The Australian Taxation Office (ATO) and other government revenue authorities employ a multifaceted approach to reviewing lodged returns of taxpayers in Australia.  Utilising advanced data matching, artificial intelligence, industry benchmarking, and other sophisticated methods, the ATO effectively identifies potential concerns and risks embedded within those lodged returns.  These techniques allow…

The ASX200 closed 21.4 points lower at 8036.5, marking a decrease of 0.27 per cent, while the broader All Ordinaries index also dipped by 30.8 points to settle at 8272.7, a decline of 0.37 per cent. Among the sectors, technology stocks bore the brunt of the downturn, plummeting by 3.4…

Economists are cautioning about potential inflationary repercussions that could impact mortgage holders. Dr. Nalini Prasad, an economist from UNSW School of Economics, highlights the pivotal role consumer spending will play in determining the economic outcome of these tax cuts. The tax cuts, which are set to increase average take-home pay…

Experimental data released last year estimates that between 100,000 to 140,000 residential properties across the nation remain uninhabited, constituting about 1.3 per cent of all dwellings. According to Duncan Young of the Australian Bureau of Statistics (ABS), these figures were derived from electricity usage data and government records. The distribution…

Just three months ago, Treasurer Jim Chalmers oozed optimism, citing a favorable economic trifecta: rising real wages, moderating inflation, and falling unemployment. However, recent economic developments have cast a shadow over this rosy outlook. In May, inflation unexpectedly spiked to 4 per cent, up from 3.4 per cent, marking a…

The story of Cathryn Stavert and her son highlights a troubling trend where criminals hijack myGov accounts to lodge fraudulent tax returns and divert refunds into their own pockets. Stavert and her Son did not see a penny. Stavert’s ordeal began with a startling discovery: someone had already filed a…

The move signals a delay in much-needed relief for struggling mortgage holders. It comes as the number of individuals falling behind on their mortgage repayments begins to stabilise. Despite hopes for a potential rate reduction, ANZ’s Head of Australian Economics, Adam Boyton, indicated a bleak outlook, forecasting that the Reserve…

This decision, marking the sixth consecutive month of rate stability, was accompanied by cautious remarks from RBA Governor Michele Bullock, who highlighted the persistent risk of inflation. Despite speculation about a potential rate hike, the RBA’s stance reflects a delicate balancing act between economic growth and inflation containment. Bullock’s acknowledgment…

The ASX200 surged by 73.5 points, nearly 1 per cent, culminating at 7,701.7, while the broader All Ordinaries index also witnessed a robust upswing, ascending by 74.9 points, or 0.95 per cent, to settle at 7,970.8. This rally was not limited to specific sectors but was broad-based, encompassing various industries.…

These businesses will need to include a separate sustainability report within their annual report, which will be formally adopted by the company’s board. This move follows the 2021 UN Climate Change Conference (COP26) in Glasgow, which emphasised mandatory climate-related financial disclosures as essential for tackling climate change. Such disclosures aim…