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External administrations hit record high in March
Small and medium businesses in construction and retail are at the highest risk of collapse, according to CreditorWatch.
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Personal insolvencies for business owners spike amid rising pressures
Recent data shows that business-related personal insolvencies have risen with the big banks remaining vigilant with court recoveries.
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Tax professionals told to watch for ‘warnings signs’ of illegal early access
The ATO says tax and super professionals play a critical role in helping address illegal early access to super.
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Broking associations hit back at payroll tax decision
The outcome of a payroll tax case by the Supreme Court of NSW sets a “dangerous precedent” and is based on “flawed” legislation, broking associations have sai...
ATO flags trust administration changes ahead of 1 July
The ATO has provided details on tax return changes for the 2023–24 year as part of the modernising trust administration project.
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Global ethics body to probe firm culture amid accounting ‘trust crisis’
The IESBA will look to tighten its code and step up its leadership role in a new three-year strategy to address recurring failures in the profession.
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ATO issues response on NALI decision by AAT
A recent tribunal decision regarding non-arm’s length income is unlikely to apply to private lending arrangements more broadly, says the ATO.
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Climate reporting bill ‘onerous and costly’ for small business: CA ANZ, CPA
Professional accounting bodies warn the government that small businesses and not-for-profits could be out of pocket up to $50,000 to prove they are exempt from new climat...
Businesses must ‘embrace internal auditors as strategic partners’
An HLB Mann Judd partner says directors gain a competitive advantage by recognising the full potential of what internal auditors can bring to their business.
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AFP busts business that allegedly washed $1bn for 1.2k tax evaders
The ongoing investigation is part of the ATO-led Serious Financial Crime Taskforce’s crackdown on false invoicing schemes.
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Small business urged to use ATO courses to learn tax, boost compliance
The government says the program is one of many initiatives that make it easier for businesses to do taxes in a bid to tackle the $50 billion collectable debt book.
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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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