The Institute of Public Accountants believes the ATO’s new guidelines on client verification are a step in the right direction, but has urged the regulator to commence an education campaign as soon as possible.
Read more at the Accountants Daily.
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New client verification standards require education: IPA
The ATO and the Tax Practitioners Board should educate practitioners on their new client verification obligations before mandatory standards are enforced, says one peak accounting body.
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%
