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NALSPA is encouraging Australians to consider salary packaging options for the next financial year to mitigate the impact of increased living costs.
SME performance has been calculated at -2.0 in comparison to GDP for May 2024, according to a new business performance monitor from MYOB.
The ministerial determination creates further uncertainty for tax agents and will be challenging for the Tax Practitioners Board to administer, the professional body says.
Internal documents show faults in the Tax Office’s automated systems affected over 600 taxpayers and led to 1,083 wrong transactions.
SMEs continue to face challenges in the current financial market due to inflation, increased cost of living and post COVID-19 impacts, an insolvency practitioner warns.
Boutique law firms are increasingly exploring partnerships with local accounting firms in order to provide SME clients with more diverse services.
CPA Australia and CA ANZ say proposed anti-money laundering reforms must be balanced and proportionate to avoid burdening smaller firms.
The Tax Office will receive details of accounts that make over $12,000 a year to identify hobbyists-turned-businesses and those misreporting income.
UNSW experts say advantages to the recalibrated tax cuts include addressing bracket creep and maintaining a progressive system.
Governance procedures introduced by the Assistant Treasurer without warning last week have flown under the radar but will overwhelm many firms, practitioners say.
The ATO and detectives from Taskforce Lunar have seized 3.3 tonnes of illicit tobacco, over $170,000 cash, and 11 firearms during a joint investigation in Victoria.
The ATO has reminded businesses to secure their online platforms, systems and processes to prevent cyberattacks during tax time.
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