A new whitepaper from Thomson Reuters features candid insights from Australian small and medium sized business owners and executives on what the future holds and how they are navigating 2023. The Australian economy is constantly evolving, which means that small and medium enterprises (SMEs) need to adapt in order to stay competitive. As an accountant, it’s important that you understand what this means for your clients – and how you can help them succeed. Common themes emerged across a range of sectors – aged care, co-working office services, accounting, software development, manufacturing, and ..read more

It has been two years since ACN 154 520 199 Pty Ltd (in liq) v Federal Commissioner of Taxation (2020) 282 FCR 455; [2020] FCAFC 190 (EBS & Associates) and avoidance and fraud in the precious metals industry remains a serious risk to the revenue. The AFP-led financial crime taskforce (Taskforce) currently maintains an intelligence alert for targeting fraud in the precious metals industry. The alert notes that law enforcement and regulatory agencies are continuing to see sophisticated arrangements that attempt to obscure transactions of recycled ‘investment form’ precious metals. In this re ..read more

If you are a director appointed under the Corporations Act 2001 (Cth) on or before 31 October 2021, you must apply for a Director ID by 30 November 2022 to avoid committing a criminal offence and incurring penalties. What is a Director ID? A Director ID is a unique 15-digit identifier assigned to directors to help prevent the use of false or fraudulent director identities, enable regulators to trace relationships across companies and identify and eliminate director involvement in illegal phoenix activity. The Australian Business Registry Services (ABRS), which is a relatively ne ..read more

On Tuesday, 25 October 2022, Treasurer Jim Chalmers handed down the 2022-23 October Federal Budget, his 1st Budget. This second Budget for 2022-23 updates economic forecasts and outlines the new Labor Government’s priorities following the May 2022 Federal election. While the economy is expected to grow by 3.25% in 2022-23, it is predicted to slow to 1.5% for 2023-24, a full percentage point lower than forecast in March 2022. Inflation is expected to peak at 7.75% later in 2022, but is projected to moderate to 3.5% through 2023-24, and return to the ..read more

A new whitepaper from Cleardocs reveals how leading accounting professionals have strengthened their client relationships despite the challenges of the past two years with restrictions on movement, stunted business operation and a long-established way of doing things.  The pandemic forced the profession into a new way of working, accelerating the use of technology like never before. Businesses pivoted to offer online trading in an effort to survive during lockdowns and clients also adapted by communicating via Teams or Zoom.  The 2022 whitepaper, How Successful Accounting Profession ..read more

The Australian Taxation Office (ATO) has recently launched an investigation into large-scale GST fraud attempts, which is delaying legitimate refund claims and impacting business cashflow.  The ATO issued a media release, estimating more than $800 million of fraudulent refund claims have been made, with fraudsters relying on the self-assessment process in the BAS lodgement system to claim and be paid for false GST refunds, all before the fraudulent return is picked up by the ATO.  The investigation includes audits of Business Activity Statement (BAS) returns, highlighting customers w ..read more

On Tuesday, 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget. The Budget offers new incentives for SMEs which rewards skills, training and digital adoption. Meanwhile, big businesses now have the broadened scope of the concessional tax treatment of what is termed patent box income and the extended operation of the ATO’s Tax Avoidance Taskforce to consider. Economic outlook Mr Frydenberg said economic growth forecasts have been revised upwards, driven by stronger-than-expected momentum in the labour market and consumer spending. The unemployment rate has also fal ..read more

On Tuesday, 29 March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget, the last before the looming Federal election. Tax and accounting professionals should in particular observe the skills, training and digital adoption incentives announced in the Budget when advising their clients, which are discussed below. The following information is a curated version of the Weekly Tax Bulletin by the Thomson Reuters Tax News Division. Executive summary of the Federal Budget The Treasurer announced a range of cost of living measures, including a one-off $420 cost of living tax offset ..read more