News
Your client base is full of financial abuse. Here's what to look for
3+ day, 1+ hour ago (186+ words) The accounting profession prides itself on acting in clients' best interests. This month is an invitation to ask whether our processes actually reflect that " for both people in the room, writes Shaye Thyer, FCA. There is a line I have…...
KPMG partner admits to inappropriate access to documents in procurement of major Westpac contract
9+ hour, 5+ min ago (471+ words) KPMG has admitted that a partner accessed Lendlease documents without authorisation while pitching for a major Westpac contract. Correspondence made publicly available by the Parliamentary Committee on Corporations and Financial Services, sent by KPMG's client Lendlease to Labor Senator Deborah…...
Missed opportunity: Budget to bring long-term surplus, short-term inflation, says CBA
10+ hour, 34+ min ago (526+ words) Commonwealth Bank says the 2026 budget delivers "major improvements" to the nation's longer-term fiscal position, but that more could have been done to reduce spending in the coming financial year. Following the announcement of the 2026 federal budget on 12 May, the underlying…...
Government to make major changes to FBT exemption for EVs
3+ day, 8+ hour ago (805+ words) Employees wishing to take advantage of tax concessions withs EVs and salary packaging should focus on lower value vehicles and act soon, says BDO. Accounting firm BDO has advised employees who are interested in using the fringe benefits tax exemption…...
ATO to target misleading advice, aggressive sales tactics in R&DTI space
3+ day, 9+ hour ago (553+ words) The Tax Office has outlined the areas currently on its radar with research and development tax incentive claims and encouraged tax professionals to report any dodgy R&DTI advice being promoted. The ATO has highlighted some of the areas that…...
An adviser warning with prohibited share self-ownership
5+ day, 4+ hour ago (447+ words) One key issue which advisers must be aware of when reviewing existing structures or establishing new entities is that, under the Corporations Act, companies are prohibited from owning shares in themselves, writes Matthew Burgess. As one example, this issue can…...
Technical advice alone is no longer enough" post-budget
4+ day, 8+ hour ago (448+ words) This week's federal budget has reinforced the argument that clients no longer need advice delivered in silos, says Findex's head of business performance, with both opportunity and complexity front and centre for practitioners. On the evening of Tuesday, 12 May, Treasurer…...
Treasurer unveils 'ambitious' tax reform package for 2026 Federal Budget | Accounting Times
5+ day, 12+ hour ago (1319+ words) The government has revealed the details of five major reform packages aimed at addressing substantial issues in the Australian economy and tax system....
Tax trust changes could spark further administrative burden: Corrs
5+ day, 2+ hour ago (356+ words) Practitioners must watch closely for policy changes regarding the taxation of trusts, as any changes are likely to add further administrative burden for clients, the law firm says. In the face of the Treasurer's announcement that it would introduce a…...
Shell wins appeal in CGT dispute with ATO
6+ day, 3+ hour ago (911+ words) The Federal Court has overturned an objection decision by the Commissioner concerning the calculation of capital gains on company shares that were disposed by Shell Energy Holdings Australia. The decision, Shell Energy Holdings Australia Limited v Commissioner of Taxation [2026], concerned…...