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35 Businesses Raided By ATO For Tax Avoidance

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The Australian Tax Office (ATO), in conjunction with the Australian Federal Police (AFP), has raided 35 business premises in Tasmania, New South Wales, Queensland, Victoria, and Western Australia that have allegedly supplied and utilised electronic sales suppression tools (ESST). The raids, dubbed Operation Flutter, were part of a global effort…

FTX Collapse and The Consequences for Investors

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The next few years are expected to take their toll on an estimated 30,000 Australian crypto investors that utilised the now failed cryptocurrency platform, FTX. The Australian arm of the platform has now been placed under voluntary administration with KordaMentha who are attempting to return funds to creditors, but warn…

Over A Million Directors Risk ATO $13,000 Fine

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30 November has been set as the deadline for all directors of companies to apply for a director ID. This process is free of charge and available to all directors both within Australia and overseas. Directors may apply for their director ID through their myGovID online account and will be…

Business Insolvency Predicted To Rise

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Insolvency Australia is reporting that an increasing number of SME businesses are entering unchartered waters that could lead to more corporate and personal insolvencies. IA Director, Gareth Gammon, said that whether or not the country goes into a recession, the economic outlook and a resumption of debt collection efforts by…

NAB Predicts Economic Slowdown

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National Australia Bank (NAB) released its Forward View report, forecasting that economic growth was likely to slow down to less than 1% over the next two years. According to the report’s findings, the economy is expected to grow by just 0.8% in 2023 and a marginally better 0.9% in 2024.…

Corporate Tax Revenues Hit All-Time High

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According to the Corporate Tax Transparency report for 2020-21 issued by the Australian Tax Office (ATO), corporate entities paid an impressive $68.6 billion in income tax. This is $11.4 billion more than was recorded in the previous financial year and the highest-ever tax collection. The report found that this record-high…

Inflation Hits 32-Year High

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The Australian Bureau of Statistics (ABS) has announced that consumer prices rose by 1.8% during the September quarter, resulting in inflation reaching a 32-year high of 7.3%. This rise is much faster than had been anticipated for the third quarter and has raised fears that the Reserve Bank of Australia…

Protect your firm from the effects of a cyber breach.

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It is becoming increasingly apparent that it is no longer a case of if, but when you may become a victim of cybercrime. Close to 10 million individuals around Australia have been impacted by the recent Optus data leak.  It’s a demonstration of how a data breach can happen so suddenly…

Do More Australians Prefer to Work from Home?

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The pandemic pushed many businesses to adopt work-from-home formulas that would enable them to keep operations running while employees got to reduce their risk of exposure to the virus. As the pandemic winds down, businesses are seeking to have their employees return to full-time office attendance, though enthusiasm for this…

Wage Theft Prompts Government Action

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A recent senate inquiry found that the country was grappling with a serious problem of unlawful non- and underpayment of employee remuneration by employers. The senate committee termed the situation as “systemic, sustained and shameful”. During the recently held Jobs and Skills Summit, the federal government reaffirmed its commitment to…