Latest Accounting News

Latest Articles

• 2024 Year End Tax Planning Guide (Part 1)
  In May and June, we will add two articles to our website that help you plan and take action before the end of the 2023-24 financial year.  Both Part 1 and 2 will cover the following, though Part I focuses on key strategies to manage your tax bill.  All are worth dedicating time to review and think about how your business can organize your affairs in these ways.
• Medicare levy surcharge OR basic health insurance ?
  Do the sums for your circumstances
• ATO warns of ‘serious penalties’ for unlawful tax scheme promoters
  The ATO is targeting unlawful tax and super scheme promoters, citing “serious” penalties and reputational risk.
• ACCC scam report
  Australians made more than 600,000 reports about scams in 2023 — about 18 per cent more than in 2022.(ABC News: Evan Young/Canva)
• Employees taking more sick days - and it's getting worse
  Recent data shows an increase in the average sick leave days to 13.8 per employee per year.
• Foreign residents selling property in Australia
  Foreign resident capital gains withholding (FRCGW) of 12.5% applies for all property sales of $750,000 or more.
• How much does negative gearing really cost – an overview and an opinion?
  Since the government’s announced changes to the Stage 3 tax cuts to give lower income earners more benefits, the chorus of voices advocating for changes to other aspects of the tax system, such as negative gearing, has grown steadily stronger.
• The Shortest-reigning Monarchs in History
  Check out the Shortest-reigning Monarchs in History
• 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.