Latest news with #CPAAustralia
Perth Now
a day ago
- Business
- Perth Now
Big mistake Aussies make with tax return
Cost-of-living pressures are tipped to cause millions of Australians to lodge their tax returns early this year, but such a move could cost them in the long run. According to CPA Australia, taxpayers will rush through their returns to try to get a refund as soon as possible, but this could mean they make mistakes or underclaim everything that they are entitled to. CPA Australia tax lead Jenny Wong said Australians often rushed to get their money back from the tax man. 'Cost-of-living pressures could mean some people are eager to lodge their tax return as quickly as possible to access a refund, but it's important to be patient, gather your evidence and claim everything you are entitled to,' she said. 'There's a misconception that lodging early means you'll receive your refund first, but it's not as simple as that. It's common for people who lodge early to end up having to amend their returns later anyway, so it's best to wait.' Taxpayers could be hundreds of dollars worse off due to rushing their tax return. NewsWire / Nicholas Eagar Credit: NewsWire According to H & R Block director of tax communications Mark Chapman, Australians are likely to take short cuts when it comes to their tax returns. While the MyTax model was praised for its simplicity, Mr Chapman said it was costing taxpayers on average $525.50. 'If you've started a side hustle, invested in shares, bought property or even just worked from home – your return is no longer simple, 'Mr Chapman said. 'The ATO doesn't tell you what you're entitled to claim – that's up to you. And in a year where budgets are stretched, getting it right can make a real difference. Finder survey data estimates that one in three Aussies need a cash injection this financial year. Finder head of consumer research Graham Cooke said Aussies were eagerly awaiting their tax refunds, set to arrive from July 1. 'Many households living month-to-month will be particularly keen to access these funds,' he said. 'For those struggling with the rising cost of living, a cash boost will offer some necessary financial reprieve.' Australians are urged to track all their tax expenses. NewsWire / Emma Brasier Credit: News Corp Australia Ms Wong said another common mistake people made was not giving enough thought to how their circumstances had changed over the past 12 months. 'Some people go into autopilot when they do their tax returns,' she said. 'They cut and paste from their last return and fail to consider any changes to their personal circumstances. 'Turn off the autopilot and take time to seriously consider what's different about your expenses this year and think about what you could claim.' Ms Wong also explained there were several ways Australians could save more money. 'Remember that you have until June 30 to purchase any work-related items and claim the deductions this year,' she said. 'So, if you need any equipment for your home office, like a new desk or computer chair, or maybe you need to replace your old work tools, do it before the end of the financial year. 'Individuals can claim an immediate deduction for items they need for work that cost $300 or less, so long as your employer does not reimburse you for that expense.'
West Australian
a day ago
- Business
- West Australian
‘Misconception': Big mistake Aussies make with their tax return
Cost-of-living pressures are tipped to cause millions of Australians to lodge their tax returns early this year, but such a move could cost them in the long run. According to CPA Australia, taxpayers will rush through their returns to try to get a refund as soon as possible, but this could mean they make mistakes or underclaim everything that they are entitled to. CPA Australia tax lead Jenny Wong said Australians often rushed to get their money back from the tax man. 'Cost-of-living pressures could mean some people are eager to lodge their tax return as quickly as possible to access a refund, but it's important to be patient, gather your evidence and claim everything you are entitled to,' she said. 'There's a misconception that lodging early means you'll receive your refund first, but it's not as simple as that. It's common for people who lodge early to end up having to amend their returns later anyway, so it's best to wait.' According to H & R Block director of tax communications Mark Chapman, Australians are likely to take short cuts when it comes to their tax returns. While the MyTax model was praised for its simplicity, Mr Chapman said it was costing taxpayers on average $525.50. 'If you've started a side hustle, invested in shares, bought property or even just worked from home – your return is no longer simple, 'Mr Chapman said. 'The ATO doesn't tell you what you're entitled to claim – that's up to you. And in a year where budgets are stretched, getting it right can make a real difference. Finder survey data estimates that one in three Aussies need a cash injection this financial year. Finder head of consumer research Graham Cooke said Aussies were eagerly awaiting their tax refunds, set to arrive from July 1. 'Many households living month-to-month will be particularly keen to access these funds,' he said. 'For those struggling with the rising cost of living, a cash boost will offer some necessary financial reprieve.' Ms Wong said another common mistake people made was not giving enough thought to how their circumstances had changed over the past 12 months. 'Some people go into autopilot when they do their tax returns,' she said. 'They cut and paste from their last return and fail to consider any changes to their personal circumstances. 'Turn off the autopilot and take time to seriously consider what's different about your expenses this year and think about what you could claim.' Ms Wong also explained there were several ways Australians could save more money. 'Remember that you have until June 30 to purchase any work-related items and claim the deductions this year,' she said. 'So, if you need any equipment for your home office, like a new desk or computer chair, or maybe you need to replace your old work tools, do it before the end of the financial year. 'Individuals can claim an immediate deduction for items they need for work that cost $300 or less, so long as your employer does not reimburse you for that expense.'
Yahoo
28-05-2025
- Business
- Yahoo
Filipino SMEs lag regional counterparts in digital adoption
A new survey has revealed that Filipino small businesses (SMEs) continue to lag their regional counterparts in digital adoption regardless of the promising outlook and employment trends. CPA Australia has released its 16th annual Asia-Pacific Small Business Survey, which presents an analysis of SME issues and sentiment across the region with a focus on Philippines. The latest survey, which included responses from 4,236 SMEs in 11 Asia-Pacific markets, has revealed that 62% of respondents reported earning more than 10% of their revenue from online sales, below the surveyed average of 67%. Though 74% received more than one-tenth of their revenue from digital payment technologies like Dragonpay and GCash, close to the regional average (75%), just 13% sought advice from IT consultants last year, well below the Asia-Pacific average of 28%. The survey also highlighted that those SMEs that invested in technology in 2024 experienced benefits, with 69% reporting improved profitability, surpassing the regional average of 56%. On the positive note, the survey revealed that Filipino SMEs continue to show strong growth dynamics, with 77% reporting growth in 2024 and 89% expecting to expand in 2025. The survey results indicate that the growth is driven by a focus on customer needs with 46% citing customer loyalty and 37% pointing to improved customer satisfaction as their top contributors to growth. In 2024, the number of growing businesses in the Philippines reached its highest point since 2019, and 41% of SMEs increased their workforce last year with 57% plans to expand employee base in 2025. CPA Australia Philippine finance industry qualified accountant Rufus Pinto said: 'Small businesses in the Philippines are thriving due to their exceptional customer-centric approach, which helps them to retain loyal clients and attract new ones. 'Our young population is a key driver of the dynamic economy. The Philippines has one of the youngest small business owner profiles in the region and their strong entrepreneurialism is driving growth in the sector.' Financial access remains a pressing issue, as 65% of them sought external finance in 2024, but only 22% found it easy to secure funding with 40% of them responded that rising costs as a major barrier to growth. Pinto added: 'Filipino small businesses should set ambitious long-term goals and craft well-prepared business plans towards achieving them. These are persuasive and solid documents for securing bank loans.' Looking ahead, 28% Filipino SMEs are expecting strong growth from overseas markets in 2025, the highest expectation in three years and above many of their regional counterparts. "Filipino SMEs lag regional counterparts in digital adoption " 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
CPA Australia survey: Young entrepreneurs help drive robust growth in Filipino small business sector
MANILA, Philippines, May 28, 2025 /PRNewswire/ -- Filipino small businesses continue to stand out as among the most dynamic in the Asia Pacific region, with 77 per cent reporting growth in 2024 and 89 per cent expecting to expand this year. These key findings, from the latest Asia-Pacific Small Business Survey conducted by one of the world's largest professional accounting bodies, CPA Australia. This bullish performance is largely attributed to a customer-focused mindset. However, challenges such as constrained access to finance and slower technology adoption compared with other markets in the region are holding some businesses back. Last year saw the highest number of growing Filipino small businesses since 2019. Reflecting this improved sentiment, 41 per cent of respondents increased their workforce in 2024, and 57 per cent plan to hire more employees in 2025. Customer loyalty and satisfaction remain key drivers of small business success in the Philippines. Nearly half (46 per cent) of Filipino respondents cited customer loyalty as their top growth factor, while 37 per cent selected improved customer satisfaction. Mr Rufus Pinto, a CPA Australia-qualified accountant who works in the Philippine finance industry, said: "Small businesses in the Philippines are thriving due to their exceptional customer-centric approach, which helps them to retain loyal clients and attract new ones. "Overall, the economy maintained steady growth last year, driven by strong domestic consumption, which created many opportunities for small businesses." Mr Pinto said the youthful profile of Filipino small business owners was a key advantage. "Our young population is a key driver of the dynamic economy," he said. "The Philippines has one of the youngest small business owner profiles in the region and their strong entrepreneurialism is driving growth in the sector." Reflecting confidence in the business outlook, 28 per cent of Filipino respondents expect strong revenue growth from overseas markets in 2025, a three-year high that surpasses many regional counterparts. "With a young, English-speaking workforce and a strong work ethic, the Philippines remains a top destination for outsourced services from international companies, especially for voice-based services and customer support roles. Small businesses should continue to leverage these strengths to attract more overseas clients," he said. Despite the promising outlook and employment trends, Filipino small businesses continue to lag their regional counterparts in digital adoption. In 2024, 62 per cent of respondents reported earning more than 10 per cent of their revenue from online sales, below the surveyed average of 67 per cent. Though 74 per cent received more than one-tenth of their revenue from digital payment technologies such as Dragonpay and GCash, close to the regional average (75 per cent), only 13 per cent sought advice from IT consultants last year, well below the Asia-Pacific average of 28 per cent. "With a large talent pool and a focus on people-to-people connection, Filipino small businesses tend to prioritise personal connections over digitalisation and automation," said Mr Pinto. "Challenges such as limited internet access in rural areas, a large unbanked population and reliance on cash and remittances also hinder digitalisation." However, the benefits of tech investment are clear. Among Filipino small businesses who invested in technology in 2024, 69 per cent reported improved profitability, well above the Asia-Pacific average of 56 per cent. This placed the Philippines second among all surveyed markets. Rising costs remain the top challenge, with 40 per cent of respondents citing it as a key barrier. Access to finance is also a hurdle. While 65 per cent sought external finance in 2024, only 22 per cent found it easy to obtain, the lowest result in the region. This trend is expected to persist. "Banks remain the primary source of funding, however only 22 per cent of respondents named them as their main lender," Mr Pinto said. "When applying for bank finance, it usually requires documents to demonstrate how the funds will be used and the credibility of the borrowers. Filipino small businesses should set ambitious long-term goals and craft well-prepared business plans towards achieving them. These are persuasive and solid documents for securing bank loans. "Consulting professionals, including accountants who hold the internationally recognised CPA designation, can help improve financial records and address technical issues such as taxation." CPA Australia's Asia-Pacific Small Business Survey collected views from 4,236 small businesses in 11 Asia-Pacific markets in November and December 2024, including 310 from the Philippines. This is CPA Australia's 16th annual survey of small business issues and sentiment since 2009. About CPA Australia Founded in 1886, CPA Australia is one of the world's largest professional accounting bodies representing more than 175,000 members working in over 100 countries and regions around the world including more than 20,000 members in Southeast Asia. CPA Australia advances its members' interests through education and knowledge exchange, the development of professional networks, thought leadership and the promotion of value of CPA Australia members to employers, government, regulators and the public. The CPA Australia designation denotes strategic business leadership and is recognised and valued throughout the world. 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Yahoo
27-05-2025
- Business
- Yahoo
FAAA releases guide on tax deduction for financial advice fees
The Financial Advice Association of Australia (FAAA) has released practical guidance on the tax deductibility of financial advice fees. Developed in collaboration with Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia, and the Institute of Public Accountants (IPA), the comprehensive guide intends at providing advice into how the ATO's Tax Determination TD 2024/7, released in September 2024, can be practically implemented. FAAA CEO Sarah Abood expressed satisfaction with the joint effort, stating, "The implications of the updated ATO guidance are important for both financial advisers and accountants. We have worked together with the accounting associations so that the guidance is practical and consistent for both." The guide is the result of more than six years of advocacy by the FAAA, encouraging the ATO to revise its guidance. It introduces the possibility for taxpayers to claim a portion of the initial advice fee and provides clear instructions on the claiming of ongoing fees. "Advisers can now support their clients to claim a legitimate tax deduction for financial advice fees with confidence," Abood added. The document details the legislative context, defines tax (financial) advice and taxation law, and proposes three methodologies for fee apportionment. It also includes practical tools such as, Statement of Advice text, and fee summary templates for immediate application. CA ANZ's Superannuation and Financial Services Leader Tony Negline highlighted the collaborative nature of the guide, saying, "We are proud to collaborate with the FAAA, CPA Australia, and IPA on this combined industry guide to help both financial advisers and the accounting community to understand the practical implications of the tax deductibility of financial advice fees, which will ultimately benefit our clients." Echoing the sentiment, CPA Australia's superannuation lead Richard Webb looked forward to "further explaining the changes and working with our members and the financial advice community to collaborate and embed the use of this guide." "FAAA releases guide on tax deduction for financial advice fees" 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
