Accountancy News, Updates and Insights

8 08, 2018

ATO to Target Lax Tax Agents, Australian Taxpayers After $8.7b Tax Gap Blight

Small business owners. Rogue tax practitioners. Uninformed taxpayers. Rental property owners. Such taxpayers have long managed to avoid consequence for partially-correct tax returns. Finally, it seems the Australian government has acknowledged the extent to which individuals are undermining its principal revenue collection agency – the Australian Taxation Office (ATO) Fresh off a funding windfall from

23 07, 2018

Taxable Payments Annual Reporting: Building & Construction Industry

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If your business primarily operates in the Building and Construction Industry, and makes payments to contractors, you are required to complete and lodge a “Taxable Payments Annual Report (TPAR)’ with the Australian Taxation Office each year. Businesses primarily in the building and construction industry need to report to the ATO the total payments they make

4 07, 2018

Australia as a Foreign Investment Destination – Can it Last?

Over recent decades, Australia has benefitted immensely from society having become increasingly globalized and interconnected. The nation has evolved into a popular destination for foreign direct investment (FDI) – a minimum ownership stake of 10 percent in a foreign-based enterprise – and is now positioned as the world’s eighth largest recipient of inbound FDI, according

28 06, 2018

Understanding Single Touch Payroll “STP”

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Single Touch Payroll (STP) is being introduced by the ATO from 1st July 2018 for businesses with 20 or more employees (per head count on 1 April 2018). The introduction date for those employers with 19 or less employees is extended by 12 months to 1 July 2019. Instead of reporting payroll at end of year

13 06, 2018

Why Australia’s Audit Insurance Market Won’t Stop Growing

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The Australian Taxation Office (ATO) and other government revenue agencies continue to be allocated an ever-increasing amount of the federal budget. And so, it is unsurprising to learn that taxpayers – be they businesses, individuals, or Self-Managed Superannuation Funds (SMSFs) – are more likely than ever to become subject to official audits, enquiries, investigations, or

29 05, 2018

Directors Get Help From CA ANZ, ACCA; Co-Publish Financial Reporting Guide

Late last year, Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA) collaborated to co-author a guide detailing the roles and responsibilities that directors have when it comes to financial reporting. Why did CA ANZ and the ACCA decide to undertake this joint endeavour? Well, in their words,

16 05, 2018

Trading Names Soon To Vanish From ABN Lookup

For those unaware, back in May 2012 the Australian Securities & Investments Commission (ASIC) overhauled the then-extant system used by entities to register what was then known as a ‘trading name’. Replacing state and territory registers, ASIC introduced a streamlined national business names register.   The Old Before ASIC’s announcement, the Registrar of the Australian

9 05, 2018

Only The Important Parts: 2018/19 Federal Budget

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The much-anticipated Federal Budget night has come and gone – now all that’s left to do is dissect, and debate, every aspect of it! But that’s not what we’re going to do here, because who has time for that, right? Instead, we’ve compiled a summary of some of the key points that were worth mentioning.