Tax

ATO interest charges soar to highest level since GFC

The general and shortfall rates for late tax payments rise for the eighth quarter in a row.

14 September 2023 • By Philip King

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Business

Tassie firm aspires to become the ‘Xero of carbon accounting’

Software start-up Sumday is helping accountants from suburban practices to big four firms grapple with tallying their...

13 September 2023 • By Christine Chen

Business

‘No appetite for action’: ASIC response to audit breaches under fire

A poorly resourced regulator and a lack of oversight over parts of the audit profession is enabling misconduct to...

13 September 2023 • By Miranda Brownlee

Tax

Division 7A loans a looming crisis, accountants warned

Accountants must proactively address their clients’ Division 7A loans with the interest rate jumping 73 per cent this...

13 September 2023 • By Miranda Brownlee

Tax

Accounting software subs eligible for 20% bonus deduction

The ATO specifies ongoing subscriptions for accounting programs as qualifying for the technology investment boost.

12 September 2023 • By Philip King

Regulation

CA ANZ defends business structure of big 4

The accounting body cautions against imposing restrictions on the use of particular business structures by large...

12 September 2023 • By Miranda Brownlee

Business

Revise standard contracts or risk millions in fines, ACCC warns

Unfair terms will be prohibited from November under changes to consumer law.

12 September 2023 • By Philip King

Technology

Mid-tier firm launches investor starter pack

Hmh Advisory targets those who want guidance before committing to a full financial advice service.

12 September 2023 • By Keeli Cambourne

Tax

Side hustles run from home can trigger CGT, tax lawyer warns

Conducting a business at your main residence imperils the levy exemption when the house is sold.

11 September 2023 • By Miranda Brownlee

Regulation

Specialist body aims to codify ‘pre-insolvency void’

The Association for Business Restructuring & Turnaround launches this week with the goal of setting standards and...

11 September 2023 • By Philip King

Tax

Tax debts ‘at double pre-pandemic levels, $1m common’

More businesses have tax liabilities and interest charges mount up quickly, specialist ATO negotiator Olga Koskie says.

11 September 2023 • By Philip King

Business

Finance firms ‘should put out welcome mat for female interns’

If female school or university students volunteer for work experience in finance, organisations have a “duty” to offer...

11 September 2023 • By Malavika Santhebennur

Regulation

Tassie aged care operator forced to backpay staff $6.9m

More than 1,700 staff were short-changed over a seven-year period, with some now entitled to $100,000 or more.

11 September 2023 • By Philip King

Tax

ATO strikes without warning in harder line on debt

Enforcement action without warning is an unmistakeable sign that the ATO has adopted a tougher line on debt recovery,...

08 September 2023 • By Philip King

Super

ASIC takes legal action against AustralianSuper

The regulator alleges the largest superannuation failed to address multiple member accounts.

08 September 2023 • By Keeli Cambourne

Regulation

ATO takes gloves off to chase down $4bn in long-term debt

Tighter payment plans and an end to interest and penalty remissions are just part of a tougher stance, a deputy...

08 September 2023 • By Christine Chen

Business

How to navigate the tricky territory of customer credit

A well-designed process will ensure the right checks are in place at every step, from onboarding to payment.

08 September 2023 • By Patrick Coghlan

Tax

How Victoria sows uncertainty with land Windfall Gains Tax

In operation since July, the levy on uplift from rezoning adds another layer of cost and complexity to land...

08 September 2023 • By Jeremy Makowski