Tag: Government

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…

Australia to Inject $15 Billion into Fighting Cyber Attacks

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In response to recent cyber-attacks on government websites and private networks, the Australian Department of Defence has announced that it will release a $15 billion package to boost security measures. $1.35 billion of this money has been earmarked to recruit 500 spies who will guard against state-sponsored hackers. Prime Minister…

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…

Sydney Woman Arrested for Role in Illegal Cryptocurrency Exchange

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A 52-year-old woman was arrested by New South Wales police last month for her part in running an illegal cryptocurrency exchange. The case is the first of its kind in Australian history. The woman’s arrest came as part of a government crackdown on unlawful cryptocurrency exchanges, which officials say can…

ATO Warns Employers that it will be on the Lookout for JobKeeper Cheats

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As the first wave of JobKeeper payments are distributed throughout the country, the Australian Taxation Office says it will be keeping a close watch on employers and will expose those who try to defraud the system. The government has allocated $130 billion for JobKeeper payments, which will pay eligible workers…

Judge Allows Cryptocurrency as Collateral in Defamation Case

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In a recent defamation case before the New South Wales district court, the judge allowed cryptocurrency to be used as collateral. While Judge Judith Gibson acknowledged the volatility of crypto, she noted that it is a recognised form of investment. The accusing party in the defamation case was required by…

Coalition Passes Income Tax Cuts

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With crossbench backing from Jacqui Lambie and Centre Alliance, the Coalition has managed to pass their $158 billion tax cut package. Millions of low- and middle- income earners will soon receive up to $1,080 back. “This is a win for those hardworking Australians quietly going about their lives,” Prime Minister…

What does the Budget Proposal Mean For Your Taxes?

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Coalition Government’s 2019 Budget In what Treasurer Josh Frydenberg called “the largest personal income tax cuts since the Howard government,” low and middle-income earners will be some of the biggest benefactors in the proposed budget released on 2 April of this year. At the time this article was written, low to middle income earners…