Latest Accounting News

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• Steps to close a business
  If the business is no longer profitable, and is unlikely to be profitable in the future, your best option may be to close your business.
• Paid parental leave super contributions have started
  From July 2026, the new Paid Parental Leave Superannuation Contribution (PPLSC) has started.
• How Do I Write Legally Compliant Terms and Conditions for My Business?
  Terms and conditions bind your customers only where they actively accept them, so a tick box at checkout holds up where a footer link often does not.
• Don’t get caught out at tax time with your multiples jobs
  Picking up a second job, holding multiple part-time roles, or doing gig work is now part of everyday life.
• Division 296 tax on large super balances
  Div 296 tax is now in legislation and levied directly on the individual with balances over $3m in super fund.
• More of the same with latest missive from Treasury
  The initial legislation was rushed into law despite widespread concerns raised by advisers, professional bodies and taxpayers.
• 'No place to hide': ATO puts contractors on notice over $1bn in missing TPAR payments
  In a recent update, the ATO has urged contractors to verify their pre-fill information against their own records and declare all their business income, including income not reported through a taxable payments annual report (TPAR).
• Check out the largest castles by country
  Check out the largest fortresses by country. Only existing fortresses that stand today are considered.
• ATO no longer treating debt the same as during COVID
  One expert has stressed the importance of tax agents reminding their clients that the ATO is no longer as lenient on tax debt collection as it was during the COVID-19 pandemic.
• Warning for early lodger this tax time!
  The ATO has a clear message this year: slow down and get it right. Early lodgers are far more likely to make mistakes.
• Global companies turn to cost-cutting amid ongoing inflation
  Rising operating costs and persistent inflation are placing renewed pressure on businesses worldwide, despite signs that confidence is beginning to recover. 
• Don’t get caught out at tax time with your multiples jobs
  Picking up a second job, holding multiple part-time roles, or doing gig work is now part of everyday life. But the way tax is withheld across multiple payers can lead to a surprise when you lodge your tax return. 
• Does Your Small Business Need to Follow AML Privacy Rules?
  Compliance with new anti-money laundering (AML) laws may subject your small business to additional privacy obligations it did not face before.
• SMEs warned as ATO ramps up tax debt collection
  One insolvency specialist has emphasised the importance of small businesses engaging their accountants to stay on top of their tax debts in light of increased ATO scrutiny of the SME market.
• Taxpayer given 35% penalty for BAS recklessness
  Following an application for a refund of nearly $94,000, the Administrative Review Tribunal has set aside an application for the remission of a 50 per cent penalty assessment.