DOGE proves the IRS can move 100x faster without red tape
From www.blakeoliver.com: The IRS’s slow response times and outdated systems were highlighted when a fix to a website login issue, initially estimated to take 103 days, was completed in just 71 minutes by the organization DOGE.… read more
ATO out of step with APRA on pension treatment
From financialnewswire.com.au: Major accounting groups in Australia, including CPA Australia and the SMSF Association, are urging the ATO to align its pension regulations with those of APRA.… read more
Xero unveils ‘Tap to Pay’
From www.accountantsdaily.com.au: Xero has launched ‘Tap to Pay’ on iPhone, allowing small businesses to accept various contactless payment methods, including credit and debit cards and digital wallets, using just the Xero Accounting app.… read more
A loan agreement is necessary if the lender is not identified
From www.smsfadviser.com: A loan agreement is essential for compliance during SMSF audits when the lender is not identified, according to industry expert Peter Johnson.
Without a loan agreement, auditors cannot ascertain if the loan arrangement meets necessary regulations, especially regarding limited recourse borrowing arrangements (LRBAs).… read more
Private equity investment for SMSFs poses challenges
From www.smsfadviser.com: SMSFs encounter significant challenges when investing in private equity due to high minimum investment requirements, long investment horizons, and minimal liquidity, which can exclude many funds from participating.… read more
Directors use business judgment rule in court defence
From www.aicd.com.au: A recent Federal Court case involving the Pacific Current Group highlighted the successful application of the business judgment rule as a defense against allegations of breach of directors’ duties during a merger.… read more
Tax Reform for Easier, Faster, Better Tax Returns
From alp.org.au: The Albanese Labor Government plans to introduce a $1,000 instant tax deduction starting in the 2026-27 financial year to simplify tax returns and provide cost-of-living relief for taxpayers.… read more
Albanese and Dutton launch election campaigns
From www.sbs.com.au: Prime Minister Anthony Albanese and Opposition leader Peter Dutton launched their respective election campaigns, focusing on first home buyers and tax relief amid rising cost of living concerns.… read more
A review of the NSW Renewable Fuel Scheme
From www.holdingredlich.com: The NSW Renewable Fuel Scheme is set to commence in 2026, aiming to incentivise the production of green hydrogen and other renewable fuels, establishing compliance requirements for end users and retailers of gas.… read more
New requirements for terminating road transport contractors
From www.holdingredlich.com: On 25 February 2025, the Fair Work (Road Transport Industry Termination Code) Instrument 2024 took effect, mandating a process for terminating regulated road transport contractors, providing protections against unfair termination.… read more
Chrome 136 fixes 20-year browser history privacy risk
From www.bleepingcomputer.com: Google is addressing a longstanding privacy issue in Chrome, where websites could determine users’ browsing history through the styling of previously visited links.… read more
Farmers struggle to compete with cheap cheese imports
From www.abc.net.au: Australian dairy farmers face significant challenges as they struggle to compete with a rising volume of cheaper imported dairy products, particularly cheese and butter, which now account for about a quarter of consumption.… read more
Tariffs war beef exports to China: Australia fills the gap
From www.abc.net.au: The United States’ beef exports to China have ceased due to unrenewed export licenses for American abattoirs, allowing Australia to significantly increase its grain-fed beef exports to China, which rose nearly 40% in February and March compared to last year.… read more
Peter Dutton pledges one-off $1,200 tax offset
From www.abc.net.au: Peter Dutton announced a proposed one-off tax offset of up to $1,200 for middle-income earners if elected, aimed at providing relief from rising costs of living.… read more