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NEED TO KNOW

Need to know

Demand for credit among Australian small businesses has surged, with 94 per cent seeking new capital.

Minister for Agriculture and Small Business Julie Collins has admitted that if the proposed $3 million super legislation is passed, farmers may need to sell their family farms.

A tax specialist has outlined three of the major GST areas on the ATO's radar based on recent discussions.

Over 80 per cent of Australians aged 51 to 65 are unprepared for the looming tax on big super balances, according to Generation Life.

The Tax Office has told practitioners to ensure client bank details are included in every lodgment to help with the digital payments transition.

Capital gains tax continues to be the most common tax trap for Australian small businesses due to its broad scope, a tax specialist has warned.

The professional bodies have raised concerns about ASIC’s proposal to impose new penalties for the misclassification of wholesale investors by accountants.

The Ombudsman has issued a guide to help Australian small businesses navigate the challenges of paying or collecting a debt.

The Albanese government announced it will be banning “dodgy” business practices that continuously rip off Australians in trading practices.

Advisers still need time to adapt to reforms to the regime’s scope and penalties that kicked in just six months ago, the body has warned.

The budget is becoming increasingly reliant on bracket creep as Commonwealth revenue from fuel and excise levies decline, a report has found.

Recommendations from the consulting inquiry focused on whistleblowing, partnerships, large firms and consultants will enhance transparency and drive change across the profession, the IPA has said. ...