Tag: Cash

Accounting Professionals to Temper Salary Increment Expectations

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The 2022-2023 Hays Salary Guide has shown that the accounting and finance sector is facing increased competition for skilled professionals. This is a problem many other industries are facing and has led to unemployment dropping to just 3.9% this year. It is expected to drop further to 3.5% in 2023,…

ATO Warns Taxpayers Against Double Dipping

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The Australian Tax Office (ATO) has confirmed that in 2021, about 8.4 million Australian taxpayers filed claims on almost $19.8 billion in work-related expenses. Assistant Commissioner, Tim Loh, noted that these were a lot of deductions and that the tax body wanted to ensure taxpayers got their claims right the…

Do Australian Small Businesses Lag In Digital Adoption?

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A recent business survey conducted by CPA Australia has found that the Australian small business sector is lagging behind that of its peers in other Asia Pacific nations. The 13th annual Asia-Pacific small business survey collected data from 11 economies and found that despite the sluggish performance recorded by businesses…

ATO Reports Improved GST Cash Collections for 2020-21 Period

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Despite the challenges brought on by the pandemic, the Australian Tax Office (ATO) is reporting improved goods and services tax cash collections for the 2020-21 period. According to the recently released GST administration annual performance report 2020-21, net GST cash collections, including Department of Home Affairs collections of $4.8 billion,…

Tax Professionals Issued Client Verification Guidelines By ATO

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Following consultations with the Tax Practitioners Board (TPB), the Australian Tax Office (ATO) has developed client verification guidelines to help tax professionals ensure consistency and alignment. The ATO has recommended that the guidelines be utilised alongside the TPB Practice Note (PN) 5/2022 that covers Proof Of Identity Requirements For Client…

Tax Organisations Urged To Better Safeguard Client Information

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Recent research by tech firm Tenable indicates that cybersecurity incidents increased during 2021. According to their findings, over 40 billion records were exposed from 1,825 data breach incidents. More than double the 730 incidents identified in 2020. Of the incidents in 2021, 236 occurred within APAC, resulting in the exposure…

Audit Shield claims statistics update

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Every accountant knows that reviews or audits of your client’s tax returns or financial compliance obligations can sometimes be unavoidable. When an audit hits, this is rarely a reflection of the work put into preparing the return and is more often due to a specific crackdown by the Australian Taxation…

ATO In The Spotlight Over ‘Super Rip-Off’ Of Queensland Workers

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The Australian Tax Office (ATO) has come under heavy criticism following a report by Industry Super Australia (ISA) that revealed high levels of unpaid super debt. According to ISA analysis, in the 2018-19 period, an estimated $940 million in superannuation was not paid to over 570,000 Queensland workers. This represents…

ATO Report Lauds Corporates for Tax Compliance

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The Australian Tax Office (ATO) has just released its 7th annual report on corporate tax transparency for the 2019-20 income year. The report indicates that voluntary tax compliance by the corporate segment has improved. According to ATO Deputy Commissioner, Rebecca Saint, corporates are placing a higher value on becoming tax…