Month: February 2025 AWST
Phish, smish, and spear phish: IRS releases 2025’s Dirty Dozen
From www.journalofaccountancy.com: (US context) The IRS’s 2025 Dirty Dozen list highlights various scams targeting tax professionals, including new client scams and spear phishing, where cybercriminals impersonate potential clients to access sensitive information.… read more
Turning financial data into a stakeholder story
From cpaaustralia.com.au: Accountants must transform complex financial data into compelling narratives to effectively communicate with stakeholders.
To achieve this, they should establish context by identifying the audience’s concerns and organizing information with a clear structure, utilizing visuals and plain language to enhance understanding.… read more
Temporary freeze on excise indexation
From theconversation.com: The Albanese government will temporarily freeze the indexation on draught beer excise for two years, starting from the next due date in August, at an estimated budget cost of $95 million over four years.… read more
The Impact of ChatGPT on Information Processing
From www.sciencedirect.com: The paper examines the impact of the ban on ChatGPT in Italy on financial analysts’ information processing capabilities within capital markets.
Following the ban, domestic analysts experienced a significant decrease in AI usage, resulting in fewer earnings forecasts, reduced forecast accuracy, increased reliance on industry-specific information, and widening bid–ask spreads.… read more
YFYS: The impact on insurance in superannuation
From www.fssuper.com.au: The Your Future, Your Super (YFYS) Act, implemented three years ago, introduced significant changes to Australia’s superannuation system, including a ‘stapling’ mechanism to prevent duplicate accounts and an annual investment performance test for funds.… read more
Tax considerations for foreign investment in US private credit
From www.thetaxadviser.com: (US context) Private credit has grown significantly, expanding over tenfold since 2007, with projections estimating the market could reach $2.8 trillion by 2028.… read more
Super Alert – 28 February 2025: APRA and ASIC Priorities, TBC..
From www.khq.com.au: APRA reported a 11.5% increase in total superannuation assets, surpassing $4 trillion, while announcing new regulations aimed at enhancing trustee accountability and improving retirees’ outcomes.… read more
Tax Alert – 2025 FBT year end
From www.lowelippmann.com.au: The FBT year ends on 31 March 2025, prompting a review of key issues including FBT exemptions for electric vehicles, work-from-home equipment, and contractor classifications.… read more
Men At Work guitarist attempts to claw back royalties
From www.abc.net.au: Ron Strykert, lead guitarist of Men At Work, is seeking to reclaim royalties from an American music financing company, Royalty Advance Funding, which advanced him $150,000 in 2007 in exchange for his royalty rights.… read more
The future of waste management
From bdo.com.au: Australia’s future waste management strategies are being shaped by supportive policies, advances in technology, and strong community engagement.
Key trends include a shift towards source separation for cleaner material streams, the adoption of new waste processing technologies, and the increasing importance of waste-to-energy projects as part of a circular economy approach.… read more
Are Industry Super Funds following the wrong strategy?
From morningstar.com.au: Dave Swensen’s unique approach to investment, which emphasised non-liquid assets and outperformed traditional strategies, inspired a trend among industry super funds and individual investors alike.… read more
Simplifying reporting for smaller NFPs
From www.accountantsdaily.com.au: The joint accounting bodies, CA ANZ and CPA Australia, are advocating for legislative amendments to clarify which smaller not-for-profits can utilise a new, simpler accounting standard proposed by the Australian Accounting Standards Board.… read more