TOPIC
The 2026 global economy: nervously muddling through
The world economy enters 2026 in a nervous state. Volatility and cautious consumers are the norm, even though growth has proven surprisingly resilient.
ASIC given greater powers under new proposal
The consultation is in response to Recommendation 1.15 of the Hayne commission’s final report to enhance the current approved codes framework in...
Accessorial liability a potential risk under STP regime
ATO STP assistant design director Angela Lehmann said practitioners who help their clients with STP reporting could be covered under section 550...
New quarterly STP reporting method for closely held payees revealed
The Tax Office previously announced that the closely held group will be granted a one-year exemption from STP reporting, with employers due to...
ACCC will eye algorithms to protect small business: Sims
Australian Competition and Consumer Commission chairman Rod Sims told The Age and The Sydney Morning Herald that smaller businesses and startups...
Accounting industry younger and thriving, says ATO
ATO Assistant Commissioner Colin Walker has revealed new demographics for the tax and BAS agent population, with 59.8 per cent of practitioners...
Chris Jordan casts doubt on controversial $3k tax affairs cap
The basis of Labor’s proposal comes from analysis of ATO data that showed that in 2014–15, 19 people claimed an average of $1.1 million in...
Beware of trusts ending when time runs out
A trust may end for a variety of legitimate business reasons (e.g. the business activities of the trust may have come to an end or the business...
ASIC boss slams banks’ fightback against regulation
ASIC chairman James Shipton said some anonymous comments by senior bankers in the press had been counterproductive and implied the regulator was...
Common GST, property errors flagged for tax agents
Last year, the government announced new measures that put the onus on purchases to withhold the GST on the purchase price of new residential...
Small business income tax gap at $10bn
According to the ATO, over 60 per cent of the gap is made up of black economy behaviour, meaning taxpayers are deliberately omitting income and...
