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ACNC Chastises Charities Over Financial Reporting Errors

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Charities are being advised to do better in their financial reporting following the release of an annual review by the Australian Charities and Not-for-profits Commission (ACNC). Under the review, annual financial reports (AFRs) from some 274 charity organisations were examined with various errors and omissions being identified. About a third…

Greens 6% Wealth Tax Proposal Could Raise $40 Billion

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The Australian Greens are proposing new taxes on the wealthy aimed at correcting inequality under their new “Fight for the Future” campaign. The laws would see Australia’s billionaires receive a 6% wealth tax that would be imposed on 90% of their original wealth. This measure would not only help to…

Australian Tax Office Set to Target Successful Businesses in an Audit

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With the impact the pandemic has had on businesses locally as well as globally, governments, including the Australian government, have been making concessions to business to help soften the blow. However, as the vaccine rollout continues, governments are now increasingly looking to try and get back to business as normal.…

First JobKeeper exploiter convicted of fraud, issued fine

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The first conviction has now been secured for the fraudulent use of the JobKeeper programme. Raed Saleh fraudulently claimed a wage subsidy from the JobKeeper scheme, despite not being eligible. He is required to pay $6,282 in total, consisting of a $3,000 fine, another $3,000 in reparations as well as…

PricewaterhouseCoopers Support a Nationwide Approach to Payroll Tax

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Accounting giant PricewaterhouseCoopers (PwC) has released a payroll tax report that stated a preference for a nationwide standard when it comes to payroll tax. The report highlighted 3 potential opportunities for review that federal legislators could adopt that could help to make payroll tax easier to understand, making it easier…

Scammers impersonate ATO, costing Australians dearly

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A recent upsurge in fraudulent activity has plagued Australian taxpayers, continuing an already existing trend that takes advantage of people’s fears. Scammers have been impersonating the Australian Taxation Office (ATO), conning hundreds of people out of their savings. In 2020, Australians lost a reported $11.8 million to such incidents. The…

Hopes Of Aged Care Levy Dwindle Despite Support From Public And Experts

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The recent release of a final report by the Royal Commission into Aged Care Quality and Safety has put forward 148 recommendations aimed at resolving troubles plaguing a sector in crisis. According to commissioners Lynelle Briggs and Tony Pagone, there should be an introduction of an aged care levy. They…

ATO Revs Up As JobKeeper Set To End In March 2021

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Accounting professionals are being advised to get their clients ready for an onslaught from the ATO as an end to JobKeeper is in sight. Since the pandemic began in early 2020, the ATO has paused its audit and compliance work in view of the stresses the business community has been…

Ethereum Rises on the Strength of Its Functionality

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Bitcoin’s rival Ethereum reached an all-time high in January, shooting up in value by 82% in less than three weeks. The price of the cryptocurrency increased to AUD 1,855 on the strength of increased investor interest. As investors channel their portfolios into diversified cryptocurrency holdings, Ethereum brings a special advantage…

Tax Cuts Aim to Increase Consumer Spending

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Close to 8 million individuals received tax cuts in recent months, partially on the hope that an extra $760 boost would increase local spending. According to the ATO, people in the low-to-middle income bracket received up to $1080 extra throughout the year, as a result of tax relief initiatives. The…