Advertisements
New audit firms require greater safeguards to manage fee referral benchmark
More recently established audit firms will face greater challenges when managing fee referral sources in the auditor independence changes, with the need to formulate stronger safeguards to protect against incoming ATO scrutiny.
In the ATO’s auditor independent standards guidance, the Code does not specify a number of referral sources, or set percentage of fees from one or more referral sources or clients, required to reduce independence threats to an acceptable level. Nor does it explain what constitutes a ‘large proportion’ of a firm’s total fees.
Read more at SMSF Adviser.
Budget highlights at a glance
Major Spending Initiatives
- $36 billion in new spending
- $17 billion in personal tax cuts
- $8.5 billion in universal Medicare spending
- $5 billion for childcare
- 20% of student debt wiped for 3 million students
- $150 off power bills for all households and small businesses
- Prescription costs capped at $25 each
Economic Forecasts
- Growth: 1.5% in 2024-25, rising to 2.25% in 2025-26
- Inflation: Expected to return to 2-3% band by June 2025
- Wage growth: Outpacing cost of living rises by 0.5% this year
Business Measures
- Non-compete clauses removed for workers earning under $175,000
- $20 million “Buy Australian” advertising campaign
- Incentives for construction and building worker apprentices doubled from $5,000 to $10,000
- Uncertainty around the instant asset write-off scheme
- Foreign investors restricted from buying new homes
Budget Position
- Deficit: $27.6 billion in 2024-25, rising to $42.1 billion in 2025-26
- Government spending as a percentage of GDP rising to 27%
