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ATO primes funds, businesses for payday super rollout
Governance and error handling processes will need to be overhauled to ensure super is paid at the same time as salary and wages, a deputy commissioner has said.
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Government makes move to bolster retirement phase of super
The government announced it has committed to improving the retirement phase of the super system for all Australians with newly introduced reforms.
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SMEs in constant fear of red tape, survey reveals
The rising pressure of new regulation is fast emerging as the top concern for NSW small businesses, according to the NSW Small Business Commission.
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Practitioners cautioned on ATO’s top target areas for GST
A tax specialist has outlined three of the major GST areas on the ATO’s radar based on recent discussions.
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Business lender reports spike in credit demand from SMEs
Demand for credit among Australian small businesses has surged, with 94 per cent seeking new capital.
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AuditCover and NTAA announce strategic distribution agreement
AuditCover has revealed a new partnership with the National Tax and Accountants’ Association to give members streamlined access to tax audit insurance solutions.
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Julie Collins rejects liquidity concerns relating to super changes, family farms
The Minister says super funds should already have sufficient liquidity to meet existing or prospective liabilities in response to issues raised regarding family farms.
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Tax Office issues 8,710 DPNs over unpaid super in 2023–24
The Tax Office finalised 23,600 super guarantee cases during the 2023–24 financial year, resulting in $659 million in super guarantee charge liabilities.
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ATO issues reminder to tax agents as government phases out cheques
The Tax Office has told practitioners to ensure client bank details are included in every lodgment to help with the digital payments transition.
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Most pre-retirees in the dark on Div 296, report finds
Over 80 per cent of Australians aged 51 to 65 are unprepared for the looming tax on big super balances, according to Generation Life.
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SMEs must be aware of CGT obligations, cautions tax expert
Capital gains tax continues to be the most common tax trap for Australian small businesses due to its broad scope, a tax specialist has warned.
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Anti-money laundering bill receives green light
A Senate committee has concluded that the bill to implement changes to the anti-money laundering and counter-terrorism financing regime should be passed with minor amendm...
Government cautioned on penalty proposal for accountants’ certificates
The professional bodies have raised concerns about ASIC’s proposal to impose new penalties for the misclassification of wholesale investors by accountants.
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ASBFEO launches SME guide to help tackle debt
The Ombudsman has issued a guide to help Australian small businesses navigate the challenges of paying or collecting a debt.
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Government issues consultation to crack down on ‘dodgy business practices’
The Albanese government announced it will be banning “dodgy” business practices that continuously rip off Australians in trading practices.
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Reliance on bracket creep risks record-high income taxes
The budget is becoming increasingly reliant on bracket creep as Commonwealth revenue from fuel and excise levies decline, a report has found.
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Too soon for more promoter penalty changes: CPA Australia
Advisers still need time to adapt to reforms to the regime’s scope and penalties that kicked in just six months ago, the body has warned.
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‘Bold and broad’ inquiry reforms to restore trust in profession, says IPA
Recommendations from the consulting inquiry focused on whistleblowing, partnerships, large firms and consultants will enhance transparency and drive change across the pro...
Bendel decision could spur ‘legislative tinkering’ from government
The government may look to take matters into its own hands for tax issues relating to Division 7A and UPEs once the Bendel decision is handed down, a tax specialist has c...
Looming election to offer reprieve from regulatory uncertainty
Accountants may be spared from further reforms in 2025 with the Federal Election expected to occur by May, according to a tax expert.
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