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  1. 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)...

  2. 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...

  3. 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...

  4. 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...

  5. 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

  6. 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,...

  7. 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...

  8. 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

  9. 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

  10. 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,...

  11. Remove the 5 IT roadblocks to success

    by overcoming these key information management challenges. The transformation of the accounting industry over the last decade has illustrated the importance of being innovative if firms are to remain profitable in changing markets. Disruptions have been...

  12. Remote working motivates almost 50% to plan a tree change

    away from the office they had become comfortable with the possibility of living away from their employer’s base. “The last few years have given some employees the confidence that remote work is viable for them,” said Ms Baullo. “This has opened up a...

  13. Remote access scams jump by 184%: ACCC

    The increase in such scams has resulted in more than $7.2 million being stolen this year, a 184 per cent increase from last year. Almost 6,500 individuals have now reported such scams, which see scammers attempt to convince victims to download software...

  14. Remember, ongoing career planning is vital

    life. One of the first activities whenever you take on career planning is spend time mapping out your career path since the last time you did any sort of planning. While you should not dwell on your past, taking the time to review and reflect on the...

  15. Relief in sight after ATO’s massive tech failure

    systems, such as the Tax Agent Portal and the BAS Agent Portal, is looking more promising for accounting professionals. Late last year, the ATO experienced significant issues with its online systems, resulting in major outages across its key portals for...

  16. Relief for SMEs with ATO deadline extension

    it is willing to work with all superannuation sector participants, including employers, to deliver the best outcome." Late last week, MYOB research indicated that as many as one third of Australian SMEs were running the risk of not complying with the...

  17. Relief for accountants as ATO extends SMSF lodgement deadline

    is set to be released today to confirm the change. This is the second year in a row the deadline has been extended. As with last year’s extension, the ATO acknowledges professionals may need more time to cope with significant legislative and regulatory...

  18. Reliance on bracket creep risks record-high income taxes

    tax receipts, meant that income tax would eventually make up almost half of total tax revenue, approaching historical highs last seen in the mid-1980s. The report by the PBO, released Thursday (15 November), warned that “unless other sources of revenue...

  19. Rein in ‘enormous’ big 4 partnerships, small firms urge

    are limited to 50 people, and legal partnerships are capped at 400. Witnesses previously told the committee during hearings last year that the model, which was outside the scope of the Corporations Act, meant the firms could operate with “absolutely no...

  20. Regulator not afraid of AML enforcement

    banks have shown, AUSTRAC will really want to see that the board is taking this issue seriously”. Don’t rely on consultants last-minute – Demand for compliance advisers will skyrocket as deadlines approach so “get the right advice early in the piece”....

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