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Afterpay sold for $39 billion

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Afterpay gives its customers the option of four interest-free instalments to pay off virtually any consumer item. This includes items purchased in-store or online. The Covid-19 pandemic allowed the company to soar. There has been an increase in those choosing online shopping or as a way for consumers to manage…

ATO Releases Over $5.3bn In Tax Refunds

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It is good news for many Aussie taxpayers as the ATO has disbursed over $5.3 billion in tax refunds in July. With over 2.1 million recipients, it brings the average refund to about $2,490. With the new financial year only having recently started, it is a helpful injection into the…

AU Extended lockdown for NSW may spark a recession

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The more dangerous Delta variant of the Coronavirus has led to an increased number of cases in NSW; the state will now remain in an extended lockdown until at least the end of August 2021. The current lockdown has repeatedly been extended, as the infected number of people continues to…

ATO Affirms Data Matching Program On Lifestyle Assets

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The ATO has published a gazette notice in the Federal Register of Legislation that confirms their intention to acquire lifestyle assets data from an estimated 25 insurers on specified insured lifestyle assets that meet nominated thresholds. The data collected will be cross-checked against internal data holdings at the ATO. The…

Tax audit claim stats all accountants in Australia will want to know

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Every accountant knows that reviews or audits of your client’s tax returns or financial compliance obligations can sometimes be unavoidable. When an audit hits, this is rarely a reflection of the work put into preparing the return and is more often due to a specific crackdown by the Australian Taxation…

Review of GST On Low-Value Imported Goods Begins

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The Australian government has requested the Board of Taxation to review the performance of the Low-Value Imported Goods (LVIG) measure. The LVIG enables the application of goods and services tax (GST) on low-value import purchases valued at $1,000 or less. The Board is expected to examine how well the measure…

ATO Launches New Service To Attract Significant Foreign Investment

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The ATO has just launched the New Investment Engagement Service (NIES) as part of the Morrison government’s efforts to attract more foreign investment to the country. This service will complement the already established Global Business and Talent Attraction Taskforce by offering new investors a chance to enjoy hands-on guidance and…

Accountants Warn Against Early Lodgement of Tax Returns

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While it may seem instinctively preferable to lodge your tax returns early, the Institute of Public Accountants (IPA) is advising against it. Taxpayers will be able to lodge their taxes from July 1, 2021, with the Australian Tax Office (ATO) stating they will begin “full processing” from July 7, 2021.…

Fair Work Commission Orders 2.5% Minimum Wage Increase

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Minimum wage earners can expect a boost following a decision by the Fair Work Commission to increase their wages by 2.5%. This will see full-time workers take home about $20.33 an hour, or $772.60 a week. It translates into an increment of $18.80 a week, impacting as many as 2.5…