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ATO Issues Public Warning: Beware of New Scams

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The Australian Taxation Office (ATO) is warning the public to watch out for phone calls from fraudsters during tax time. The latest method involves a three-way phone call between the scammer, the victim and a second scammer impersonating the victim’s tax agent. “One recent example had a taxpayer unfortunately thinking the…

7-Eleven Joins List of Companies Penalised for Accounting Misconduct

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7-Eleven was fined $192,780 for forging employee and payroll records. Payroll and bookkeeping were the most common contraventions across all companies. This April, the Federal Circuit Court penalised Avinash Pratap Singh, a manager and shareholder of 7-Eleven in Brisbane of $32,130; moreover, a $160,650 penalty was imposed on S &…

How a Change in Markets Will Affect Your PI Insurance

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For many years the accounting industry has been operating in a ‘soft market’ for professional indemnity (PI) insurance. In this market, insurance premiums are quite low with broad policy wordings (that’s good news for you). Now we are beginning to see the early signs of a shift towards a ‘hard…