Tag: business

Accounting Sector Amongst Top Wage Growth Earners

Blog
Data from the Australian Bureau of Statistics (ABS) confirms the seasonally-adjusted wage price index, or WPI, rose by 0.7% as of the June quarter, for the third consecutive quarter. The professional services segment, which includes accounting professionals, saw wages rise by 2.9%. This is one of the highest increases in…

TPB Launches New Corporate Plan

Blog
The Tax Practitioners Board (TPB) has launched its new Corporate Plan for 2022-23. The plan is aimed at helping ensure that consumers of tax practitioner services enjoy excellent service. It also seeks to build more trust with the community in the tax profession and boost the integrity of the tax…

RBA Hikes Interest Rates To 1.85 percent

Blog
Governor of the Reserve Bank of Australia (RBA), Philip Lowe, has announced that the cash rate target has been increased by 50 basis points to 1.85%. This is the fourth consecutive month in which the cash rate has been increased. In June and July, the rate was similarly increased by…

ATO Warns That Filing Early Increases Risk of Mistakes

Blog
The Australian Tax Office (ATO) wants taxpayers to be aware that filing their tax returns early may not be the best option. While you can begin filing returns as early as 1 July, you run the risk of making mistakes as not all required information will have been pre-filled at…

ATO Warns Taxpayers Against Double Dipping

Blog
The Australian Tax Office (ATO) has confirmed that in 2021, about 8.4 million Australian taxpayers filed claims on almost $19.8 billion in work-related expenses. Assistant Commissioner, Tim Loh, noted that these were a lot of deductions and that the tax body wanted to ensure taxpayers got their claims right the…

Wage Increases and Worker Shortages Affects SMEs

Blog
According to a new Xero survey, the small business sector is burdened by record wage increases that are occurring at the same time the industry is also contending with reduced sales growth driven by inflation. Following huge increases in sales figures, sales growth has slowed down to 5.8%, with the…

ATO Issues Reminder on FBT Obligations

Blog
The Australian Tax Office (ATO) is reminding employers that they may have fringe benefits tax (FBT) obligations that they need to file for before the deadline which falls on 23 May 2022 for those lodging their own returns or lodging paper returns. The deadline for returns being lodged using registered…

Modern Tax Compliance Measures To Come

Blog
In announcing the government’s fourth Federal budget before elections likely to take place in May, Treasurer Josh Frydenberg has introduced new tax measures seemingly aimed at streamlining the tax return process and making it easier for taxpayers to meet their tax payment obligations. The budget indicates that as of 1…

Do Australian Small Businesses Lag In Digital Adoption?

Blog
A recent business survey conducted by CPA Australia has found that the Australian small business sector is lagging behind that of its peers in other Asia Pacific nations. The 13th annual Asia-Pacific small business survey collected data from 11 economies and found that despite the sluggish performance recorded by businesses…

ATO Ramps Up Debt Collection Effort

Blog
Businesses are being encouraged to do more in clearing their tax debt with the Australian Tax Office (ATO). Earlypay’s Daniel Riley noted that the ATO was back to making collections on tax debts owed by small businesses after having temporarily ceased their efforts during the worst of the pandemic. He…