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Business insolvencies on track to spike in 2025, data reveals
Australian business insolvencies are set to increase throughout 2025 due to renewed financial pressures.
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Businesses ill-equiped to deal with rising threat of deepfake scams
Some businesses and accountants are struggling to keep pace with emerging deceptive practices such as deepfake scams, a fraud specialist has warned.
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IGTO commences review into tax agent phone line
The Inspector-General of Taxation and Taxation Ombudsman has commenced a review into the ATO’s registered agent phone line, with around two-thirds of respondents encoun...
Ordinarily resides test continues to cause headaches, warns tax expert
The ordinarily resides test still upheld in Australia acts as more of a hindrance than guidance when determining tax residency, a tax expert has said.
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Mid-sized businesses ‘crucial’ to growth of Australian economy: MYOB
Substantial investment in research and development has seen the productivity of mid-sized businesses rise at a faster rate than larger and smaller businesses, according t...
Tax Office to issue penalties for overdue TPARs from 22 March
The ATO has warned businesses to lodge their overdue taxable payments annual reports after issuing millions of dollars in penalties in previous years.
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CPA urges government to scrap proposed extension of tax secrecy exceptions
The professional body has said the government’s proposal to extend tax regulator secrecy exemptions could jeopardise the tax system’s integrity.
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ATO reveals further details about monthly GST reporting push
A change to monthly GST reporting cycles for businesses that have fallen behind on obligations will remain in place for a minimum of 12 months, the ATO has said.
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Accountants now captured in LMI waiver expansion: NAB
The big four bank has revealed the expansion of waiving lenders mortgage insurance to include accountants in a “game-changing” move.
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ATO issues draft determination on dodgy circular financing schemes
The Tax Office will look to apply the anti-avoidance provisions to schemes that exploit the early-stage investor tax offset, the ATO has warned.
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CA ANZ receives ‘tick of approval’ for Professional Standards Scheme
The professional accounting body has received approval for its new Professional Standards Scheme.
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Independent MPs push for indexation on tax brackets
Crossbench MPs are calling on the government to commit to indexing income tax brackets ahead of the looming election.
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Government expands dispute resolution service for small business
Small businesses can now access low-cost legal advice as part of the government’s funding and commitment to “levelling the SME playing field.”
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ATO to cease issuing statements on GIC
The Tax Office will stop issuing automated statement of accounts when the only transaction on an account is a general interest charge.
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ATO releases decision impact statement on anti-avoidance decision
The ATO says the Mylan decision does not disturb its view that Part IVA may apply to debt push-down schemes in some circumstances.
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GST fraudsters handed jail time in Operation Protego investigation
Two fraudsters have been slapped with two years each behind bars as part of the ATO-led Operation Protego investigation.
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Bankruptcy dips as personal insolvency solutions surge, data reveals
Personal insolvency agreements are gaining traction as an effective debt management solution as businesses continue tackling economic hurdles.
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Accounting Conference and Expo returns for a second year in 2025
Following a successful flagship forum last year, the ACE25 Accounting Conference and Exhibition is back for a second year in 2025.
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Tax Office issues warning about dodgy NFP tax avoidance schemes
The ATO has seen a resurgence in tax schemes that exploit NFP structures to avoid tax.
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Accountants are facing AML scrutiny – are you prepared?
Accountants are prime targets for regulators cracking down on financial crime, and soon, Australia’s compliance landscape will change dramatically.
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