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Aging Population A Worry For Taxpayers

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Aging population occurs in Australia when there is a decline in mortality rates, and high life expectancy, coupled with lower fertility rates. Because of the Covid-19 pandemic, there is concern that Australia’s tax system will not be able to support aging citizens with its smaller population. This is something that…

Ransomware – Are you the Next Target?

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In 2021, many Australians fell victim to ransomware attacks and the accounting industry was in the top three industry sectors to notify data breaches. The Office of the Australian Information Commissioner (OAIC) reported an increase of 24% in ransomware incidents from the previous six month reporting period.  Average ransom payments…

Increase in scams since lockdown

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There has been a worrying increase in scams since the start of the Covid-19 pandemic. Australians have lost over $851 million dollars in 2020 due to scam activity. This is a record amount, that is still slightly under what is the real number due to some people not reporting scams.…
solar

Solar Energy Users Refuse Solar Tax

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Solar energy is harnessing sunlight and turning it into electricity or used in heating. Australia has the highest solar radiation per square metre and the best solar energy resource in the world. Unfortunately, as this method for generating power becomes more popular, the rise in solar power use is creating…

Businesses Granted Extension for Virtual AGMs

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To further aid businesses contending with the impact of the Covid-19 pandemic, the government has decided to extend relief that would allow companies to undertake annual general meetings (AGMs) virtually. Treasurer Josh Frydenberg confirmed that AGMs could continue being held this way until 31 March 2022. It will also allow…

Luxury Goods Under Watch

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The Australian Tax Office (ATO) has warned that they have their eyes on big spenders. No matter what purchase – your luxury goods purchases must match your declared income. Anyone who are attempting to fool the ATO are warned. Data matching technology is sophisticated and will uncover any discrepancies in…

Predicted ATO audit activity trends for 2021 & 2022

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Despite the temporary slowing in 2020 of the Australian Taxation Office (ATO) and other State & Federal government revenue authorities’ audit activity levels due to the Covid-19 pandemic, 2021 has already proved to be as busy as ever. Our claims team recently published an article on tax audit claim stats all…

Proposed Law To Make New COVID-19 Payouts Tax-Free

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The Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill 2021 was recently presented in parliament. It seeked to ratify declarations made by PM Scott Morrison that Australians will not pay taxes on the latest round of lockdown payments come the next tax season in 2022. This is a change…