During the pandemic the ATO pressed pause on its usual regime, but it’s slowly returning to business as usual. The ATO will focus on chasing debts and artful tax dodgers now that Australia is returning to normal post-COVID, acting assistant commissioner Sylvia Gallagher said. Speaking at the Accountants Daily Strategy Day in Sydney last week…
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Property market performance across Australia’s east coast, particularly South East Queensland and Northern New South Wales over the past year, could be summarised as having leading price growth, increased auction activity, and favourable internal migration trends. However, the end of February was a sobering reminder of the impact of extreme weather events and climate change. Numerous…
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The recent ATO ruling on trust distributions is an “unfair” change to the game and accountants need to be aware that clients will be under increased scrutiny, says ChangeGPS founder Timothy Munro. Speaking at a recent ChangeGPS webinar, Timothy Munro said accountants were “livid” about the rulings that would force them to completely rethink their strategies heading…
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The federal government has announced financial support is available for flood-impacted victims, as major flooding continues in South-East Queensland and the NSW North Coast. Prime Minister Scott Morrison said Queenslanders impacted by the unfolding “flooding disaster” can apply for up to $1,000 per eligible adult and $400 per eligible child, as part of the government’s Disaster…
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National Australia Bank (NAB) has warned mortgage holders that their loan repayments could climb by a third, or an average of $721, during the next 18 months. A surge home loan pain would also see Australian borrowers experiencing the tightest budget pressures in a decade. NAB has forecasted mortgage rates to increase by 2.25 percentage…
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Small business owners often waste time. Even though a study conducted by TSheets (now QuickBooks Time) found that nearly 60% of self-employed workers in the U.S. said they either worked every weekend or every other weekend, if you’re truly honest with yourself, you’ll probably admit that there’s a difference between spending time on work-like activities…
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National home loan affordability fell “dramatically” in 2021, with a record calendar year decline of 14.5 per cent, according to non-bank lender Bluestone. Bluestone Home Loans has released its Home Loan Affordability Index for December quarter, revealing the index fell to 93.8 in December 2021 quarter compared to 82.9 in the December 2020 quarter. The latest…
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The governor of the Reserve Bank has defended the central bank’s cash rate forecasting, despite increasing expectations from market that a rate rise will come sooner than flagged. Speaking to the House of Representatives standing committee on economics for its hearing on monetary policy on Friday (11 February), the governor of the Reserve Bank of Australia…
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Despite an easing in the quarterly growth rate, national construction costs increased 7.3% over the 2021 calendar year – the highest annual growth rate since March 2005, according to the latest figures from CoreLogic. CoreLogic’s Cordell Construction Cost Index (CCCI) found a softening in quarterly construction cost growth in Q4 to 1.1%, from the 3.8% surge…
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Professional accounting bodies have welcomed the federal government’s move to make COVID-19 testing expenses tax-deductible and FBT exempt. In an address to Australian Industry Group on Monday (7 February), Treasurer Josh Frydenberg confirmed the federal government would look to ensure COVID-19 testing expenses are tax-deductible. “Since the start of 2022, the Government has secured more than 80 million Rapid…
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