Tag: Economy

Bitcoin Investment Gaining Popularity

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Though volatile at times, Bitcoin has gained in value considerably since its introduction. Moreover, its rise has largely been unaffected by COVID. Bitcoin has more than doubled its market value since January, partly due to central banks’ easing of interest rates which have shown to affect the popularity of cryptocurrency.…

What does 2021 have in store for ATO audit activity?

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Much of the world has experienced some sort of shutdown this year, with governments implementing financial support strategies to keep their economies from slipping into a recession amid the COVID-19 pandemic. Australia was no exception, with support packages such as JobKeeper and cash flow boost propping up the country. In…

Australia Faces Huge Budget Deficit Due to COVID-19

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The coronavirus pandemic is expected to give Australia its largest budget deficit since World War II. After almost three decades of economic growth, the budget deficit is now expected to reach $184.5 billion in the new fiscal year. As Finance Minister Mathias Cormann put it: “We know why we’re here.…

The latest tax audit claim stats that all accountants in Australia will want to know

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Every accountant will know that reviews or audits of your client’s tax returns can sometimes be unavoidable. This is seldom a reflection of the work that is put into preparing the returns and is more often than not due to a specific crackdown by the Australian Taxation Office (ATO) or other State government revenue authorities. It could be through a variety of data matching or artificial intelligence sources used to assist in initiating audit…

Coming Out of COVID: Could Economic Reforms be on the Horizon?

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As Australia moves into the next phase of its fight against COVID-19, many are calling for economic reforms. Josh Frydenberg, Treasurer of Australia, recently confirmed that the federal government expects a 10% drop in GDP. This would mean a staggering $4 billion lost per week. The government’s recent economic stimulus…

JobKeeper payment audits and reviews are covered by Audit Shield

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Tax shortcuts for working from home deductions, JobKeeper payments, and more. The Australian government is doing a good job of supporting the country through this unprecedented time of crisis but how will these actions affect audit activity for the rest of 2020? In the short term the Australian Taxation Office…

ATO Releases Updated Tax and Superannuation Advice

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To help Australians deal with the economic fallout in the wake of the COVID-19 pandemic, the government is allowing early access to superannuation and tax relief for individuals and businesses. On March 24th, the Australian Tax Office updated its website with a ‘one-stop-shop’ that provides information and advice related to the…

Australia’s Inflation Rate Remains Low Despite The Black Summer

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Australia’s inflation rate has increased, albeit by a small amount, due to a hike in the price of petrol as well as the recent drought-related food shortages. With the recent fires setting Australia ablaze, the country’s food supply is threatened by damage done to the locally sourced fresh produce. Bruce…