Finance

The ATO will no longer send an SMS message to taxpayers to inform them their tax return has been processed, as the rising tide of fraudulent messages makes it difficult to discern real communications from costly scams.

A study has found many of the government-funded business grants generated no significant improvements in the performance of the firms that received them. In some cases, they might have harmed them.

Australia's peak accounting and bookkeeping organisations are calling on Assistant Treasurer Stephen Jones to renegotiate a set of fresh industry rules, arguing tax practitioners will struggle to meet the August 1 compliance deadline.

Australia is now in the same league as Lithuania, Estonia and Hungary when it comes to cutting real pay, according to a new OECD report. These are the only countries where cuts in real pay – pay adjusted for inflation – have been more severe for low-paid workers than those on higher salaries.

The starkest change is among the 65-year-old and older age group, which has reported a 69% drop in cash usage since 2007.

Global small business platform Xero has announced the Xero Beautiful Business Fund will return for the second year in a row, with $700,000 in funding to be shared among 28 winners across the globe.

Small businesses can still get real value for $2. Just ask Tim Beresford, chief executive of the Australian Financial Security Authority (AFSA), who says a quick $2 search of the Personal Property Securities Register (PPSR) could protect entrepreneurs from unexpected financial setbacks.

'Boring' businesses are facing something of a rebrand, as investors seek out low-key ventures, dependable profits, and sound management.

The involuntary bankruptcy threshold will lift from $10,000 to $20,000, Attorney-General Mark Dreyfus says, giving debtors more breathing space before their creditors can launch court action.

Australia's small and medium business sector is poised for a major generational shift, as senior custodians prepare for retirement and consider their succession options. Yet entrepreneurship remains a hard sell for many younger Australians, causing many family-run businesses to question if they will stay family-run.

Local businesses should get preferential treatment when bidding for government contracts, NSW's peak union body will tell a parliamentary inquiry.

Around 10,000 more small businesses will enjoy protections under the Banking Code of Practice, after Australia's corporate regulator greenlit amendments to the sector's lending rulebook.