Ed. From piperalderman.com.au: The ATO may face a $600 million Bitcoin refund bill if a recent legal case determines Bitcoin is classified as money rather than property, challenging five years of existing tax rulings.… read more
From www.khq.com.au: APRA published benchmark representative administration fees for the Your Future, Your Super performance test, detailing fees for the period ending March 2025.
ASIC outlined its focus for the 2025-26 financial reports, emphasising the measurement and disclosure of investment portfolios as well as marketing expenses.… read more
From www.goingconcern.com: [US context]A federal judge has allowed a class action lawsuit against Workday to proceed, initiated by five plaintiffs over the age of 40 who claim the company’s AI hiring system discriminated against them based on age, violating the Age Discrimination in Employment Act.… read more
From www.accountingtoday.com: [US context] Accounting faces a significant talent shortage exacerbated by widening salary gaps, as many prospective professionals are drawn to higher-paying careers in data science and software development.… read more
From www.accountantsdaily.com.au: A recent case highlighted the heightened expectations of trustee conduct for self-managed superannuation fund SMSF members, culminating in the disqualification of a director who made 117 illegal withdrawals from the fund.… read more
From financialnewswire.com.au: APRA has confirmed that separately managed accounts can be categorized as Trustee Directed Products and will be included in the superannuation performance test under the Your Future Your Super policy.… read more
From cathropartners.com.au: As FY25 concludes, inflation and labour shortages significantly impact the economy, particularly in the Construction and Hospitality sectors, which account for 65.7% of formal insolvencies.… read more
From www.blakeoliver.com: [US context] David Wurtzbacher, CEO of Ascend, challenges the typical private equity model in accounting by emphasising long-term growth, firm independence, and employee ownership.… read more
From www.accountantsdaily.com.au: Privately owned and wealthy groups are facing unexpected tax consequences due to inadequate succession planning, as highlighted by the ATO.
An ageing demographic of controllers has increased succession planning activities, necessitating effective tax governance to avoid unintended tax impacts.… read more
From www.themandarin.com.au: Australia faces a significant issue with the deskilling of migrants, with 44% working below their potential, which could contribute an additional $9 billion to the economy if fully utilised.… read more
From publicaccountant.com.au: The transition from compliance to advisory services in accounting is driven by efficiency gains from automation and AI, making strategic advice increasingly essential for client satisfaction.… read more
From sladen.com.au: The Victorian Supreme Court’s decision in Beecham Motors Pty Ltd v General Motors Holden Australia NSC Pty Ltd emphasises the importance of precise contractual language, ruling that GM Holden was not obligated to supply vehicles throughout the contract term due to the imprecise language in the agreement.… read more