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ASIC Offers Relief to Companies Under External Administration

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The Australian Securities and Investment Commission (ASIC) has announced plans to provide regulatory relief for businesses in external administration. This move will see much red tape cut when it comes to fulfilling financial reporting and annual general meeting (AGM) obligations. Companies that are in external administration are still expected to…

Tax Dodgers Exposed

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A worldwide leak of private documents has occurred, exposing many of the world’s richest. Dubbed the ‘Pandora Papers’, almost twelve million financial documents were made public that exposes previously secretive financial information. This leak reveals a lot about those who are using offshore tax havens to dodge tax. The rich…

New Regulations to Look Out for with The Incoming Better Advice Bill

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The government has submitted for consultation exposure draft regulations for the Better Advice Bill. The bill was passed in the House in early August and is expected to go into effect on 1 January 2022. Amongst its proposed changes are plans to transfer functions from the Financial Adviser Standards and…

Generation Locked Out Of Housing Market

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Last year when the Covid-19 pandemic first hit, Australia locked its international borders to protect its citizens. The economy has since suffered, and the housing sector worsened. Population growth typically leads to an increase in house prices, but now we have seen that even though there has been little to…
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ATO Highlights Need to Report Gig Economy Incomes

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The Australian Tax Office (ATO) has noted a growing number of people have taken up side hustles during the pandemic. This has led to a growing number earning extra income that often goes undeclared at tax time. Amongst the highlighted online gig and share economy platforms that people are using…

Unemployment Rate Falls

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The Covid-19 pandemic has impacted the economy and jobs from every industry. This global pandemic has made previously easily trackable data more complex in these challenging times. Unemployment statistics have fallen according to the Australian Bureau of Statistics (ABS). Statistics show that it has dropped to 4.5% which might have…
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KPMG Australia Censured and Fined Over Widespread Exam Cheating

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US audit watchdog, the Public Company Accounting Oversight Board (PCAOB), has fined KPMG Australia $615,000 (US$450,000) after it was revealed that there was widespread cheating being done during online internal training tests conducted between 2016 and 2020. KPMG discovered the irregularities in 2020 and made disclosures to regulators, including PCAOB…

Small Businesses Under Threat From Cyber Crime

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Cyber crime targets many important businesses including essential services, health, food and energy sectors. Cyber crime is serious as the results of cyber related incidents have led to loss of data, infrastructure and even harm to life. Cyber crime is affecting many businesses in 2021. With the shift to work-from-home,…

Don’t Forget About Your Investments During Tax Time

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Many Australians are forgetting to consider their investments when it comes to tax time. You risk having your tax refund delayed or having to pay more than expected if you forget to report your investment gains. Despite the financial challenges brought on by the Covid-19 pandemic, investment in exchange-traded funds…

Aging Population A Worry For Taxpayers

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Aging population occurs in Australia when there is a decline in mortality rates, and high life expectancy, coupled with lower fertility rates. Because of the Covid-19 pandemic, there is concern that Australia’s tax system will not be able to support aging citizens with its smaller population. This is something that…