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  1. Insolvency drought about to break

    towards normalisation – although there’s still some way to go,” said Insolvency Australia director Gareth Gammon. “The last couple of years has been one of limbo for our sector (although others might have a stronger term to describe it) – but various...

  2. Play by the rules for June returns

    R&D expenditure thresholds and certain integrity measures. Amendments to the offshore banking unit regime became law last September, removing the concessional tax treatment for OBUs for offshore banking activities from the 2023-24 income year. The...

  3. A turning point for transfer pricing?

    organisation holds a solid transfer pricing (TP) position based on the environment they forecast. But that was before the last two years changed everything. COVID changed the way the world did business and global shocks since, such as the Russia-Ukraine...

  4. Use data prefills or raise a red flag, ATO warns

    through third-party sources such as employers, financial institutions, private health funds and government agencies. Last year the ATO amended over 400,000 individual tax returns by using data that was available through the prefill service but was...

  5. Accountants Direct signs up Annature

    in shares or property. The partnership with Accountants Direct comes after Annature achieved 500 per cent growth in the last financial year. Launched in 2020 Annature has seen exponential growth since then. Its technology is compliant with in-country...

  6. Free Mental Health Training for Advisers of Small Businesses

    their business adviser, there is growing recognition among these high-trust advisers who often have client relationships lasting many years, that this level of information sharing is bringing them into new territory” says Professor George Tanewski, from...

    • Type: Article
    • Author: Deakin University
    • Category: Business

  7. Accountants chase pay rises above 6%

    this week, found 91 per cent of accountancy employers will increase salaries in their next review, up from 74 per cent last year, with skills shortages creating a “once-in-a-career market”. “Intense competition for skilled professionals will translate...

  8. Why Other Professions Bill More than Accounting

    a service is a late bloomer. That’s also why accountants keep taking those ‘quick calls’. Think about lawyers. When was the last time you squeezed in an unbilled ‘quick call’ with a lawyer? Every minute is scheduled, every conversation is billed—it’s...

    • Type: Article
    • Author: Change GPS
    • Category: Business

  9. 100A blue zone could be scrapped, says ATO

    and we’ll be testing how the guidance works.” Mr Ryan confirmed LinkedIn posts by ATO deputy commissioner Louise Clarke last week that a short interim guide would be available soon to help tax agents finalise trust arrangements for this financial year....

  10. Clean data vital for business stress tests

    their financial history was also important. “We did tax planning yesterday and showed a client they’d spent $80,000 on fuel last year and they’d spent $120,000 on fuel so far this year,” Mr Robinson said. “They were shocked.” He said the end of the...

  11. Tax-time scammers ‘getting more sophisticated’

    said one cyber security expert. Stephen Kho of security software operation Avast said one example flagged by the ATO last week was typical of tax time fraud. It involved fake emails that purported to offer tax return lodgement receipts and asked...

  12. Make investments for art’s sake

    out by statistics that show the average price of artworks traded in Australia on the primary market has decreased in the last decade, the number of artworks being offered for sale has increased and the proportion of unsold works has also increased. The...

  13. The skill drought dilemma: Pay up, or lose staff

    was a problem right across businesses, including accountancies, because they had little experience dealing with it. With the last sustained high-inflation period back in the 90s, “it’s a huge challenge for many business owners, not just small business...

  14. Skill drought forces accountancy to trial four-day week

    skill drought. “The intention was to have a happy team and have a great culture here, but as we’ve moved along, even in the last three to four months the labour shortage has gotten much worse and we’re really struggling,” said Ms Holden. “We can’t...

  15. Deadline looms for change to profit split rules

    service practices, will need to understand their risk profile under Practical Compliance Guideline 2021/4, released last December. It outlines the ATO’s approach to the allocation of profits or income from professional firms in the assessable income of...

  16. “SMSF Investment Strategies, don’t get caught in the middle!”

    webinar when we first ran it in May, that we will be revisiting the topic of SMSF Investment Strategies so if you missed out last time, here’s your chance to get up to speed with the ATO’s latest guidelines. DATE: Wednesday 13th July TIME: 2pm AEST...

    • Type: Article
    • Author: MyWorkpapers
    • Category: Business

  17. NSW property tax reform to cost $729m 

    duty was introduced to NSW in 1865 and it’s showing its age as an outdated tax which has stifled the property market in the last few decades.” In late 2021 Mr Perrottet outlined his views on stamp duty at a budget estimates hearing. “Stamp duty...

  18. ATO takes aim at ‘reckless’ claims of legal privilege

    that all other relevant documents have been provided,” Ms Saint said. Following the publication of a draft protocol last September, the ATO consulted with government agencies, the Big Four accounting firms and professional bodies including the Law...

  19. Profit-splitting professionals ‘in the dark’ over revised tests

    the ATO would choose to cast its compliance net after publishing PCG 2021/4, on the allocation of professional firm profits, last December. “Many professionals will still be unaware of these guidelines or at least unclear on whether, or in what way, the...

  20. APS adds myprosperity portal

    ahead in August and marks just the latest acquisition for the Access Group after it began expanding in the Asia Pacific last year. Reckon retains its business and legal divisions following the sale.

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