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ATO Faces Criticism Over Agent Linking Process

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Several accounting bodies are urging the Australian Tax Office (ATO) to amend the new tax agent linking system. The process was earlier targeted at major public and multinational enterprises with sizable in-house accounting services but will soon be rolled out for small businesses. The ATO has criticised its design as…

Labour Market Woes Far from Over

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According to the Australian Bureau of Statistics (ABS), there was a slight decline in job vacancies in November 2022. Vacancies fell by 23,000, or 5%, from August, leaving a shortfall of 444,000. This also represents an 8% fall in job vacancies from the peak reached in May 2022. The latest…

Audit Shield claims activity across Australia Jul – Dec 2022

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The Accountancy Insurance Claims Department continues to be busy processing claims from client accounting firms across Australia. The five most common audit activity areas 1 July 2022 – 31 December 2022 were: > Payroll Tax (All States) > Employer Obligations (PAYG/SG/FBT) > Income Tax (WRE) > BAS (Pre & Post…

35 Businesses Raided By ATO For Tax Avoidance

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The Australian Tax Office (ATO), in conjunction with the Australian Federal Police (AFP), has raided 35 business premises in Tasmania, New South Wales, Queensland, Victoria, and Western Australia that have allegedly supplied and utilised electronic sales suppression tools (ESST). The raids, dubbed Operation Flutter, were part of a global effort…

FTX Collapse and The Consequences for Investors

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The next few years are expected to take their toll on an estimated 30,000 Australian crypto investors that utilised the now failed cryptocurrency platform, FTX. The Australian arm of the platform has now been placed under voluntary administration with KordaMentha who are attempting to return funds to creditors, but warn…

Over A Million Directors Risk ATO $13,000 Fine

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30 November has been set as the deadline for all directors of companies to apply for a director ID. This process is free of charge and available to all directors both within Australia and overseas. Directors may apply for their director ID through their myGovID online account and will be…

Business Insolvency Predicted To Rise

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Insolvency Australia is reporting that an increasing number of SME businesses are entering unchartered waters that could lead to more corporate and personal insolvencies. IA Director, Gareth Gammon, said that whether or not the country goes into a recession, the economic outlook and a resumption of debt collection efforts by…

NAB Predicts Economic Slowdown

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National Australia Bank (NAB) released its Forward View report, forecasting that economic growth was likely to slow down to less than 1% over the next two years. According to the report’s findings, the economy is expected to grow by just 0.8% in 2023 and a marginally better 0.9% in 2024.…

Corporate Tax Revenues Hit All-Time High

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According to the Corporate Tax Transparency report for 2020-21 issued by the Australian Tax Office (ATO), corporate entities paid an impressive $68.6 billion in income tax. This is $11.4 billion more than was recorded in the previous financial year and the highest-ever tax collection. The report found that this record-high…

Inflation Hits 32-Year High

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The Australian Bureau of Statistics (ABS) has announced that consumer prices rose by 1.8% during the September quarter, resulting in inflation reaching a 32-year high of 7.3%. This rise is much faster than had been anticipated for the third quarter and has raised fears that the Reserve Bank of Australia…