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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…

Google Inks Content Deals Evading Tough Media Bargaining Laws

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The last few weeks have left many Australian businesses worried that their investment in online marketing could go to waste after the negative reaction by Google and Facebook to the impending media bargaining code. The code is the Morrison government’s attempt to see media giants compensate local media companies for…

Lending Recovers As JobKeeper End In Sight

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The Australian Banking Association (ABA) is reporting that almost 85% of loans that were placed in deep freeze during the Covid pandemic have now resumed normal repayment. This is being seen as a positive sign that the economy is recovering. By June 2020, banks had suspended about $264 billion in…

Cybercrime Fears Peak As COVID-19 Continues To Push More Activity Online

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The COVID-19 pandemic continues to cause much of the population to severely restrict their movements for the sake of limiting transmissions. In adhering to lockdowns and other restrictions, many Australians have been compelled to stay home for extended periods. This has in turn led to much greater time spent online.…

As Superannuation Withdrawals End, Upcoming Legislation Draws Renewed Tension

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The superannuation withdrawal period ended on January 1, after around 3 million Australians accessed their retirement savings. According to the ATO, a total of $36 billion has been taken out, following initial estimates of $29.5 billion prior to the programme’s extension. There had been some confusion surrounding eligibility for the…

Bitcoin Investment Gaining Popularity

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Though volatile at times, Bitcoin has gained in value considerably since its introduction. Moreover, its rise has largely been unaffected by COVID. Bitcoin has more than doubled its market value since January, partly due to central banks’ easing of interest rates which have shown to affect the popularity of cryptocurrency.…