Tag: business

SMEs Urged to Take Up Energy Tax Incentive

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Treasurer Jim Chalmers has confirmed plans to introduce the Small Business Energy Incentive which will see small and medium enterprises (SMEs) rewarded with up to $20,000 in tax breaks for electrification and energy efficiency efforts. This tax incentive is set to be part of the upcoming budget and is expected…

Middle-Income Earners Warned of End to LMITO Relief

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The low and middle-income tax offset (LMITO), also referred to as the lamington offset, is a tax relief that an estimated over 10 million Australian taxpayers have enjoyed since the 2018-2019 financial year. Introduced by the previous Liberal government, it was due to end on 30 June 2022. The current…

Chaos Predicted As Instant Asset Write-Off Scheme Ends

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SMEs are being put on notice that once the instant asset write-off (IAW) scheme deadline is over in June 2023, they can expect to contend with significant red tape as arduous rules come into effect. This IAW was introduced in 2015 and is applied when claiming a deduction for the…

Tax Avoidance Hot Issue For ATO

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To suppress tax dodging behaviour, the government is pushing hard at several initiatives at the federal, state and territorial levels. Last year, the Australian Tax Office (ATO) reported that about a third of large corporations did not pay tax for the 2020-2021 financial year. Despite this substantial difference, the ATO…

ATO Faces Criticism Over Agent Linking Process

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Several accounting bodies are urging the Australian Tax Office (ATO) to amend the new tax agent linking system. The process was earlier targeted at major public and multinational enterprises with sizable in-house accounting services but will soon be rolled out for small businesses. The ATO has criticised its design as…

Labour Market Woes Far from Over

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According to the Australian Bureau of Statistics (ABS), there was a slight decline in job vacancies in November 2022. Vacancies fell by 23,000, or 5%, from August, leaving a shortfall of 444,000. This also represents an 8% fall in job vacancies from the peak reached in May 2022. The latest…

Audit Shield claims activity across Australia Jul – Dec 2022

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The Accountancy Insurance Claims Department continues to be busy processing claims from client accounting firms across Australia. The five most common audit activity areas 1 July 2022 – 31 December 2022 were: > Payroll Tax (All States) > Employer Obligations (PAYG/SG/FBT) > Income Tax (WRE) > BAS (Pre & Post…

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…

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…

Payment Delays Costing Small Businesses $1.1bn A Year

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According to a recent report prepared by Accenture and Xero, Australian small businesses are faced with cash flow problems due to three key reasons of delayed payments, seasonal slowdowns, and rising expenses. Following a review of data from more than 200,000 businesses in Australia, New Zealand and the UK, these…