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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…

Sydney Woman Arrested for Role in Illegal Cryptocurrency Exchange

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A 52-year-old woman was arrested by New South Wales police last month for her part in running an illegal cryptocurrency exchange. The case is the first of its kind in Australian history. The woman’s arrest came as part of a government crackdown on unlawful cryptocurrency exchanges, which officials say can…

ATO Warns Employers that it will be on the Lookout for JobKeeper Cheats

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As the first wave of JobKeeper payments are distributed throughout the country, the Australian Taxation Office says it will be keeping a close watch on employers and will expose those who try to defraud the system. The government has allocated $130 billion for JobKeeper payments, which will pay eligible workers…

The effects of Covid-19 on cyber crime

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There are a number of reports emerging that predicts e-scams are likely to increase in the coming weeks and months. The Australian Cyber Security Centre have encouraged everyone to remain alert and the Australian Competition and Consumer Commission have received over 140 reports from individuals and businesses across Australia about…

JobKeeper payment audits and reviews are covered by Audit Shield

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Tax shortcuts for working from home deductions, JobKeeper payments, and more. The Australian government is doing a good job of supporting the country through this unprecedented time of crisis but how will these actions affect audit activity for the rest of 2020? In the short term the Australian Taxation Office…

Only 1% of Australians Commonly Use Cryptocurrency, Study Reveals

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A study released by the Reserve Bank of Australia has revealed that while most Australians are aware of cryptocurrencies, only a small number actually use them. “Although many respondents had heard of ‘cryptocurrencies’, very few had used a cryptocurrency such as Bitcoin to actually make a consumer payment over the…