The ATO has released its latest small business benchmarks, providing over 100 different industries with average cost of sales and average total expenses. Businesses as varied as seafood retailers, bricklayers and dentists can see clearly what the relevant benchmarks are for their industry.
The ATO is warning taxpayers they will be paying close attention to claims for ‘other’ work-related expenses this year, and is reminding people to keep appropriate records.
Bolstered by upbeat economic outlooks at home and abroad, Australian CFO optimism continues to hold strong. And according to the latest edition of Deloitte’s CFO Sentiment report, reduced financial volatility is also increasing risk appetite,
Key points from the H2 2017 survey behind the report – A strong global economy underpins rising optimism and risk appetite – conducted in November and December, include:
A net 71% of CFOs are optimistic about the financial prospects of their companies
Net positive confidence results have now been recorded since H1 2013
A record 62% are comfortable with taking on more balance sheet risk
63% are concerned about the impact of further regulatory changes
42% believe innovation is their number one strategic planning consideration.
Global and local outlooks support optimism and risk appetite
The Australian Criminal Intelligence Commission (ACIC) released the Serious Financial Crime in Australia 2017 report, which highlights the sophistication and complexity of serious financial crime facing Australia.
Last year the Fair Work Ombudsman has for the first time used accessorial liability laws to obtain penalties against a professional services firm for knowingly helping one of its clients exploit a vulnerable worker. Victorian accounting firm Ezy Accounting 123 Pty Ltd has been penalised $53,880 after the Federal Circuit Court found earlier in the year that it facilitated underpayments by its client, fast food operator Blue Impression Pty Ltd.