Darcie Douglas-Scarfe

Discover the complexities of Australia's labour landscape with KPMG's first edition of 'Australian Labour Market in Detail'. Gain insights into the multifaceted forces shaping our employment sector, utilising the innovative KPMG Labour Market Pressure Index. Download now.

10

If you lodged your FY23 tax return late or have still not lodged it, not only is that overdue but your tax return for FY24 is due TODAY. The ATO are increasingly issuing late lodgement penalties, so be careful. #accountants #advisors #virtualcfoservices

1

A good summary from recent budgets from two Retail experts and the impacts on consumers.

2

Key ATO Tax Compliance Focus Areas for 2024 As we head into 2024 tax time , the Australian Taxation Office (ATO) has outlined several critical areas for tax compliance. Businesses and individuals must pay attention to these focus areas to ensure accurate and timely tax filings: Work-Related Expenses: The ATO is closely examining claims for work-related expenses, especially those related to working from home. Accurate record-keeping is essential to substantiate these claims. Rental Property Deductions: Many property owners make errors in reporting rental income and expenses. The ATO is focusing on ensuring that deductions for repairs and maintenance are accurate. Undeclared Income: Reporting all sources of income, including from the sharing economy, is crucial. The ATO is vigilant about identifying undeclared income to prevent tax evasion. Superannuation Guarantee: Ensuring employers meet their superannuation obligations is a priority. This includes timely and accurate reporting to ensure employees receive their correct entitlements. Fraud and Evasion Prevention: The ATO is enhancing efforts to detect and prevent tax fraud and evasion using advanced data analytics and technology. Debt Collection: There is a strong emphasis on recovering high-value and aged debts. The ATO is implementing targeted strategies to encourage timely payment and prevent new debts from accumulating. Staying informed and compliant with these focus areas will help businesses and individuals avoid potential issues with their tax filings. #TaxTime2024 #ATOCompliance #WorkFromHome #RentalProperty #Superannuation #TaxEvasion #DebtCollection #Accounting #SmallBusiness #taxtips

2

Ever wondered what it’s like to start a career with KPMG Australia? They’ve just shared a story about my professional journey so far, and it’s been a remarkable one. If you are curious about how you can kickstart your own journey with KPMG Australia, first have a read about my journey in the post below and click the link to discover the limitless possibilities that await you.

97

2 Comments

Did you know, 4 out of every 5 employees are currently looking for, or planning, a new job within the next 12 months? The big question is why? And how can you prevent your top talent from leaving? There are many contributing factors, but it all starts with getting to know your employees better. Keep reading to gain these key insights: #haysfinance #accountingcareers

5

Facing an ethical dilemma at work? Learn how developing ‘ethical muscle’ can safeguard your accounting career and build trust with clients from ethics expert, Clare Payne. Read it here: https://ow.ly/7EBp30sHn0X #CAANZ #DifferenceMakers #GlobalEthicsDay

11

Top Tier Accounting Movements - 2024 Update ​The recent disruptions among Australia’s Big Four accounting firms—PwC, Deloitte, EY, and KPMG—are creating a unique opportunity to tap into top-tier talent, particularly as high-profile departures shake up the market. In the wake of scandals, internal restructuring, heightened regulatory scrutiny and government contracts being reviewed, these firms are experiencing significant partner and senior-level talent turnover, which is leading to a redistribution of expertise across the industry. Contact Bruce Macaulay for more information https://lnkd.in/gWWWXesx #ckg #ckgsearch #accountingmovers #marketupdate

3

How might we attract and retain the next generation of graduates into accounting and auditing. We thrilled to share the recent research report from the University of Technology Sydney and Massey University. This insightful and timely report covers: - A summary background of the current talent challenges - Strategies to enhance talent attraction and retention - Recommendations for university educators, professional bodies, and employers This report is a must-read for anyone interested in the ever-evolving accounting and audit landscape. #Accounting #Audit #CPAAustralia #FutureOfWork

8

1 Comment

In this week's tax round-up we discuss tax developments in Parliament, case update on PepsiCo, recent Commissioner's speech at Budget Estimates, ATO's focus for private groups and more. #taxnews #deloittetax

18

1 Comment

Today in partnership with CPA Australia, Australian Bookkeepers Association, The Institute of Certified Bookkeepers, National Tax and Accountants'​ Association - NTAA and the Institute of Finance Professionals Australia through publications including The Australian Financial Review & The Australian we called on the Australian Government to clarify new rules for tax practitioners. Legal advice confirms these rules could force tax practitioners to share personal information, which could include their mental health, with their clients.  They also force tax practitioners to publicise investigations into complaints against them, no matter how spurious or vexatious.  We appreciate the Assistant Treasurer’s openness to discuss potential amendments to this Determination. However, failing agreement, we will be seeking for these unfair rules to not proceed as they currently stand. This is not just an issue for nearly 72,000 tax professionals and their families, but the millions of Australians and small businesses that rely on their services. Read our full media release here: https://caanz.com/taxreg #CAANZ #DifferenceMakers

225

3 Comments

Geopolitics is heavily impacting Australian retail. KPMG Australia latest report explains key geopolitical trends and how retailers can build resilience.

18

📉 Did you know that by 2026 Australia will have a shortfall of 30k accounting professionals?! This week Chartered Accountants Australia and New Zealand Queensland held Career Connect which brought together academics, university careers and employability teams, and accounting firms to discuss the future of the profession.   From this collaborative exchange, 4 overarching themes emerged:   👩‍🎓  Students need stronger foundational skills with critical thinking and communication still being the most desired skills 💡  Employers are adapting graduate programs to address the skills gap ✈  International students continue to dominate university accounting enrolments 🏫  High school engagement is no longer a nice to have but a must   Thank you to everyone who attended, nothing is more powerful than the whole industry working together! 🤝 #CAANZ #DifferenceMakers Eilish Hoffman Mankelow, Glenn Ahern, Mark Doorly, Adam Baldwin

97

10 Comments

Australian major banks remain resilient despite economic uncertainty. In the latest FY24 results, the major banks reported a combined profit after tax of $29.9 billion, down 5.7 percent compared to FY23. Read our full results analysis, insights on key topics and explore our interactive banking dashboard.

3

Australian major banks remain resilient despite economic uncertainty. In the latest FY24 results, the major banks reported a combined profit after tax of $29.9 billion, down 5.7 percent compared to FY23. Read our full results analysis, insights on key topics and explore our interactive banking dashboard.

4

With tax time right around the corner, it’s important to stay on top of your reporting and employer obligations. 💼 The Australian Taxation Office shares their tips to help you with your payroll governance, including single touch payroll, fringe benefits tax and pay as you go. Read the tips 👇

1

The Australian Government has proposed a temporary increase to the small business instant asset write-off threshold, setting it at $20,000 for the 2024 and 2025 income years. If passed, businesses with an annual turnover of less than $10 million can immediately deduct eligible assets costing under $20,000 until 30 June 2025. However, proposed amendments to increase the threshold further have yet to be accepted by the House of Representatives. For more details, check out the full article https://loom.ly/LDuKq9Y . #KMB #Accounting #Accountants #AustralianGovernment #EligibleAssets

3

The board's role in appointing new directors is crucial in ensuring strong leadership and governance. Typically, suitable candidates are presented to shareholders for election, often with the help of a nomination committee in larger companies. Recently, Bendigo and Adelaide Bank's board has been assessing whether non-executive director David Foster meets the “fit and proper person” criteria to oversee a deposit-taking institution, as outlined by the Australian Prudential Regulation Authority (APRA). APRA’s CPS 520 Fit and Proper standard requires that those managing financial institutions possess the necessary skills, experience, honesty, and integrity. This standard ensures that institutions are led by individuals who can effectively protect the interests of depositors, policyholders, and other stakeholders. Since 2012, ASX Listing Rules mandate checks on the criminal and bankruptcy history of directors before listing, affirming their good fame and character. Additionally, ASX Principles recommend thorough checks on a candidate's character, experience, education, and background before appointment or election as a director. Adhering to these standards and guidelines can help boards better manage risks and uphold the integrity of financial institutions. #CorporateGovernance #Leadership #FinancialServices #BoardOfDirectors #APRA #ASX #CFO2Grow #MorethanaCFO 

1