News and Media

Privacy Act changes set to impact accounting firms

30th March 2017

Accounting firms are being encouraged to obtain cyber insurance following changes to the Privacy Act that impacted their data breach disclosure requirements.

Accountancy Insurance associate director of professional risks, Karen McDonald, told Accountants Daily that the Privacy Amendment (notifiable data breaches) Act 2017, which amended the Privacy Act 1988 (cth), impacted reporting requirements for accounting firms that suffer data breaches.

“With the changes to the Privacy Act, businesses over a certain size will have to report any data breaches and if the privacy commissioner deems that they hold inappropriate security systems, then they could be fined $360,000 for individuals or $1.8 million for businesses,” Ms McDonald said.

Click here to read the full article. 

ATO to crack down on businesses misusing R&D tax breaks

14th February 2017

The Australian Tax Office has warned business operators and advisers that it is ramping up its efforts to target the misuse of research and development tax incentives, and it will pursue those deliberately exploiting the tax breaks in court.

The ATO says it is particularly concerned about businesses in the building and construction industry, where it says an increasing number of operators are attempting to claim excluded expenditure as R&D expenses.

Click here to read the full article. 

3,000 accountants still undecided on licensing

3rd January 2017

An estimated 20 to 30 per cent of all accountants are still undecided on what they should do in relation to licensing, with one licensing provider still speaking to thousands of accountants.

Speaking to SMSF Adviser, Merit Wealth accountants services director David Moss said he is still speaking to around 3,000 accountants who are undecided on whether they will become an authorised representative under limited licence, or continue to remain unlicensed.

Click here to read the full article. 


Next stop on the ATO's cash economy hit list: tradies

1st December 2016

The building and construction industry will be the next main target of the taxman's attempts to claw-back revenue lost due to the illegal cash economy.

The Australian Taxation Office has visited over 1000 building and construction small businesses over the past financial year to talk with them about their tax and superannuation obligations.

It will be visiting thousands more in the coming months. And it's now using social media to catch out tax cheats.

Click here to read the full article. 



Chartered Accountants  CPA Australia 

Tax Institure