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  1. NSW expands JobSaver as lockdown is extended

    state, all businesses in this state, can get the support they need to the other side stronger. “We have done this over the last 18 months and we will do it again. “Finally, my message to the people of New South Wales is, yes, it is difficult, the...

  2. ‘Record low’ insolvencies masking failed businesses

    according to a new report. Specialist insolvency firm Dissolve released the results of its latest Business Stress Report last week, which showed that formal insolvencies among Australian firms are down by 49 per cent compared with the same period last...

  3. Lockdowns to force economy into reverse, says Business Council

    they are for longer than 100 days, the Australian economy could plummet to productivity lows recorded through the worst of last year’s recession. Business Council chief executive Jennifer Westacott said that, while vaccination “remains our best...

  4. ‘Give us a fair go’: Practitioners left scratching their heads over ASIC’s latest estimated industry funding levy

    and not fit for purpose”. ASIC released its latest cost recovery implementation statement for the 2021 financial year last week which shows that costs allocated by the corporate regulator to the advice sector have soared by more than $16 million, up...

  5. Investor confidence stands up despite recent lockdowns

    confidence has yet to dim, even as sustained lockdowns renew economic concern. “While we saw a wobble in confidence levels last year, it has now rebounded despite economic uncertainty in parts of the country with continued lockdowns,” Mr Ghandar said....

  6. ‘Danger of slipping through the cracks’: Perrottet demands return of JobKeeper

    months ahead”. Mr Frydenberg’s firm opposition of the wage subsidy’s return was backed by Prime Minister Scott Morrison, who last week insisted that there was no time to implement a system to deliver emergency payments to individuals who need it now....

  7. New partner intake takes yearly total to record high: BDO

    The mid-tier firm welcomed 10 new partners to its leadership last week, in addition to the 15 appointed to the partnership in February, bringing its financial year partner intake to 25 — the largest in the history of the firm. BDO Australia on Friday...

  8. Inheritance tax could address questions of financial inequality: The Tax Institute

    against younger Australians being able to get a fair financial start is redressed, says one tax expert. The Tax Institute last week published a 287-page report called the Case for Change, which identifies the elements of the Australian tax mix that are...

  9. PwC to fast-track pay rises, expand bonuses amid war for talent

    which is coming to a boil. The demand for accounting professionals has been felt by Canberra, with the federal government last month adding five accounting occupations to its Priority Migration Skilled Occupation List in a bid to attract overseas...

  10. No time for JobKeeper, says Prime Minister

    his decision not to return to JobKeeper as pressure mounts from local and state government leaders. “I’m not trying to solve last year’s problem,” said Mr Morrison on Wednesday. “I’m trying to solve the issues and provide economic supports directly to...

  11. MYOB unveils GreatSoft in its product range

    practice management software to medium to large accounting firms. MYOB signalled its intent to acquire GreatSoft in October last year, sparking a review by the Australian Competition and Consumer Commission (ACCC) that revealed concerns over potential...

  12. Accountants in despair over NSW business grant administration

    turnover test, reliving concerns over the cash versus accruals debate that surfaced at the height of the JobKeeper program last year. Service NSW states that the “Australian Taxation Office goods and services tax (GST) concept will be applied when...

  13. Pandemic delivers rewards to 40% of middle-market businesses

    the pandemic imposed major challenges on some Australian businesses, new research shows that confidence has risen over the last 12 months, as business leaders shifted their focus from consumer preferences to digitisation and digital marketing. Pitcher...

  14. Law firm poaches tax partner from MinterEllison

    to add to its fast-growing tax controversy practice, which had acquired the services of former EY partner Sue Williamson last September. “Our tax disputes team is a highly specialised team of lawyers with unparalleled experience assisting clients manage...

  15. Accountants relied on heavily as NSW opens COVID-19 grant program

    from 26 July, with eligibility requirements expected to be published this week. Announced by Prime Minister Scott Morrison last week, the JobSaver initiative will provide businesses between $1,000 and $10,000 a week to help them retain employees....

  16. Tax compliance blows out to $50bn, distrust grows

    suggests it costs $50 billion a year to comply with as a result of needless complexity, and mounting distrust. Released last week, the Case for Change is a 287-page report that points to the most burdensome areas of Australia’s tax system, and how each...

  17. Accountants champing at the bit to unlock NSW support payments

    Scott Morrison said it was modelled on the cash flow boost that was introduced at the start of the COVID-19 pandemic last year, which saw $35.5 billion paid out to over 800,000 businesses. However, unlike the cash flow boost, the new measure will be...

  18. Frydenberg says Labor ‘cannot be trusted’ on tax cuts

    does. “Labor has opposed our legislated income tax cuts every step of the way and took $387 billion of higher taxes to the last election.” Mr Frydenberg’s comments follow reports of Labor Party support for the stage 3 income tax cuts, which are...

  19. Consumer sentiment plummets in NSW as other states stand firm: Westpac

    out into other states, in contrast to similar conditions seen under similar lockdown conditions in Victoria through August last year. The Westpac-Melbourne Institute Index of Consumer Sentiment rose by 1.5 per cent to 108.8 in July, up from 107.2 in...

  20. Tax audit claim stats all accountants in Australia will want to know

    financial year. This has placed BAS Audits and Reviews into the number one position of all audit categories over the last 12 months. This is interesting because prior to the 2020-2021 financial year, BAS Audits and Reviews had remained steady since 2018...

    • Type: Article
    • Author: Rod Spicer & Roman Kaczynski
    • Category: Tax