Philip King

Sydney

Writer and Editor at Freelance

Accounting Editor at Momentum Media

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Articles

Harry Hill: New Bits & Greatest Hits

May 7, 2024 | guildhallartscentre.com | Philip King

Booking opens at 11am on Friday 10th May 2024 The Badger Parade is back on! Join me on my Diamond Jubilee lap of honour as I celebrate 60 Glorious Years of fun, laughter and low level disruption! Marvel! As I offer new insights into the hot topics of the day such as the demise of the SCART lead, The Culture Wars, the differences between crab sticks and rhubarb and the origins of Tirimisu! Guffaw with delight! As I delve into my back catalogue using my patented ‘Old Bit Randomiser’ for old...
January insolvency rise a sign of year to come: CreditorWatch

Feb 18, 2024 | accountingtimes.com.au | Philip King

Insolvencies leaped 12.5 per cent in January and will keep heading up this year as the lagging effect of cash rate increases flow through the economy, CreditorWatch says. The credit bureau’s chief economist Anneke Thompson said businesses were entering insolvency at a higher rate than before the pandemic and it would take several interest rate cuts before consumers began spending again. “We’re already above pre-Covid levels, round about 0.7 per cent now,” she said.
research - HR Leader

Feb 13, 2024 | hrleader.com.au | Kace Oneill |Jack Campbell |Philip King |Nick Wilson

LATEST IN All Tags Business The generational divide on business outcomes in 2024 Several factors are influencing the optimism of workers when looking to the horizon of company growth in 2024, with some ... • Business Aussie companies to reduce borrowing and investing in 2024 Businesses are feeling the economic pressure, and many are responding to this hard time by pulling back on spending, ...
Trust taxation ‘in urgent need of review’, government told

Feb 5, 2024 | accountantsdaily.com.au | Philip King

The trust taxation rules are unnecessarily complex and imposing a rising compliance burden on small to medium businesses using them, says the IPA and BDO. • • 10 minute read The trust taxation rules are in urgent need of review with the current antiquated model “ill equipped to deal with the current commercial environment”, both the IPA and BDO have told the government in the lead up to the federal budget.
One-stop audit and advisory a risk to integrity, says tax lobby

Feb 4, 2024 | accountantsdaily.com.au | Philip King

Accounting firms should be prohibited from providing both advisory and audit services to the same entity, the government has been advised. • • 9 minute read The provision of audit and non-audit services to the same client can raise independence concerns and should be restricted, the Tax Justice Network Australia and Centre for International Corporate Tax Accountability and Research has told a recent inquiry.
November CPI falls to 2 year low

Jan 9, 2024 | accountingtimes.com.au | Philip King

Inflation for the 12 months to November fell to 4.3 per cent, down from 4.9 per cent for the year to last October and the lowest result in two years, according to this morning’s ABS data. ABS head of prices statistics Michelle Marquardt said the most significant contributors to the November increase were food and non-alcoholic beverages (+4.6 per cent), alcohol and tobacco (+6.4 per cent), housing (+6.6 per cent) and insurance and financial services (+8.8 per cent).
Bleak start to 2023, but Australia dodged a recession: Deloitte

Jan 1, 2024 | accountingtimes.com.au | Philip King

Falling growth, rising rents and punishing cost-of-living pressures made 2023 a “sluggish year” but Australia avoided a recession and there is room for optimism for 2024, Deloitte Access Economics says in its annual review. It said that compared with the outlook 12 months ago, parts of the economy have proved very resilient and the labour market was a “shining light” despite higher-than-expected migration. “This time last year, the outlook for 2023 looked bleak,” Deloitte said.
Why CFOs will need to step up in 2024

Dec 28, 2023 | accountingtimes.com.au | Rosie Cairnes |Philip King

Another new year is upon us and all signs suggest it could be a challenging one, economically. High inflation and rising interest rates look set to continue dampening demand – so much so that the RBA has forecast GDP growth of just 1.75 per cent for the 2024 financial year.
Will aggressive rate hikes spark a crisis in 2024?

Dec 21, 2023 | accountingtimes.com.au | Jon Bragg |Philip King

Following one of the fastest monetary policy tightening cycles in history, AMP deputy chief economist Diana Mousina has warned that a recession is still a distinct possibility in advanced economies including Australia and the US. “Usually whenever we get a very significant increase to interest rates, just like we’ve had right now, there is some sort of reckoning – a day of reckoning – or some sort of crisis that eventuates through that,” she told a recent AMP webinar.
ATO research will help trustees understand their obligations: CEO

Dec 20, 2023 | accountingtimes.com.au | Keeli Cambourne |Philip King

Aaron Dunn, CEO of Smarter SMSF, said research now being conducted by the ATO is trying to estimate the amount of money being illegally withdrawn from SMSFs to find solutions to combat the issue. “The ATO’s research is about trying to understand the behaviour of trustees that have been raiding the piggy bank before they're naturally entitled to, before preservation age,” Mr Dunn said.