia, CA ANZ, IPA, IFPA,...

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