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Mandarin webinars: JobKeeper and Government economic stimulus measures

28/07/2020

Access all of our recorded Mandarin JobKeeper Payment webinars below. Our experts are providing regular updates, helping businesses to make sense of the initiative as it unfolds. JobKeeper update: 28 July 2020 An extension of the JobKeeper scheme was announced by the Federal Government on Tuesday 21 July 2020. The extended scheme contains significant modifications […]

JobKeeper extension updated

22/07/2020

UPDATE: Following announcements by the Government on 6 August 2020, some modifications have been proposed to the rules outlined below. These are designed to support businesses that have been affected by the second wave in Victoria and to retain employees that may not otherwise have been supported by the JobKeeper Extension. Updated: 7 August 2020  […]

AFSL holders: ASIC announces temporary no-action position for leases

17/07/2020

On 7 July 2020, ASIC issued a temporary no-action position to allow right-of-use lease assets to count in satisfying AFSL compliance requirements. The new lease standard is effective for the first time in 2020 for June year-end companies.  The change can significantly increase right-of-use assets and lease liabilities for lessees. ASIC had previously stated that […]

Employee Share Schemes for start ups

15/07/2020

Using Employee Share Schemes (ESS) to attract and retain talent can benefit both company and employee, particularly in the digital and start-up space. Start-up tax concessions were introduced to the ESS rules in 2015, and companies that qualify for the ESS start-up concessions are finding that ESS can help with both their cash flow hurdles […]

ATO guidance on transfer pricing in COVID-19 times

30/06/2020

On 19 June 2020, the ATO issued two pieces of guidance on transfer pricing matters in the COVID-19 environment: 1. COVID-19 economic impacts on transfer pricing arrangements 2. Changing related party agreements How the ATO assess COVID-19 economic impacts on transfer pricing arrangements The ATO acknowledge that businesses will be negatively impacted by COVID-19 by […]

Division 7A minimum annual repayments deadline extended

29/06/2020

Under complying Division 7A loans, borrowers must make minimum annual repayments (MARs) by 30 June. Failure to do so will ordinarily result in an unfranked deemed dividend to the borrower. The ATO has stated that an extension may be allowed if borrowers are unable make MARs by 30 June due to circumstances beyond their control […]

Director Identification Number: New legislation launched against illegal phoenix activities

19/06/2020

The Australian Federal Government has implemented legislation to combat illegal phoenix activities by company controllers which includes the requirement for company directors to obtain a Director Identification Number (DIN). The Bill[1] has finally passed and awaits Royal Assent, after a failed attempt to introduce it in 2018. The Bill will amend the Corporations Act 2001 […]

How do you become a philanthropist?

18/06/2020

In light of Vinnies’ upcoming National CEO Sleepout in 2020, many people are asking –how do I become a “philanthropist’’? Often, philanthropy is linked with high profile, extremely wealthy people that donate significant financial support. Some of the world’s best known philanthropists include Warren Buffett, Bill and Melinda Gates and Oprah Winfrey. We have the […]

2020 Employee Share Scheme Reporting

05/06/2020

The Australian Taxation Office (ATO) has reporting obligations in place affecting those who offer employee share schemes. Find out how our ATO-approved software can simplify your reporting obligations. ATO reporting obligations The Australian Taxation Office (ATO) have reporting obligations in place, affecting those who offer shares or share options to their employees. The deadlines to […]

$25,000 HomeBuilder Grant

05/06/2020

On Thursday 4 June the Federal Government announced a $25,000 grant for new housing construction. The Federal Government announced a $25,000 grant that will give eligible Australians $25,000 to build or substantially renovate their homes in an effort to boost demand in the construction sector and ease a predicted downturn. This is a good step […]