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  1. New assistant treasurer and super, financial services minister appointed

    has appointed Michael Sukkar as Assistant Treasurer, taking over from Stuart Robert who had been in the role since August last year. Mr Sukkar has also been appointed as Minister for Housing. Mr Morrison said that Mr Sukkar would have particular...

    • Type: Article
    • Author: Reporter
    • Category: Super

  2. ATO rolls out agent, client visits on Sunshine Coast and Victoria

    of your processes and what the drivers are behind what we're seeing,” said ATO assistant commissioner Colin Walker late last year. “Again, you shouldn’t be worried about this – it is about ensuring we understand how you operate, we understand your...

  3. ‘Very handy’: ATO provides guidance on client STP reporting status

    reporting status of their clients, with the profession called to ramp up preparation ahead of the impending start date. Last week, the ATO sent out an email to tax and BAS agents with a list of clients who lodged a payment summary annual report for...

  4. Bowen withdraws from Labor leadership contest

    of the process and the delay for the start of a new leader,” said Mr Bowen on Wednesday at a press conference. “Over the last 48 hours I’ve been on the phone to colleagues. I’ve been very pleased with the response. It’s clear to me that I would have...

  5. More proof that a pay rise is on the cards for accountants

    of employers will increase their accountancy staff salaries in their next review, up from 87 per cent who did so in their last review. While this puts accountants ahead of their other white-collar counterparts, Hays notes that the pay increases may not...

    • Type: Article
    • Author: Reporter
    • Category: Business

  6. How accountants beat the polls this federal election

    before the election, most major national polls had Labor ahead 51-49 on the two-party preferred vote. However, since March last year, when shadow treasurer Chris Bowen announced contentious changes to the franking credits system, accountants have been...

    • Type: Article
    • Author: Reporter
    • Category: Business

  7. Hope for delayed tax cuts with new ATO commitment

    despite the possible delays. “Let me be very clear: the tax relief promised in the budget will be delivered. As you know, in last year’s budget we announced a tax offset of $530. That will be available from 1 July, and that is already legislated,” Mr...

  8. Albanese concedes franking credit rethink

    entirety,” Mr Bowen said. “But no political party ever takes to the next election exactly the same policies they took to the last. That would be dumb. They all have to be reviewed. It’s a blank canvas. We start again with new policies, collectively.”...

  9. Accounting education panned as firms look to hire outside profession

    different skill sets within their practice.” The accounting education landscape has attracted a lot of attention over the last few years, with universities conceding that a typical three-year undergraduate program is insufficient in ensuring graduates...

  10. 9 in 10 accounting firms set to deliver a minor pay rise

    of employers will increase their accountancy staff salaries in their next review, up from 87 per cent who did so in their last review. However, 65 per cent of employers were looking to raises salaries at just 3 per cent or less, with only 4 per cent of...

  11. Chris Bowen announces leadership bid, promises policy ‘blank canvas’

    election in its entirety. “But no political party ever takes to the next election exactly the same policies they took to the last. That would be dumb. They all have to be reviewed. It’s a blank canvas. We start again with new policies, collectively.”...

  12. Profession waits on over 80 announced and unenacted tax measures

    “We obviously have to wait for the writs to be returned and there is a formal process for that,” Mr Morrison told Sky News last night. “At the moment, it is not looking like until the back end of June.” Enacted measures for 1 July 2019 While...

  13. AAT dismisses taxpayer’s residency dispute

    leave to appeal the decision to the High Court of Australia. PwC, who is now currently acting on behalf of the taxpayer, had last week published a memo noting that the ATO has used new figures to support its appeal, noting that it conducted 18,350...

  14. Cap on deductibility of accountants’ fees off the table as Liberals hold government

    been able to save a deposit of at least 5 per cent. Superannuation Mr Morrison committed to no new taxes on superannuation last month. However, it’s unclear how long this guarantee is in place for. The Liberal Party will again move to have six-member...

  15. Are you ready for tax time?

    for; Have you set up for Single Touch Payroll, which comes into effect from 1 July, 2019 for small businesses? Ensure that last minute tax planning opportunities have been implemented, including writing off potentially deductible bad debts, deferring...

  16. Admin penalties for super contraventions to spike under Labor

    trustees will receive higher administrative penalties in the event of a contravention. The Labor Party’s costings, released last week, shows the opposition intends to increase penalty units from $210 to $300. Labor projects this will raise $53 million...

  17. Top policies and promises of the 2019 federal election

    April and run to 30 June 2020. This has already been passed by the parliament. As part of the release of its policy costings last week, the federal opposition unveild plans to make the instant asset write-off for SMEs permanent. Further, a new measure...

  18. Xero records cash and subscriber wins; net loss widens

    profitability,” Mr Vamos said. However, Xero’s net loss for the year increased to $27.1 million, up from $24.9 million last year. The company put this down to impairments in the first half of the year. Looking to FY19–20, Mr Vamos circled accountants...

    • Type: Article
    • Author: Reporter
    • Category: Business

  19. Top tips for selling an accounting practice

    buyers waiting. Mark Attard of Xcllusive Business Sales has been selling accounting practices Australia-wide for the last 10 years and is more than happy to answer any questions you may have. Mark can be contacted 02 9817 3331 or email...

    • Type: Article
    • Author: AustralianBiz
    • Category: Business

  20. Tax deductions flagged for super in lead-up to EOFY

    and the rule has been scrapped since 1 July 2017. With Labor planning to reintroduce the 10 per cent rule, this may be the last financial year that those predominately earning their income from employment would be able to use this strategy. Additional...

    • Type: Article
    • Author: Reporter
    • Category: Super
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