Latest news with #CAANZ
Yahoo
19-05-2025
- Business
- Yahoo
CFO Leadership Council launches new certification
The CFO Leadership Council has introduced the Finance & Accounting Technology Certification, a virtual, self-paced credential aimed at empowering finance leaders in the digital age. As digital transformation reshapes the finance sector, this certification aims to help leaders master essential tools and 'strategic thinking' for a tech-driven landscape, the council said. Developed by expert CFOs and advisors, the programme offers ten modules focusing on real-world applications as well as strategic decision-making. According to the community of finance executives, participants gain practical frameworks to evaluate and integrate finance technology, strategic positioning for cross-functional tech decisions, and a credential to enhance résumés and LinkedIn profiles. The certification is now open for enrolment. Commenting on the development, CFO Leadership Council chief operating officer RD Whitney said: 'Finance leaders are being asked to lead far beyond the numbers. This certification equips controllers and senior finance professionals with the knowledge and credibility to confidently drive technology decisions, align with business strategy, and lead their teams into the future of finance.' In a separate development in April 2025, Chartered Accountants Australia and New Zealand (CA ANZ) launched a Certificate in AI Fluency. This initiative aims to equip accountants with skills to leverage Generative AI in finance. The AI Fluency certificate was co-developed by AI and technology adoption expert Inbal Rodnay and Deloitte Centre for the Edge chief edge officer Peter Williams, ensuring a comprehensive curriculum for participants. "CFO Leadership Council launches new certification" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
West Australian
07-05-2025
- Business
- West Australian
ATO and tax experts reveal most ‘outrageous' things Aussies have tried to claim back
Yachts, island holidays, gaming consoles and even swimwear for a truck driver looking to cool off have featured among a collection of wild expense claims Australians have tried to slip past the tax office. Ahead of the 2025 tax period, Australia's revenue collection agency has signalled what it will be cracking down on this year while warning exaggerated deduction attempts 'would not be tolerated'. Among the 'most outrageous' work-related deduction attempts the Australian Taxation Office (ATO) received last year was a truck driver who tried to claim swimwear because they had stopped in a hot place and needed a swim, and an unnamed fashion industry manager who wanted to be reimbursed more than $10,000 they spent on luxury clothing bought to attend dinners and other functions. A third example shared by the ATO was of a mechanic who tried to claim gaming consoles, a TV, an air fryer and vacuum cleaners as work-related expenses. All claims were denied. 'While some people have tried their luck with unusual work-related deduction claims, most people realise to be able to claim an expense it needs to meet strict criteria,' ATO Assistant Commissioner Rob Thomson said. 'While a lunchtime dip might clear your head for work, swimwear for a truck driver is clearly not deductible. 'We know in many instances mistakes relating to work-related expenses could be avoided with a little time and effort.' The 'revealing' length some Australians are willing to stretch the truth if they can score a tax break was also identified when Chartered Accountants ANZ (CA ANZ) surveyed 180 tax experts. One taxpayer tried to claim a luxury yacht as a work expense because 'they might have some business to do' on some islands, while another wanted to be paid back for monthly salon trims because their 'hair grows during business hours'. 'There were many dubious claims related to health, wellness and personal aesthetic, including one for the cost of a gym membership as the individual needed to be strong and fit to renovate their rental property,' CA ANZ tax lead Susan Franks said. 'Another related to a Pilates reformer machine purchased to help an office worker who had a sore back. 'We also noticed a trend of big-ticket luxury purchases passed off as business and work expenses, including one who tried to claim a family trip to a tropical island was related to their earthmoving business.' Other taxpayers tried to claim vet and food bills for their pets, a pool, school fees and an engagement ring. Franks said the attempts were cheeky but discouraged people from making fraudulent claims 'because the ATO will not be laughing'. The tax office said work-related expenses, working from home deductions and side hustles would be in the microscope this year, claiming these are areas that produce 'frequent errors'. More than 10 million people claimed work-related deductions in 2024, and many lodged expenses relating to working from home. 'Work-related expenses must have a close connection to your income earning activities and you should be prepared to back it up with records like a receipt or invoice,' Thomson said. 'If your deductions don't pass the 'pub test', it's highly unlikely your claim would meet the ATO's strict criteria. The advice for taxpayers is to check the ATO website and to consider using its app where expense records can be stored and later shared with your tax agent or uploaded to myTax when lodging your return.
Perth Now
07-05-2025
- Business
- Perth Now
Most ‘outrageous' claims Aussies have tried to slip past the taxman: ‘Dubious'
Yachts, island holidays, gaming consoles and even swimwear for a truck driver looking to cool off have featured among a collection of wild expense claims Australians have tried to slip past the tax office. Ahead of the 2025 tax period, Australia's revenue collection agency has signalled what it will be cracking down on this year while warning exaggerated deduction attempts 'would not be tolerated'. Among the 'most outrageous' work-related deduction attempts the Australian Taxation Office (ATO) received last year was a truck driver who tried to claim swimwear because they had stopped in a hot place and needed a swim, and an unnamed fashion industry manager who wanted to be reimbursed more than $10,000 they spent on luxury clothing bought to attend dinners and other functions. A third example shared by the ATO was of a mechanic who tried to claim gaming consoles, a TV, an air fryer and vacuum cleaners as work-related expenses. All claims were denied. 'While some people have tried their luck with unusual work-related deduction claims, most people realise to be able to claim an expense it needs to meet strict criteria,' ATO Assistant Commissioner Rob Thomson said. 'While a lunchtime dip might clear your head for work, swimwear for a truck driver is clearly not deductible. 'We know in many instances mistakes relating to work-related expenses could be avoided with a little time and effort.' The 'revealing' length some Australians are willing to stretch the truth if they can score a tax break was also identified when Chartered Accountants ANZ (CA ANZ) surveyed 180 tax experts. One taxpayer tried to claim a luxury yacht as a work expense because 'they might have some business to do' on some islands, while another wanted to be paid back for monthly salon trims because their 'hair grows during business hours'. 'There were many dubious claims related to health, wellness and personal aesthetic, including one for the cost of a gym membership as the individual needed to be strong and fit to renovate their rental property,' CA ANZ tax lead Susan Franks said. 'Another related to a Pilates reformer machine purchased to help an office worker who had a sore back. 'We also noticed a trend of big-ticket luxury purchases passed off as business and work expenses, including one who tried to claim a family trip to a tropical island was related to their earthmoving business.' Other taxpayers tried to claim vet and food bills for their pets, a pool, school fees and an engagement ring. Franks said the attempts were cheeky but discouraged people from making fraudulent claims 'because the ATO will not be laughing'. With tax time creeping nearer, the ATO has shared some of the wildest claims made by taxpayers. Credit: d3sign / Getty Images The tax office said work-related expenses, working from home deductions and side hustles would be in the microscope this year, claiming these are areas that produce 'frequent errors'. More than 10 million people claimed work-related deductions in 2024, and many lodged expenses relating to working from home. 'Work-related expenses must have a close connection to your income earning activities and you should be prepared to back it up with records like a receipt or invoice,' Thomson said. 'If your deductions don't pass the 'pub test', it's highly unlikely your claim would meet the ATO's strict criteria. The advice for taxpayers is to check the ATO website and to consider using its app where expense records can be stored and later shared with your tax agent or uploaded to myTax when lodging your return.
7NEWS
07-05-2025
- Business
- 7NEWS
ATO and tax experts reveal most ‘outrageous' things Aussies have tried to claim back
Yachts, island holidays, gaming consoles and even swimwear for a truck driver looking to cool off have featured among a collection of wild expense claims Australians have tried to slip past the tax office. Ahead of the 2025 tax period, Australia's revenue collection agency has signalled what it will be cracking down on this year while warning exaggerated deduction attempts 'would not be tolerated'. Among the 'most outrageous' work-related deduction attempts the Australian Taxation Office (ATO) received last year was a truck driver who tried to claim swimwear because they had stopped in a hot place and needed a swim, and an unnamed fashion industry manager who wanted to be reimbursed more than $10,000 they spent on luxury clothing bought to attend dinners and other functions. A third example shared by the ATO was of a mechanic who tried to claim gaming consoles, a TV, an air fryer and vacuum cleaners as work-related expenses. All claims were denied. 'While some people have tried their luck with unusual work-related deduction claims, most people realise to be able to claim an expense it needs to meet strict criteria,' ATO Assistant Commissioner Rob Thomson said. 'While a lunchtime dip might clear your head for work, swimwear for a truck driver is clearly not deductible. 'We know in many instances mistakes relating to work-related expenses could be avoided with a little time and effort.' Island holidays and hair cuts The 'revealing' length some Australians are willing to stretch the truth if they can score a tax break was also identified when Chartered Accountants ANZ (CA ANZ) surveyed 180 tax experts. One taxpayer tried to claim a luxury yacht as a work expense because 'they might have some business to do' on some islands, while another wanted to be paid back for monthly salon trims because their 'hair grows during business hours'. 'There were many dubious claims related to health, wellness and personal aesthetic, including one for the cost of a gym membership as the individual needed to be strong and fit to renovate their rental property,' CA ANZ tax lead Susan Franks said. 'Another related to a Pilates reformer machine purchased to help an office worker who had a sore back. 'We also noticed a trend of big-ticket luxury purchases passed off as business and work expenses, including one who tried to claim a family trip to a tropical island was related to their earthmoving business.' Other taxpayers tried to claim vet and food bills for their pets, a pool, school fees and an engagement ring. Franks said the attempts were cheeky but discouraged people from making fraudulent claims 'because the ATO will not be laughing'. The tax office said work-related expenses, working from home deductions and side hustles would be in the microscope this year, claiming these are areas that produce 'frequent errors'. More than 10 million people claimed work-related deductions in 2024, and many lodged expenses relating to working from home. 'Work-related expenses must have a close connection to your income earning activities and you should be prepared to back it up with records like a receipt or invoice,' Thomson said. 'If your deductions don't pass the 'pub test', it's highly unlikely your claim would meet the ATO's strict criteria. The advice for taxpayers is to check the ATO website and to consider using its app where expense records can be stored and later shared with your tax agent or uploaded to myTax when lodging your return.
Yahoo
07-05-2025
- Business
- Yahoo
Dodgy tax claims exposed as ATO reveals 'hit list' for 2025: 'Wanted to deduct $30,000'
A pair of swimmers, a luxury yacht and hair care are not acceptable tax deductions. · Getty Accountants have revealed some of the 'cheekiest' tax claims Australians have tried to sneak past as the Australian Taxation Office (ATO) reveals its 'hit list' for 2025. You might think a luxury yacht or an engagement ring would be a far-fetched deduction, but they were legitimate claims put through last year. Chartered Accountants ANZ (CA ANZ) recently surveyed 180 Australian tax experts and exposed the extent 'some Australians might stretch the truth to try to get a tax break'. CA ANZ Tax Leader Susan Franks issued a stark warning as she highlighted some of the more ridiculous claims. 'One respondent said their individual client was claiming monthly salon haircuts, on the basis that their hair grows during business hours,' Franks said. RELATED 'There were many dubious claims related to health, wellness and personal aesthetic, including one for the cost of a gym membership, as the individual needed to be strong and fit to renovate their rental property. 'Another related to a Pilates reformer machine purchased to help an office worker who had a sore back. 'We also noticed a trend of big-ticket luxury purchases passed off as business and work expenses, including one who tried to claim a family trip to a tropical island was related to their earthmoving business.' She said a luxury yacht was claimed as a work expense as 'they might have some business to do on the islands.' ATO reveals 'hit list' for 2025 More than 10 million people claimed a work-related deduction in 2024, with work-from-home (WFH) deductions one of the most popular. The ATO said it was targeting exaggerated work-related expenses, WFH deductions and multiple income sources, like side hustles. ATO Assistant Commissioner Rob Thomson said there was no way outrageous claims like a real estate agent who wanted to deduct $30,000 for veneers or a truckie putting through a pair of swimmers as he stopped at a pool near a highway would fly. 'While some people have tried their luck with unusual work-related deduction claims, most people realise to be able to claim an expense, it needs to meet strict criteria,' Thomson said. 'While a lunchtime dip might clear your head for work, swimwear for a truck driver is clearly not deductible. Assistant Commissioner Rob Thomson said the ATO is targeting incorrect work-related expenses this year. · ATO/Yahoo Finance 'We know in many instances mistakes relating to work-related expenses could be avoided with a little time and effort.'
