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Grant alert - Food & beverage manufacturing program

31/03/2021

The Federal Government is offering Food & Beverage manufacturers grants of up to $20m to upskill the manufacturing workforce, develop new supply chains, implement Industry 4.0 manufacturing & traceability processes and encourage research & industry collaboration. Through the Modern Manufacturing Initiatives program funding is being offered on a 1:1 basis, with the Federal Government contributing […]

NFP Special Purpose Financial Statements

09/03/2021

Not-for-profit entities are required to disclose how they do not comply with the recognition and measurement requirements of the Australian Accounting Standards Introduction Whilst the removal of Special Purpose Financial Statements (SPFS) has yet to impact Not-for-Profit entities (NFPs), the AASB has introduced AASB 2019-4. NFPs preparing SPFS from 30 June 2020 must now disclose […]

NSW Build to Rent land tax and duty concessions

03/03/2021

Guidelines have been released, outlining the Land tax concession, Surcharge land tax exemption and Surcharge transfer duty exemption for Build to Rent properties in New South Wales. In August 2020, the NSW Government introduced certain tax concessions for approved Build to Rent (BTR) schemes in New South Wales, being; A 50% reduction in the value […]

Land Tax Assessments 2021

16/02/2021

The Land Tax Assessments for 2021 are being issued by the relevant State Revenue Offices (SRO). Are they correct and are you paying too much Land Tax? Usual Land Tax Assessment process Each Council/Shire engages a Licensed Valuer for the purpose of valuing each property in their municipality in respect of: The Capital Improved Value […]

Impacts of South Australia’s snap lockdown on the hotel and hospitality sector

16/02/2021

Last week The University of Adelaide’s South Australian Centre for Economic Studies (SACES) released a research report commissioned by the state’s Australian Hotels Association (SA Branch), highlighting the impacts of November 2020’s short, sharp lockdown which was introduced due to a community outbreak of COVID-19. SACES has urged the State Government to adopt a more […]

ASX announces extended reporting and lodgement deadlines

01/02/2021

The Australian Stock Exchange (ASX) extends lodgement deadlines for audited or reviewed half-year accounts and annual reports of listed entities with reporting periods up to 7 January 2021. The Australian Securities and Investments Commission (ASIC) has extended financial reporting deadlines for listed and unlisted companies by one month for entities with reporting periods up to […]

Selling a business post-COVID-19

27/01/2021

What do business owners need to consider before selling, for the supply of a going concern to be characterised as GST-free? COVID-19 restrictions have led to adverse trading conditions, causing some businesses to temporarily close or downsize their operations. These range from the small CBD coffee cart in the office foyer, through to huge airlines […]

Glencore’s victory against the ATO

16/12/2020

On 6 November 2020, a unanimous decision was released by the Full Federal Court of Australia (the Court) in favour of the taxpayer in a significant transfer pricing appeal (1) involving $241 million amended income tax assessment (2). The initial court decision handed down two years ago. Case background The dispute between Glencore and the […]

Grant alert: Manufacturing Modernisation Fund round 2 now open

01/12/2020

Grants of up to $1M are available for Australian manufacturers in key priority sectors. Updated: 9 December 2020 The Federal Government is offering manufacturing grants of up to $1M to attract the adaptation of new technologies, modernise manufacturing processes, create jobs and increase productivity in key priority sectors. Grants are offered on a 1:3 funding basis, with the […]

NSW State Budget - Stamp Duty Proposal

27/11/2020

As one of the biggest financial barriers to homeowners, the proposed changes to the NSW Stamp Duty regime may bring NSW residents the freedom to pay an annual property tax instead of an upfront duty. A consultation Paper, which proposes to replace the current stamp duty and land tax with a single annual property tax […]