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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…

Ransomware – Are you the Next Target?

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In 2021, many Australians fell victim to ransomware attacks and the accounting industry was in the top three industry sectors to notify data breaches. The Office of the Australian Information Commissioner (OAIC) reported an increase of 24% in ransomware incidents from the previous six month reporting period.  Average ransom payments…

Increase in scams since lockdown

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There has been a worrying increase in scams since the start of the Covid-19 pandemic. Australians have lost over $851 million dollars in 2020 due to scam activity. This is a record amount, that is still slightly under what is the real number due to some people not reporting scams.…
solar

Solar Energy Users Refuse Solar Tax

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Solar energy is harnessing sunlight and turning it into electricity or used in heating. Australia has the highest solar radiation per square metre and the best solar energy resource in the world. Unfortunately, as this method for generating power becomes more popular, the rise in solar power use is creating…

Businesses Granted Extension for Virtual AGMs

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To further aid businesses contending with the impact of the Covid-19 pandemic, the government has decided to extend relief that would allow companies to undertake annual general meetings (AGMs) virtually. Treasurer Josh Frydenberg confirmed that AGMs could continue being held this way until 31 March 2022. It will also allow…