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New Budget Includes Steps to Modernise Australian Tax Collection

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The Australian government has made a series of announcements in an effort to adapt the country’s tax collection system to modern conditions. Among these is the removal of the 47% fringe benefits tax (FBT) for businesses that retrain workers who have been repositioned or made redundant. Other tax concessions will…

Cybercrimes Said to Have Affected 1 in 6 People

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A report by NortonLifeLock Digital Transformation claims that one in every six people in Australia were defrauded by cybercrimes during the lockdown. Increased screen time has led to a spike in the number of suspected cases. The spread of the coronavirus led to a work-from-home environment for many businesses, yet…

Tax Office Examines Those Who Accessed Superannuations

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The Australian Tax Office (ATO) is examining over 400 account owners who issued early release claims on their retirement savings. In the investigation, ATO will scrutinise taxpayers and organisations that may have used a system loophole to dodge eligibility compliance, as a way of gaining early access to their superannuations.…

Australia Faces Huge Budget Deficit Due to COVID-19

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The coronavirus pandemic is expected to give Australia its largest budget deficit since World War II. After almost three decades of economic growth, the budget deficit is now expected to reach $184.5 billion in the new fiscal year. As Finance Minister Mathias Cormann put it: “We know why we’re here.…

Australian Government Invests in Cyber Security

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In response to a number of apparently state-sponsored cyberattacks in June, the federal government has announced its largest ever investment in cyber security – with $1.35 billion of funding dedicated over the next ten years “My government’s record investment in our nation’s cyber security will help ensure we have the…

The latest tax audit claim stats that all accountants in Australia will want to know

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Every accountant will know that reviews or audits of your client’s tax returns can sometimes be unavoidable. This is seldom a reflection of the work that is put into preparing the returns and is more often than not due to a specific crackdown by the Australian Taxation Office (ATO) or other State government revenue authorities. It could be through a variety of data matching or artificial intelligence sources used to assist in initiating audit…

Australia to Inject $15 Billion into Fighting Cyber Attacks

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In response to recent cyber-attacks on government websites and private networks, the Australian Department of Defence has announced that it will release a $15 billion package to boost security measures. $1.35 billion of this money has been earmarked to recruit 500 spies who will guard against state-sponsored hackers. Prime Minister…

Coming Out of COVID: Could Economic Reforms be on the Horizon?

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As Australia moves into the next phase of its fight against COVID-19, many are calling for economic reforms. Josh Frydenberg, Treasurer of Australia, recently confirmed that the federal government expects a 10% drop in GDP. This would mean a staggering $4 billion lost per week. The government’s recent economic stimulus…