Tag: Government

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 Issues Warning Over Unpaid Crypto Taxes

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The Australian Tax Office (ATO) acting assistant commissioner, Sylvia Gallagher, confirmed that people as young as 18 years were getting involved in cryptocurrency trading and that the authority was paying attention. Cryptocurrency trade reportedly increased by 64% in 2021 as over half a million Australians engaged in trading digital coins. …

FHSS Changes to Help First Home Buyers Get On the Property Ladder

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In keeping with announcements made during the 2021-2022 Federal Budget, the government has announced that it will increase the maximum releasable amount that contributors can draw upon in making their first home purchase. This is after the proposed changes received Royal Assent on 22 February 2022. The First Home Super…

CA ANZ Releases Playbook for Addressing Gender Pay Gap Problem

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In 2021, Chartered Accountants Australia and New Zealand (CA ANZ) published the results of its Member Remuneration Survey that found female accountants were being paid far less than their male counterparts. This amounted to a gender pay gap of about $50,000 in Australia and $60,000 in New Zealand. These figures…

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…