Latest Accounting News

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• Benchmarks for small business
  One gap when owning and operating a small business is to get a feel for how you are doing compared to your peers.
• Right to Disconnect
  From August 26 2024, Australian workers have a legal right to disconnect from the workplace outside of working hours.
• There’s $18.9 billion in lost and unclaimed super - some may belong to you
  If you can’t account for the amount of super you feel you have earned during your work-life then it could be in this huge amount.
• Small businesses remain optimistic despite high stress, report reveals
  Despite one in four (25 per cent) small businesses reporting use of personal savings to stay afloat, close to one in two (45 per cent) of these businesses anticipate that customer demand will improve over the next year, research has shown.
• Tax and your child’s money: what parents need to know including TFNs
  As a parent or guardian, it’s essential to understand how tax applies to your child’s money.
• How to declare minor children’s income
  This depends on who the Australian Taxation Office considers the owner of the income
• Net cash flow tax: What is it and what will it mean for SMEs?
  As differing opinions circulate at the top end of town about the potential impacts of a net cash flow tax, its effect on SMEs could add to their daily struggle in the current regulatory environment.
• How Many Countries Divided From The Largest Empire throughout history
  Check out the countries that have been born from some of the largest empires in history.
• Bribery, brothels, breaches of confidence: ATO officer loses appeal against imprisonment
  A former ATO client engagement officer has lost an appeal against a five-year prison sentence for accepting a $100,000 bribe in return for a favourable tax audit.
• Why Culture Matters (Even in Small Teams)
  Business culture is the shared set of values, beliefs, norms, and practices that dictate how employees within an organization behave, interact, and make decisions, shaping the overall work environment and company identity. 
• How to detect and prevent elder abuse when advising older clients: RSM
  Elder abuse is an unfortunate reality that some accountants and advisors come across whilst working with older clients. So, what are the red flags, and what can be done in response?
• Div 296 must be considered ‘holistically’, IPA says
  As heated debates over the proposed Division 296 tax continue to be drawn out, the IPA has called on the government to “reconsider problematic areas”.
• Working out your Work From Home (WFH) expenses – 2025 Rules
  To be eligible to claim working from WFH expenses, you need to be genuinely working from home to fulfil your employment duties, not just checking emails or taking occasional calls.
• Accrued leave: take a holiday or take the payment?
  If retirement is on the horizon and you have a large amount of accrued leave, you may well be contemplating whether to take a big holiday now, or just take the lump sum payment when you retire.  There are some tax, super and possibly social security implications you should consider.
• Franchising and Leasing: Legal Issues to Consider When Securing a Location
  Franchise and lease agreements often conflict, so review both together, decide early whether the franchisor or franchisee should hold the lease and do thorough due diligence, including franchisor approval and checking use and assignment clauses.