Capitaleyes Latest Accounting News

A rundown of the main measures that will impact accountants and small business.
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After 10 years out of government, Treasurer Jim Chalmers has delivered Labor's first budget since its election victory in May.
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The Federal Government is to continue spending more than it earns for at least the next two years at least.
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Small businesses are again in the ATO’s sights this tax time. 
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With COVID-19 lockdowns and restrictions in the rear-view mirrors of most of the country, the ATO is also beginning to resume ordinary compliance activity levels.
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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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