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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,…

Australia’s Inflation Rate Remains Low Despite The Black Summer

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Australia’s inflation rate has increased, albeit by a small amount, due to a hike in the price of petrol as well as the recent drought-related food shortages. With the recent fires setting Australia ablaze, the country’s food supply is threatened by damage done to the locally sourced fresh produce. Bruce…

Is now the time to change to self insurance?

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If there was ever a time that showed arrangements to make money that didn’t have the client’s best interest at heart, look awfully embarrassing once a slight bit of scrutiny has been cast upon them, then it is clearly now. Dress it up, call it by another name, but it…

Federal Court Calls for Further Orders Related to SMSF Scheme

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Recent fraudulent practices from the SMSF scheme My Wealth Manager Financial Services have led the Federal Court to issue further orders to company leaders Mubashir Mohammed, Mahek Mustafa, and Mustafa Mohammed, who apparently have all have left the country, despite previous orders demanding that they stay in Australia. The court…