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ATO Issues Warning On Tax Deadline

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Taxpayers are being reminded that they had until 1st November to file their tax returns or register with a registered tax agent. The deadline would ordinarily be on 31st October but this falls on a Sunday this year, hence the postponement. Those that fail to submit their returns or register…

Employers Risk Prosecution for Underpayment of Workers

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The Fair Work Commission (FWC) has found that workers have been underpaid to the tune of over $148 million in the 2020-2021 period. This is 20% more than was reported from the previous year. The investigations found that this record breaking amount of unpaid wages and entitlements applied to 69,735…
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NSW Offers $66M Stimulus to Support Alfresco Dining

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In a bid to boost the state’s hospitality industry, the New South Wales government has launched a $66 million stimulus package dubbed the “Alfresco Restart”. This stimulus is aimed at helping businesses, including restaurants, cafes, and bars, revamp and expand into outdoor dining as lockdown measures are expected to ease…

ATO’s Examines Pandora Papers

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The Pandora Papers was a leak of millions of documents that released previously hidden away tax information. The Australian Tax Office (ATO) has been working since the release to examine every piece of information to check on Australians. The ATO examines and investigate tax evasion throughout the year but the…

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…