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SMSFs ‘outperform big super funds by record margin’
The investment strategies of APRA funds struggled to cope with the 2021–22 market downturn, Adelaide University research finds.
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Operators, accountant of Chapel Street bars fined $137k
La La Bar Group’s records were “grossly inadequate” but its director and manager showed no contrition or remorse for its conduct, a judge says.
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Bracket creep hands top earners biggest tax breaks, survey finds
A co-director of the latest HILDA survey says the government must go further than stage 3 cuts to lower the average tax rates of low and middle-income earners.
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Business conditions worse before they get better: CreditorWatch
A drop in invoice values and a rise in defaults point to a challenging year ahead, says the credit bureau’s latest data.
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Kloud Connect announces strategic merger with data analytics firm
The merger will deliver more advanced data analytics through Kloud Connect’s practice management software for accountants.
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Audit office damns ATO safeguards in wake of $2bn GST fraud
The Tax Office lacked the ability to respond to the widespread fake GST claims uncovered in late 2021, the Australian National Audit Office finds.
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Super ‘must abandon nest egg mindset, focus on income’
Reduced complexity, better access to advice and a rounded approach to supporting retirees are essential as the population ages, says the Actuaries Institute.
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Consulting inquiry grills KPMG over cultural practices
Responses provided by KPMG in relation to power mapping practices reflect a lack of cultural change since its exam cheating scandal, senators say.
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Pressure mounts on government to curb negative gearing, CGT
The tax reform debate turns from stage 3 cuts to the concessions available for property investors ahead of the federal budget.
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ATO expands employment tax crackdown through random audits
The novel tactic involves “all-encompassing” reviews of businesses’ PAYG, FBT and superannuation obligations, mid-tier firm Grant Thornton says.
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Resort developer gets 10-year sentence for $15m tax fraud
Long-running ATO case dating back to the early noughties ends in jail term for conspirator who fled overseas.
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Stage 3 tax cuts divide accountants
CA ANZ members disagree on whether they will add to inflation and be good for the economy, a survey finds.
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‘No confidence’ in PwC’s ethics, senators say
Members of the inquiry into consulting services doubt the firm's ability to reform due to its refusal to share crucial details about the tax leaks scandal.
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Government commits $41m to power SME energy relief
Businesses will be able to apply for grants of up to $25,000 to switch to more efficient equipment, saving on energy bills and reducing emissions.
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IPA raises transparency concerns with government grants for business
A large majority of business grants are awarded through non-competitive processes, contrary to government guidelines, new research reveals.
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Tax debt linked to family violence, research finds
Almost 60 per cent of women who received help at UNSW’s pro bono clinic said they experienced abuse.
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ATO, bank debt crusade triggers 133% jump in court wind-ups
Business insolvencies surge as debtors end their COVID-19 era leniency.
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Inflation erodes employee confidence, but bosses upbeat
Confidence about the economy soars among employers while workers struggle with cost-of-living pressures, survey finds.
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Apple Pay outpaces Afterpay in digital payments race
High awareness of buy-now-pay-later services fails to translate into user growth.
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CA ANZ triples member ethics training, mandates annual pledge
The professional body has outlined 14 actions and recommendations for members, firms and the government to rebuild public trust in the accounting profession.
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