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Accounting firm, related party to pay $26m for ‘usurping’ client investment
Mulcahy and Co breached confidentiality and fiduciary obligations by using confidential client information to capitalise on an investment opportunity.
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Restaurant operators hit with $4m in penalties for underpaying staff
Former operators of three Taiwanese restaurants have been issued $4 million in penalties after “deliberately and systematically” underpaying staff.
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Australian accounting firm held to ransom by Hunters International
A ransomware group has claimed to have exfiltrated data from a Sydney-based accounting firm.
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AAT reinstates liquidator’s registration with conditions
The tribunal has determined that a liquidator’s registration should be reinstated in a recent decision.
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Findex announces partnership with investment firm
The advisory and accounting firm has formed a new partnership with Mercury Capital to expand its services.
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‘Gift and loan back’ arrangement ruled invalid by Federal Court
The Federal Court has found that representations made about an arrangement promoted as a Vestey Trust were false and misleading.
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Cost of tax debt ‘to soar in 2025’, CA ANZ warns
Changes to the deductibility of the general interest charge and shortfall interest charge may see the ATO holding a larger proportion of unrecoverable debt.
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Positive signs for retail and construction in latest business survey
Business conditions fell slightly in March but there are signs of improvement in both the retail and construction sectors, NAB has said.
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Small business productivity slipping below pre-COVID levels
Small business labour productivity is managing to keep pace with big businesses but remains below pre-pandemic output, Xero data has revealed.
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ASIC unveils plans to ramp up surveillance on auditor independence
The corporate regulator plans to undertake a review of auditor compliance across key systemic requirements in 2024–25.
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Service station enters enforceable undertaking over $2.3m in unpaid leave
The South Australian employer will back pay or credit $2.3 million in annual leave entitlements to staff following a Fair Work Ombudsman investigation.
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Victorian cities rank highest as best location for start-ups
A recent study has revealed that regional cities in Victoria have been ranked as some of the best locations to start a business.
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Draft legislation to provide tax relief for certain lump sum payments
The draft legislation will exempt eligible lump sum payments in arrears from the Medicare Levy where they are received by low-income taxpayers.
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ATO graduate program for 2025 closing soon
The ATO is on the hunt for accounting, law, finance and commerce graduates for its 2025 graduate program.
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ATO issues alert on false invoicing arrangements
Businesses using illegal financing arrangements have been put on notice with the Serious Financial Crime Taskforce using improved analytics capabilities to identify these...
First-ever accounting conference and expo launches
Accountants Daily will host its inaugural ACE24 Accountants Daily Conference and Exhibition, where the ATO and other accounting specialists will share deep insights.
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Government warns taxpayers again of myGov ATO scams
Fraudsters are still sending bogus messages to gain access to personal information and illegally claiming tax refunds, the government says.
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William Buck director fined $20.6k over audit independence concerns
Nicholas Benbow is the first auditor ASIC has fined over allegedly breaking five-year rotation requirements for listed companies.
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ATO urges NFPs to start preparing for new reporting requirement
The ATO has warned the 150,000 not-for-profits who currently self-assess as income tax exempt to get ready for their annual self-review return.
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Big 4 partners, directors jump ship as mid-tier demand surges
Partners and directors from EY and Deloitte have moved to BDO and RSM in a flurry of recent appointment activity.
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