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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…

ATO Releases Updated Tax and Superannuation Advice

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To help Australians deal with the economic fallout in the wake of the COVID-19 pandemic, the government is allowing early access to superannuation and tax relief for individuals and businesses. On March 24th, the Australian Tax Office updated its website with a ‘one-stop-shop’ that provides information and advice related to the…

Innovation For Accountants

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In time gone by, every piece of software was required to have its own base set of unique data, requiring the maintenance of varying databases of information. Many of the senior accountants out there will remember a time when there was so much repeated data across the various modules used. …

Judge Allows Cryptocurrency as Collateral in Defamation Case

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In a recent defamation case before the New South Wales district court, the judge allowed cryptocurrency to be used as collateral. While Judge Judith Gibson acknowledged the volatility of crypto, she noted that it is a recognised form of investment. The accusing party in the defamation case was required by…

Australian Businesses are Losing Billions to Cyber Attacks

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Each year, Australian businesses are losing approximately $29 billion due to cyber attacks. Officials say they receive a report of a cyber attack every 10 minutes. According to a Business SA report, the average cost of a cyber attack is $276,000. Adam Thomson, communications and engagement director of Crime Stoppers,…