Capitaleyes Latest Accounting News

The ATO has raised both its general interest charge (GIC) rate and shortfall interest charge (SIC) rate for the next quarter, increasing both by more than 1 per cent. 
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There are better ways to handle a director penalty notice than leaving the letter unopened.
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A boiler room operation in the Philippines has been raided following investigations into a sophisticated scam targeting SMSF money.
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Proposed measures for a bonus 20 per cent tax deduction to incentivise spending on training and digital uptake are back on track.
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Off-the-books transactions and side hustles have a habit of showing up the ATO’s tracing technology, says Assistant Commissioner.
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Small businesses are again in the ATO’s sights this tax time, with a focus on stamping out deductions not related to business income, overclaiming of expenses, omission of business income and insufficient records to substantiate claims.
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In the 2019–20 Budget, the government announced that Single Touch Payroll (STP) would be expanded to include additional information.
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The government has revived two initiatives that give small businesses 120 per cent tax deductions for spending on training and digital uptake which were first announced in the March budget.
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Cyber crime and data breaches are rated higher as threats by executives in the Asia Pacific than by their global counterparts, with more than half saying security risks had risen over the past 12 months.
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A reminder regarding rules for allowing eligible people to claim tax deductions for the unused portion of their super concessional contributions caps from prior years.
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Many small businesses employ workers on a verbal agreement. But what happens if a dispute arises over the terms and conditions of someone’s employment – and there is nothing in writing?
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Commissions, investment earnings, gratuities and more must be included to be assessed, the office warns.
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