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  1. Partner profits reach record highs in 2020

    a result of payment refusal and invoicing errors. Lock-up days remained stable at 76 days, consistent with previous years. Last year also saw increased investment in technology; in part, to facilitate remote working, according to the report, but also to...

  2. Could e-invoicing lead to an ATO automated BAS?

    e-invoicing could soon take on a tax compliance role in the future. Tax Office commissioner Chris Jordan notably flagged last year that the ATO could soon be automating business activity statements (BAS) by tapping into a business’s natural systems,...

  3. Mid-tier appoints new director

    A PKF veteran has been elevated to expand his ownership into the firm’s business advisory team in Sydney and Newcastle. PKF last week announced the promotion of business advisory expert Chad Russell to director of the firm’s business advisory team in...

  4. Government backs off from new aged care tax

    tax as calls to abandon the royal commission’s recommendation widen. The aged care royal commission final report released last Monday had called for a new levy to fund an overhaul of the beleaguered sector, with both commissioners presenting cases for a...

  5. Post-JobKeeper support to be announced ‘within days’

    at other measures. “We’re still finalising those details, but it’s a matter of days.” The announcement follows an appeal last month to the federal government from the Australian Tourism Industry Council (ATIC), Australia’s peak tourism industry body,...

  6. Get a head start on tax planning in 2021

    are grappling with a vastly changed operating environment as a result of the COVID-19 pandemic that unfolded this time last year. While this month marks the anniversary of mass change for the accounting industry, it’s also a moment to reflect on the...

    • Type: Article
    • Author: Intuit Quickbooks
    • Category: Tax
  7. Stay on top of BAS planning in 2021

    are grappling with a vastly changed operating environment as a result of the COVID-19 pandemic that unfolded this time last year. While this month marks the anniversary of mass change for the accounting industry, it’s also a moment to reflect on the...

    • Type: Article
    • Author: Intuit QuickBooks
    • Category: Regulation
  8. ATO circles privately owned and wealthy groups as audits heat up

    Ortner said the ATO will likely look to bide their time to collect revenue again in the coming months. “Certainly over the last 12 months, you all may have the experience that the ATO has deferred disputes in light of COVID,” he said. “So they are...

  9. ATO discriminates against professionals and medical practitioners

    doctors, financial planners and accountants are being targeted over how they manage their taxation affairs. The ATO last week released Draft Practical Compliance Guideline PCG 2021/D2 in relation to the allocation of profits for professional firms and...

    • Type: Article
    • Author: David Montani, Nexia Australia
    • Category: Regulation
  10. False lodgement declarations see tax agent terminated

    numbers had been identified as an ongoing area of concern with the ATO and the TPB, with 74 tax practitioners singled out last year over such misuse. Instances where an SMSF annual return has been lodged prior to an audit being finalised is understood...

  11. SME loan scheme expansion only addresses symptoms: CPA Australia

    careers, there’s no longer-term objective here.” She believes the government should act on a recommendation put forward last year by the accounting, bookkeeping and small business bodies for a professional advice subsidy for small businesses. The...

  12. The quiet achievers that went beyond the books during COVID-19

    first lockdown. “You’ve got restaurants, cafés, market stalls, tourism operators, all completely shut down overnight… so the last thing you’re going to do is say, ‘Oh, here’s an engagement letter for coronavirus stuff’.” In July, at the halfway point of...

    • Type: Article
    • Author: John Jeffreys, Tax & Super Australia
    • Category: Business
  13. Company denied cash flow boost under ‘discriminatory and counterintuitive’ rule

    tax notice requirement. She pointed to how the top professional accounting bodies had raised the issue with the Treasury last year, but it failed to be considered by the department. “It is not enough to demonstrate business activity before 12 March,” Ms...

  14. Bankruptcy trustee referred to disciplinary committee

    committee after he was issued with a show cause notice by the Inspector-General’s delegate, Tim Cole, in December last year. A disciplinary committee will soon convene under Part 2, Schedule 2 of the Bankruptcy Act to decide whether Mr Moore’s...

  15. Federal Court imposes orders on SMSF accountant

    and other letters be sent to client addresses from expired driver’s licenses. ASIC then turned to the Federal Court late last year to direct her to comply with the enforceable undertaking, with Ms Thorne now agreeing to do so. The court also ordered Ms...

  16. ‘Cyber reality check’: COVID-19 sees a rise in data breaches

    year, with malicious hacking increasing by 91 per cent while accidental disclosures by staff rose almost 60 per cent. Last year emerged as an unprecedented digital test for businesses, Mr Fouche said, as industries and governments were forced to make...

  17. Treasury reveals director ID regime details

    a unique director identification number as the Treasury reveals more details on the incoming program. Laws passed in June last year will soon see new and current directors required to apply for a director identification number (director ID) which they...

  18. Treasurer sends warning to premiers as JobKeeper ends

    for premiers to “think twice” before closing borders echoed similar advice offered by Prime Minister Scott Morrison, who last week suggested premiers heed the economic risks posed by such measures. The Morrison government’s $90 billion JobKeeper...

  19. ‘A strong acknowledgment’: Australians give accountants vote of confidence

    trust level in their tax practitioner, on par with figures from the year before. The survey, which was conducted in November last year, also found that two out of three rated their experience with their tax practitioner as excellent. CPA Australia...

  20. EY reveals new chief executive

    strategy and transactions managing partner in 2016. He has been a member of the EY Oceania Executive Leadership Team for the last five years and has been an active member of a number of Asia-Pacific and global leadership committees within the firm. “We...