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Every day, I sift through the accounting noise so you don’t have to. I share to you the most relevant, juicy accounting insights that really matter – nothing phony, just some good, accounting testimony! 

📊 Accountants Gone WILD 

Tony Greco from the Institute of Public Affairs (IPA) warns that Australia’s tax system is in desperate need of comprehensive reform, however, both major political parties are focused on piecemeal changes that only add more complexity. The government’s current tax proposals, like Division 296, are insufficient to address the problematic issues of the government tax system, relying too heavily on personal and company taxes. Greco stresses that such piecemeal approaches are hurting productivity, and creating long-term fiscal instability, remaining inadequate to secure Australia’s future. 

With an ageing population and fewer workers supporting retirees, Greco argues that younger generations will carry Australia’s tax burden, as traditional revenue sources like fuel excise and tobacco taxes decline. The current national fiscal situation is being held together only through favorable export terms, which remains unsustainable. Failure to bank surplus funds during times of economic boom has left the country vulnerable to global shifts, including potential trade wars. Greco warns that without a comprehensive tax reform, Australia faces a growing debt burden and declining economic productivity, impacting future generations.

Source: Accountants Daily

🧮 COOL AF! (Cool Accounting Facts!)

Bubble gum, now a worldwide favorite, was invented by Walter Diemer in 1928, an accountant at the Fleer Chewing Gum Company in Philadelphia. Diemer was experimenting with gum recipes in his spare time when he accidentally created a formula that was more stretchable and less sticky than regular chewing gum, perfect for blowing bubbles

Over the years, bubble gum evolved into the modern varieties we usually enjoy today, with additional improved flavors, textures, and packaging. As the popularity of bubble gum heightened, it expanded beyond the United States, turning into a worldwide sensation.

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