Business News, Economy, Finance & ASX Market News

What the ATO is cracking down on at tax time

About 8.5 million Australians claim $19.7 billion in work-related expenses each year.

Tax
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Each year about 12.4 million Australians claim more $30 billion in deductions against their income, now the ATO is cracking down.

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Solar to overshadow power companies

Electricity sourced through the power network has declined by more than 6 per cent over the past five years.

Smarter products and surging output from rooftop solar systems will keep a lid on the amount of power we buy from the grid.

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More talk and no action from G20

At the halfway mark on the agreed timetable to "turbocharge" the Australian economy, that commitment has gone down just another bit of summit ...

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Staff paid $4-an-hour chasing pay

The Fair Work Ombudsman says two Filipino visa-holders are owed $62,000.

A manufacturing business that illegally exploited dozens of Chinese and Filipino workers is now allegedly refusing to back-pay its staff.

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Crown to split off casino, hotel business

James Packer and Crown Resorts chairman Rob Rankin.

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James Packer's Crown Resorts will split its international business off from its Australian operations

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Women get what they want – or else

Labor also wants to extend the success of the Australian Bureau of Statistics, which has achieved a big boost in female ...

Careers will be on the line if public service diversity targets aren't met, says Labor.

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GoCatch's troubling talent quest

The board of GoCatch is taking this whole ''picking up and dropping off' thing very seriously.

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Brexit won't rub out Smiggle's UK rollout plans, says McInnes

Premier Investments chairman Solomon Lew, right, and chief executive Mark McInnes aren't worried a Brexit will hurt ...

Premier chief executive Mark McInnes has dismissed fears Britain's exit from the European Union will hurt its expansionist stationery chain Smiggle.

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Market Indices

Updated: June 15, 2016 - 4:38PM

Updated: June 15, 2016 - 6:01PM

Updated: June 16, 2016 - 1:33AM

Updated: June 16, 2016 - 1:18AM

United States Dollar

Price

0.7422

Percentage up/down

0.79% rise
Euro

Price

0.6606

Percentage up/down

0.58% rise
British Pound

Price

0.5227

Percentage up/down

0.29% rise

Updated: June 16, 2016 - 1:03AM

Transforming Virgin Australia has been a costly exercise for shareholders.

Virgin Australia to raise $852m

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Male CEOs with daughters more likely to back women for top roles

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No sharp house price correction, says S&P

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More talk and no action from G20

At the halfway mark on the agreed timetable to "turbocharge" the Australian economy, that commitment has gone down just another bit of summit nonsense.

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Virgin shares going cheap in $1b play

COMMENT

Deep discount needed to get offer over the line.

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GoCatch's troubling talent quest

The board of GoCatch is taking this whole ''picking up and dropping off' thing very seriously.

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The dads that back diversity

Most male CEOs are "sitting on the fence" when it comes to championing gender diversity, but not one group.

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Myth busting: Dr Stephen Hitchcock (right) with Rob Webb (left).

Lazy, overconfident GenY? It's no competition

Some Generation Ys are reluctant to see themselves in terms of generational differences.

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In Sweden, a 30-hour week has been shown to benefit satisfaction and health.

The case for a four-day week, every week

COMMENT

It's not just gender equality to play for. More leisure time can be devoted to volunteering.

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ATO: Get your deductions right

VIDEO: If you are an employee you may be able to claim a deduction for some costs related to your job.

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What a Brexit means for the market

VIDEO: Mark Mulligan explains why a prospect of a Brexit causes uncertainty in the market?

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ATO: Claiming work related expenses

VIDEO: If you use your computer, phone or other electronic device for work purposes, you may be able to claim a deduction.

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Brexit could see many Australian shares exposed to the UK take a fall.

Which stocks are most at risk from a Brexit

It's not China this time. Here are the ...

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ASX dives to two-month low on Brexit fears

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Markets Live: ASX plunges below 5200

Live

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Technically, the ASX could fall to 5000

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Brexit's five big risks for markets

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'If you invest a million, you'll make a million'

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Exit the EU? We want back in, says this country

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A pint of ale sits atop of a pile of Wetherspoon News publicity magazines, featuring articles about the EU referendum, ...

'Market is ready to sell everything' on Brexit

Investors are on edge ahead of Britain's ...

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Rio is buying back $US943 million of 6.5 per cent notes due in July 2018 and $US804 million of 2.25 per cent securities ...

Rio Tinto will buy back $US1.7b of its 2018 bonds

Rio Tinto Group will repurchase about $US1.7 ...

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Extreme volatility has been a deterrent. After more than doubling in the 12 months through June 2015, the Shanghai ...

MSCI leaves China stocks out of benchmarks

China's domestic equities were denied entry ...

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Since trade barriers were lifted as part of a nuclear agreement, Iran has been on shopping spree for commercial jets.

Boeing nears $US25b sale of aircraft to Iran

Iran is preparing to unveil a historic ...

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If you plan on being a bit generous on your deductions, prepoare for hell.

Five shortcuts to audit hell

5m ago

The Australian Taxation Office has shared with Fairfax Media the main areas that will spark its attention where people over-claim deductions.

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What the ATO is cracking down on at tax time

Tax
1h ago

Each year about 12.4 million Australians claim more $30 billion in deductions against their income, now the ATO is cracking down.

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This article contains a video
Add to your clippings

Deloitte concluded that for each dollar invested in advertising there is a $3 benefit to the Australian economy.

Advertising boosts economy by $40b

Advertising contributes close to $40 billion to the economy, helping to create 200,000 jobs, Deloitte Access says.

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More talk and no action from G20

At the halfway mark on the agreed timetable to "turbocharge" the Australian economy, that commitment has gone down just another bit of summit nonsense.

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No sharp house price correction, says S&P;

SYDNEY, NEW SOUTH WALES - JUNE 11: Damien Cooly brings the hammer down for the sale of 3 Parer Street Maroubra on June ...

Real estate

There will not be a sharp correction to Australian house prices any time soon, according to global rating agency S&P; Global.

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Australia consumer mood dips in June

Despite the slight dip, optimists still outnumber pessimists.

A measure of Australian consumer sentiment dipped in June after the central bank held off on delivering a second cut in interest rates, with households tempering optimism on the outlook for the economy.

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Citi and Amex cards can be loaded on to new generation Samsung Galaxy devices.

Samsung Pay takes on Apple

Samsung is hoping its payment system launched in Australia on Wednesday will drive more sales of higher-end phones and challenge rival Apple in the contactless payment market.

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Goldman Sachs settles suit with Aussie fund over CDOs

'"Goldman was pressuring investors to take the risk of toxic securities off its books.'

Goldman Sachs and an Australian hedge fund agreed to end a $US1 billion lawsuit over the sale of mortgage-linked securities.

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AFR Banking&Wealth Summit. 28 April 2015. Photo by Louise Kennerley. John Nesbitt, CEO, Suncorp Group speaking at the ...

Suncorp CEO to retire

Suncorp Bank chief executive John Nesbitt will retire before the end of the year.

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Morgan Stanley resets fixed income unit

The bond and commodities trading business brought in $US873 million in the first quarter, excluding accounting adjustments.

Morgan Stanley's fixed-income and commodities business is capable of generating $US4 billion in annual revenue, CEO James Gorman said.

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CBA appoints Padbury as director

Mary Padbury, who is joining the CBA board, in October 2014.

Commonwealth Bank has appointed Mary Padbury, a top intellectual property lawyer, to its board as a non-executive director.

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Why some experts fear an apartment glut

Plenty can go wrong when buying an off the plan apartment in your self-managed super fund.

Three graphs that help explain why there is a growing concern we may be building too many apartments.

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Brexit won't rub out Smiggle's UK rollout plans, says McInnes

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McInnes perks brings anger, dissent

Retail

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Dick Smith receivers to examine directors

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Is this Bunnings' Masters moment?

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Hug-a-Bub goes belly up

Here's why the maker of a popular brand of baby carriers has collapsed into administration.

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'It appears I won't be seeing a cent'

Larry Emdur's Audi was sold through consignment - but he's still waiting for the $25,000 he was expecting.

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Livia Wang's Access CN organised a conference for Chinese 'Daigou' shoppers to meet Australian businesses.

The extra 50 million customers hiding in plain sight

For the first time Australian companies can met face to face with a small and elusive group of shoppers who hold access to an additional 50 million customers.

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Solar to overshadow power companies

Smarter products and surging output from rooftop solar systems will keep a lid on the amount of power we buy from the grid.

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Mulacek tilt at InterOil fails

Oil Search CEO Peter Botten is seeking to win over InterOil investors.

A push to wrest control on InterOil has failed.

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Rio Tinto will buy back $US1.7b of its 2018 bonds

Rio Tinto Group will repurchase about $US1.7 billion of bonds, its second buyback in about two months, as it seeks to cut debt.

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Brexit's five big risks for markets

Flagging risk. Analysts say there are several reasons for markets to quake before the threat of a 'Brexit'.

The market tumult over the growing risk that Britons will vote to leave the EU may seem irrational, or at least overdone. It's not.

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Exit the EU? We want back in, says this country

Britain's vote on June 23 whether to stay in or quit the EU has revived debate about the future of Greenland.

Whilst Britain's Brexit campaign is gaining ground, there's one country where politicians and business leaders mull rejoining the European Union. It's a fishy situation.

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US court upholds net neutrality laws

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In a move hailed by much of Silicon Valley, a US appeals court upheld federal "net neutrality" rules that prevent ISPs from slowing down service for some users.

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Woods Bagot's new office in the brutalist-style building on the corner of William and Little Collins streets.

Brutalism no obstacle for Woods Bagot fit-out

Woods Bagot had been in its Southbank office for 10 years. While the view of the Yarra from the building's domed ceiling was impressive, the office required updating.

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Moet vending machine at Selfridges department store in London

Vending machines are the new retail frontier

Lovers of Moët & Chandon champagne will soon be able to have their own AbFab moment, with plans advanced to have a vending machine full of bubbles in Australia.