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Accountants spared from loan certifications by new ABA Code of Practice
A change to the Australian Banking Association's Code of Practice will finally put an end to the practice of its members asking accountants to certify the capacity of a business to repay borrowings.
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Happy new (financial) year!
It's almost time to wish you all a happy new financial year once again! And with that, as always, comes some changes to note, particularly for those in business.
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2024-25 Federal Budget
The 2024-25 Federal Budget has been handed down by Treasurer Jim Chalmers. While recent Budgets have tended to focus more on spending and cost-of-living relief than tax measures, it's no understatement to say that this year there is almost nothing to report from a tax and business perspective. In fact, the only significant reference to tax in the Treasurer's Budget speech was in relation to the amended Stage 3 personal income tax cuts, which were already legislated. Some of our industry bodies have, for the first time in our memory, gone so far as to cancel their traditional post-Budget briefing functions, so little content is there to cover. As such, our annual summary of Budget highlights will be brief.
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