Accounting Times

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IPA urges IGTO to prioritise review into payday super readiness

1 week ago | accountingtimes.com.au | Miranda Brownlee

The Institute of Public Accountants (IPA) has urged the Tax Ombudsman to prioritise a review into payday super readiness for this year, with the start date fast approaching. Last month, the Inspector-General of Taxation and Tax Ombudsman (IGTO) Ruth Owen released a shortlist of proposed reviews for the next financial year for consultation. In its submission, the IPA said it considered all ten areas of review included in the short list to be "important and worthy of the IGTO's attention".
Taxpayers 'losing thousands' by following finfluencer tax advice, warns TPB

1 week ago | accountingtimes.com.au | Miranda Brownlee

The Tax Practitioners Board has warned taxpayers on the risks of following tax advice promoted on social media platformsRaising super taxes on balances above $3 million is a step in the right direction, but doesn’t go far enough, Grattan ... Accountants have been warned about family trust issues that can lead to unexpected tax bills for clients, with the ATO ...
‘A taxpayer-subsidised inheritance scheme:’ policy analysts slam super tax concessions

1 week ago | accountingtimes.com.au | Emma Partis

Grattan Institute analysts Brendan Coates and Joey Moloney have said that Australia's “generous” superannuation tax breaks disproportionately flow to older, wealthier Australians, leaving working Australians to shoulder the lion’s share of the tax burden. The pair said Labor government’s proposal to lift the concessional superannuation earnings tax rate from 15 per cent to 30 per cent on balances above $3 million is a step in the right direction, but could go further.
Tax lawyer flags compliance traps with family trusts following ATO crackdown

1 week ago | accountingtimes.com.au | Miranda Brownlee

Kristy-Lee Burns, partner at Owen Hodge Lawyers, has outlined some of the misconceptions about family trusts and family trust elections that can have tax consequences for taxpayers in these groups. The Tax Office recently warned privately owned and wealthy groups that it was seeing an increase in issues with family trust distribution tax due to poor succession planning and inadequate record-keeping practices.
Underinsurance could pose risks to financial system, report warns

1 week ago | accountingtimes.com.au | Emma Partis

Over 800,000 households – home to over 2 million Australians – have not fully insured their homes, research by policy think tank The Australia Institute has found. Jack Thrower, senior economist at The Australia Institute, warned that many Australians were at risk of financial ruin if their home was hit by a natural disaster, with broader consequences for Australia’s financial system. “More than two million Australians live in properties without full insurance.
Dominance of small construction firms drags down productivity, CEDA says

1 week ago | accountingtimes.com.au | Emma Partis

At a time of languishing construction productivity growth, the Committee for Economic Development of Australia (CEDA) has found that larger construction firms tend to be more productive than the smaller businesses that dominate Australia’s construction landscape. “While many factors are dragging down construction productivity, a critical contributor is the dominance of very small businesses,” CEDA Chief Economist Cassandra Winzar said.
Accountants call for standardised guidance on sustainability and crypto

1 week ago | accountingtimes.com.au | Emma Partis

The Australian Accounting Standards Board (AASB), Malaysian Accounting Standards Board (MASB) and CPA Australia have surveyed accounting professionals to better understand their priorities in the ongoing development of international accounting standards. Their report comes ahead of the International Accounting Standards Board (IASB)’s Fourth Agenda Consultation, which is set to determine its technical strategy and work plan integral to international accounting standards.
Positive labour market signs hide underlying issues, Deloitte warns

1 week ago | accountingtimes.com.au | Emma Partis

While Australia’s labour market appears healthy on the outside, a new report by Deloitte Access Economics has warned that poor labour productivity remains a persistent, structural challenge to long-term prosperity. “Australian labour productivity has fallen considerably over the past three years,” Deloitte Access Economics partner and lead author, David Rumbens, said.
Pitcher Partners outlines EOFY action plan for dealerships

1 week ago | accountingtimes.com.au | Emma Partis

Pitcher Partners has advised dealerships to conduct a financial ‘spring clean’ in preparation for the end of the financial year to ensure they’re prepared to meet their tax responsibilities. “Most dealers know that tax is one of their largest expenses, however if tax planning is not done properly, there could be severe cash flow consequences as well, especially this financial year,” Pitcher Partners said.
Bolster cyber security to ‘prevent catastrophic business losses’: RSM

1 week ago | accountingtimes.com.au | Miranda Brownlee

Professional services firm RSM Australia said businesses should be investing in protecting their increasingly valuable data from being accessed by cyber criminals, with cyber incidents on the rise. RSM said there has been a spate of suspected cyber intrusions targeting several small to major Australian businesses, leading to significant financial losses for themselves and their clients and reputational damage.