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NEWS - GENERAL NEWS
Reckon releases new software for businesses
Research by leading business software supplier, Reckon, identified that achieving a work/life balance was the primary definition of success for SME business owners, well ahead of increasing profits.
Business push to abolish state taxes
The federal government is being urged to pressure the states to abolish a range of onerous business taxes as the first priority for taxation reform in its fourth term.
Slow payers squeeze small business cash flows
The economy may be booming but small businesses are experiencing a tightening of cash flows as big business customers take longer to pay their bills.
Accountants don't want to dob clients
Accountants have hit out at proposed anti-money-laundering legislation to be introduced next year, which they fear could make them criminally liable for failing to report their clients' suspect activities.
More SMEs feel staff squeeze
A clear message emerging for the next government from small and medium-sized enterprises is that while business confidence and conditions are rising, they are not getting the right people to fill vacancies. And without the right people, in the long run their bottom lines will not improve.
Follow NZ lead say accountants
decision in New Zealand to extend legal privilege to accountants has raised hopes that the Australian Taxation Office will move in the same direction in a parallel review of relations between accountants and their clients.
SMEs' wish list: less red tape
Small business wants the next federal government to slash red tape, cut regulatory compliance costs and implement competition reform.
Accountants in high demand
The federal government has announced that accountants are to be put back on the Migration Occupations in Demand List, as recruiters and firms struggle to attract qualified staff.
Taxation Office widens hit list
The Australian Taxation Office has outlined an aggressive audit program targeting large corporations, property investors and GST this financial year after netting an additional $1.3 billion from last year's checks on tax returns.
Negligence awards kept in proportion
Professional advisers of all kinds may not yet realise the significance to them of recent reforms to the rules on liability that have just come into force. Those reforms are contained in the Corporate Law Economic Reform (Audit Reform and Corporate Disclosure) Act 2004, which was passed by federal parliament late last month.
Small business to pay for budget tax confusion
Thousands of small businesses face double taxation in the lead-up to the federal election due to confusion over the government's budget promise to resolve a longstanding problem with the administration of loans from private companies.
Challenge will come from businesses
Investors should not panic. No one needs to change existing depreciation schedules. And few residential buyers would alter an investment decision based on the new Australian Taxation Office draft rulings and schedules.
Tax blow for phoenix companies
An innovative legal weapon used by the Australian Taxation Office may give small businesses more protection from operators of phoenix companies.
Trading on SMEs' store of intelligence
An accounting firm has taken the unusual step of forming a joint venture to help small to medium-sized businesses get a return on their "knowledge-based" assets.
Audit finds rental tax claims errors
Almost all audited claims by investors for rental property tax deductions are wrong, according to new information from the Australian Taxation Office.
WorkCover concerns
WorkCover has emerged as a major concern to small- to medium-sized businesses. In a national survey of 500 accountants with SME clients, 91per cent said the sector is concerned with issues related to state-based WorkCover schemes, while 62 per cent are extremely concerned.
Red tape still dogs small firms
Small- to medium-sized business owners continue to blame governments for the regulation and red tape that they claim is their greatest obstacle to growth.
Marketers face email crackdown
Australian businesses are scrambling to comply with new legislation that will impose fines of up to $1.1million for sending out junk email messages, leaving many exposed to legal sanctions unless they alter their email programs by Saturday.
Business feeds tech recovery
A new wave of optimism is sweeping technology companies as business customers prepare to expand their $24 billion annual outlay on computers and communications.
Give ACCC more power: small business
Small business organisations have responded angrily to big business's efforts to persuade the federal government to water down any overhaul of the Trade Practices Act that would protect small business from anti-competitive behaviour.
Patent protection an FTA complication
The debate on the recently concluded US-Australia free-trade agreement has focused on what Australia has to gain in terms of increased access to agricultural markets in the United States. There is far less public attention on potentially significant changes to intellectual property law - the laws designed to promote investment in, and access to the results of, creative effort.
Call to delay conflict-of-interest rules
Tough new rules on conflict of interest should not be introduced this year because financial services providers are suffering from "compliance fatigue", the industry professional body has argued.
Backdown on corporate reform
The federal government has backed down on imposing tough new rules on auditor independence in its corporate law reform package after strong opposition from the accounting industry.
ATO review a win for taxpayers
Taxpayers could be given greater certainty about tax rulings and win protection from unreasonable delays in enforcing the law as part of a new federal government review of the self-assessment taxation system.
Chapter 11 considered domestically
Ailing businesses may benefit from United States-style Chapter 11 bankruptcy laws to offset a bias towards banks and other creditors in present rules, according to the chairman of a parliamentary inquiry into the insolvency system.
Tax Office targets cash economy
The Australian Taxation Office will intensify its crackdown on the cash economy after revealing that it is on track to meet its forecast of $2.6 billion in extra revenue from the GST reforms.
Accounting chief rejects watering down rules
The global accounting regulator has rejected a push by local companies to water down new rules designed to improve the transparency of corporate reporting, slamming Australian accounting standards as "deplorable".
Push to protect small business
State and territory governments have launched a new assault on the country's competition regime, urging the commonwealth to give small business greater protection against anti-competitive behaviour.
Business faces tax audit blitz
Australia's largest corporations and wealthy individuals will be targeted in a sweeping new audit program by the Australian Taxation Office.
Accountants add up hours
Accountants' average weekly working hours have risen by 15 per cent in the past few years - and that trend is likely to continue, according to a survey by the Australian Taxation Office and the accounting industry.
Big business wins budget tax breaks
The federal government will reveal plans for an overhaul of Australia's international tax system in Tuesday's budget, which will cost more than $200 million in revenue.
Tax: Don't pay more than you should
One thing many tax experts agree on is that most of us could be a whole lot smarter when it comes to planning how much tax we pay every year. Another opinion they share is that being tax smart isn't necessarily about hunting out the latest tax loophole or checking what's available in off-the-shelf tax schemes that are more heavily promoted around this time of the year.
Government softens its spam stance
Fears that proposed anti-spam laws might unfairly target small Australian businesses could prove unfounded, with clear signals from government that key concessions would be made to allow Australian businesses to use email as a promotional device.
SMEs rush to bank online
Small businesses are outpacing their consumer counterparts in the move to internet banking and the rush looks set to spawn a new generation of enterprise-centric banking services.
Cut-off date for R&D tax break registration
Accountants are warning companies planning to claim the R&D tax concession to get their paperwork in order and not to overstate claims to avoid a tax audit.
Trade Practices revisited
The Treasurer, Peter Costello, has reopened the federal government's review of the Trade Practices Act, bowing to the demands of his own backbench following a recent High Court decision which raised fresh doubts about the act's ability to regulate predatory pricing.
City apartment vacancies to soar 50pc
Inner-city apartment rental vacancies are expected to soar in Sydney and Melbourne by as much as 50 per cent over the next 18 months, according to economic forecasters.
ATMA aims small to grow bigger
The smallest of the four professional associations covering accountants and tax agents, the Association of Taxation and Management Accountants, is making a major bid for new members.
Canberra ups contracts by $2bn
Australia's battered technology sector is set to reap a $2 billion windfall from federal government contracts under review or up for renegotiation this year.
Professions lead jobs surge
A rebound in demand for white-collar workers is set to push the unemployment rate to its lowest level in more than a decade during 2003.
Mandatory rotation to hit small firms
Mandatory rotation of audit partners is predicted to have a major impact on medium-sized professional service firms.
ATO targets investors, work claims
Property and share investors, employee tax claims and small businesses dealing in cash will be targeted by the Australian Taxation Office this year in a new crackdown on tax avoidance.
Business fails to curb ASIC powers
Business is set to fail in its campaign to stop the Federal Government giving the Australian Securities and Investments Commission new powers to fine companies that mislead investors.
Unemployment rate lowest for two years
Australia's unemployment rate dropped to 6 per cent in October, its lowest level in two years, achieving the federal Budget forecast six months in advance.
Taxpayers to subsidise options
Companies required to expense share options may get a tax deduction for the cost, the Federal Government confirmed yesterday, a move that makes granting options to top executives more attractive.
Costello's crackdown on directors
Directors could be stripped of bonuses, share options and other benefits in the event of a company collapse under the Federal Government's long-awaited legislation designed to stem public criticism of corporate excesses.
Business lashes CLERP
Australia's corporate leaders have warned against over-regulation and criticised new powers of regulators to fine companies and force them to respond to market speculation.
Visa sues RBA over credit cards
One of the world's best-known financial institutions, Visa International, has taken the unprecedented step of suing the Reserve Bank of Australia to overturn last month's credit card reforms.
Doctors win in insurance shake-up
Doctors would have unprecedented protection from legal action under negligence law reform proposals outlined yesterday, which could flow on to other professions such as auditors, lawyers and engineers.
ASX backflip on corporate governance
The Australian Stock Exchange has done an about-face over tighter corporate governance rules and decided to require disclosure of companies' compliance with planned new standards.
Telstra's broadband subscription soars
Telecommunications giant Telstra said on Monday it was on track to have 1 million subscribers for its high-speed broadband services by 2005 after demand for the services doubled over the first six months of calendar 2002.
ACCC wins support of small business
A coalition of 14 small business groups has called for sweeping policing powers for the Australian Competition and Consumer Commission and a stronger trade practices regime, in a move that puts it at odds with big business.
ASIC to target corporate accounts
The Australian Securities and Investments Commission will scrutinise key risk areas of the accounting practices used by sharemarket-listed companies in their June 30 accounts following the corporate scandals in the United States.
Directors sent back to school
Australian company directors are going back to school. Worried by successive business debacles here and overseas, directors are enrolling in accounting courses, lining up for corporate governance workshops and paying outside consultants to assess their performance.
Insolvency law faces review
The Federal Government will push for a major overhaul of insolvency law that will allow liquidators to chase and claw back assets held overseas.
ATO to investigate illegal loans
The Australian Taxation Office has announced that its pilot audit to track down companies which are illegally using profits to make loans to family members or associates, will kick off in Victoria. Depending on the results, it could lead to a national campaign.
SMEs face land tax concerns
Queensland small business owners are concerned changes to land tax, contained in Tuesday's state Budget, will hit their hip pockets.
Census mirrors real Australia
Australia is moving away from the traditional family model of two children and a home in the suburbs towards a more multicultural society in which people live in apartments, marry later and have fewer dependants.
Banks give in on credit card fees
Retailers will be able to charge customers for using credit cards after major banks caved in to the Reserve Bank of Australia's push to reform the credit-card market.
Insurance pool plan offers hope to nonprofit groups
The Insurance Council of Australia (ICA) has proposed a special pool to provide lower cost public liability coverage for thousands of nonprofit organisations across the country.
Big changes to profit reporting
Australian companies face significant disclosure changes under last-minute proposals being considered by the Australian Accounting Standards Board to apply to 2002 financial statements.
Australian trusts look offshore
Earlier this year, Macquarie Bank jetted two groups of fund managers and institutional investors around North America to look at the industrial properties in the new Macquarie ProLogis Trust.
Market for insurance continues to tighten
The market for professional indemnity insurance continues to tighten, with no new insurers on the horizon, huge premium increases across the board and the inability of some professions to access cover.
States pass insurance to ACCC
A national summit on the public liability insurance crisis has dealt a fatal blow to the push for an immediate shake-up to the legal system and instead gave the compe tition regulator new powers over the insurance industry.
New international tax agenda
The Federal Government will address concerns about Australia becoming a branch-office economy through the next phase of business tax reform, which will target punitive arrangements for companies seeking to expand globally.
Push to hit trusts that protect the rich from tax
The Federal Government's main advisory body on taxation is considering new measures to crack down on the abuse of trusts by the rich in a move that might alienate sections of the Coalition's support base.
Small business caught short on R&D
Small businesses that were counting on government funding this year to undertake research and development and commercialisation of their projects were surprised by Canberra's announcement that funding for the R&D Start scheme will be suspended owing to a $40 million blow-out in spending this financial year.
Accountants call for radical audit shake-up
The accounting industry has called for a radical overhaul of Australia's financial reporting framework, including quarterly reporting by publicly listed companies and an industry ombudsman to monitor the profession.
Accountants start to tally legal liability
Company auditors have been under intense scrutiny this year as a result of spectacular corporate collapses here and, more dramatically, in the US.
RBA challenges business
The Reserve Bank, leaving interest rates unchanged on Wednesday, welcomed an improving world and domestic outlook, but issued a challenge to Australian businesses to do more to ensure the good times keep rolling.
Directors target audit overhaul
The directors of Australia's biggest public companies are overhauling their accounting procedures to head off government intervention of auditing practices after a spate of corporate collapses.
GST compliance crackdown
The Australian Taxation Office is planning to crack down on companies and individuals that miss the deadline for lodging business activity statements, warning penalties will apply from July 1.
Tax proposals under scrutiny
The Federal Government's taxation advisory board has agreed to consider alternatives to the controversial Tax Value Method proposal for calculating taxable income. Under pressure from accounting bodies, the Board of Taxation will fund an analyses of the so-called Option 3 as part of its evaluation of TVM.
ALP ready to do deal on small business labour
The Labor Party has opened the door for a deal with the Howard Government to exempt some casual workers from unfair dismissal protection as part of a Coalition package to free up labour market regulation for small businesses.
ATO to reward well-behaved businesses
The Australian Taxation Office is considering streamlining tax returns for companies that behave themselves, as it examines ways to reduce corporate tax compliance costs.
New assault on tax avoidance
The Australian Taxation Office is targeting media, pharmaceutical and motor vehicle companies in a new effort to counter tax avoidance, building a wide-ranging database on the activities of Australia's top 200 companies.
Crackdown on payouts for injuries
The Federal Government wants to abolish an individual's right to sue for personal injury damages amid concerns that spiralling public liability insurance premiums are crippling small businesses.
ASIC's use of civil penalties rises
Australia's corporate regulator has dramatically increased its use of controversial civil penalties, new research shows.
Hopes for business review of trade practices law
The Federal Government's promise to review parts of the Trade Practices Act is a long-awaited opportunity to re-state the goals of the act and to weigh up its effectiveness. It is a review Australia needs, but one that involves powerful forces fighting for changes that suit their own agendas.
Directors oppose share trade rules
A key body representing Australia's company directors yesterday called for changes to tough new rules requiring the disclosure of share trading in their companies within five days, saying a "more realistic" deadline for the notifications was needed.
To avoid a bad trip, check the fine print
Many airlines in an attempt to gain market share are advertising extremely low fares. Our recommendation is to check the fine print carefully in order to avoid an expensive mistake.
Urban sprawl
Urban consolidation was supposed to fix everything. Transport and services would be better used; sprawl and environmental degradation would be curtailed; and those old industrial sites would find new uses.
Best firms use net for efficiency
The so-called new economy is about as popular a destination as a leper colony right now, but innovative and efficient use of technology continues to play an important role at some of Australia's best performing companies.
Accountants pursue unpopular consolidation
The collapse of listed accounting consolidator Harts Australasia has contributed to a pause among practices considering taking the corporatisation option. But the underlying drivers mean consolidation will continue, albeit as one of a number of corporatisation options.
Tax plan to give movies a boost
A plan to make movies one of Australia's larger export products through wider tax concessions for locally made films and increased resources for the Film Financing Corporation is expected to be considered by Federal Cabinet today.
e-commerce policing
If you buy goods over the internet from another country that are defective when they arrive, in which country do you sue - Australia or the other country?
Better deal for owners and retail tenants
The ability to draw down the unconscionable conduct provisions of federal Trade Practices Act into State retail legislation ushers in a new era in the relationship between shopping-centre landlords and their tenants.
How to pay less tax
With just weeks to go until the end of the financial year, now is the time to consider last-minute opportunities to save tax. While some may believe such an exercise isn't worth the effort this year, given the widespread tax reform fatigue that prevails, rest assured it will be worthwhile.
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