Latest Accounting News

Latest Articles

• FBT Reminder – Odometer Reading
  Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.
• ATO’s debts on hold campaign prompts new IGTO guidance
  New guidance has been released on best practice principles for debt notifications in response to the re-activation of old debts by the ATO.
• A comprehensive collection of small business benchmarks
  The ATO has developed quite a number of benchmarks to help small businesses develop an idea of their performance compared to similar businesses in the same industry.
• The 2025 Financial Year tax & super changes you need to know!
  The new financial year is fast approaching and so are a number of changes to superannuation contribution amounts and the individual tax rates. These changes are outlined below, as is some information on how you may be able to work with these changes when managing your tax affairs during 2024-25.  
• Underperforming employees: When can you terminate?
  Terminating an underperforming employee requires caution. Employers must follow fair procedures to avoid legal issues such as unfair dismissal claims.
• A comprehensive list of guides to industry specific tax deductions.
  The following is a list the ATO has compiled that is tailored to occupations and industries.
• ‘Renewed concerns’ about economy sees consumer sentiment dip: Westpac
  Consumers remain deeply pessimistic about the near-term outlook for the economy despite signs of improvement last month, says the major bank.
• Oldest Buildings in the World.
  Check out the oldest Buildings in the World.
• Small businesses may ‘collapse under strain of payday super’, IPA warns
  Existing issues within the SG system must be rectified before the government proceeds with the new changes, the IPA says.
• ATO’s hands tied with scrapping on-hold debts, expert says
  The Tax Office lacks power under current laws to do anything about the wildly unpopular scheme despite plans to review its approach, according to a UNSW professor.
• What Drives Your Business Growth and Profits?
  Every business owner wants to grow their business and their profits. 
• Australian Taxation Office (ATO) shifting to firmer debt collection activity
  The ATO has flagged a return to more aggressive debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to do so.
• Why employee v contractor comes down to fine print
  The task of worker classification has been a long-running point of contention but the Commissioner’s response to recent court cases suggests a written contract is king.
• Sharing economy reporting regime for platform operators
  Individuals participating in the sharing economy should be aware that transactions for supplying taxi travel/ride sourcing and short-term accommodation are now required to be reported under the sharing economy reporting regime (SERR).
• Countries producing the most solar power by gigawatt hours
  Check out the countries that produce the most solar power.