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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 […]

The Road to Recovery

04/06/2020

A roadmap for the COVID-19 recovery of Victorian automotive dealerships As advisors and accountants to the automotive industry, in collaboration with the Victorian Automobile Chamber of Commerce – VACC and members of their Victorian Automobile Dealers Association we are pleased to share with you ‘Road to Recovery: A roadmap for the COVID-19 recovery of Victorian […]

Financial reporting impacts of COVID-19

04/06/2020

COVID-19 has caused a significant amount of uncertainty worldwide and has had a substantial impact on global financial markets. Companies must assess, reflect upon and communicate the impact of COVID-19 appropriately in their financial report. Going concern and subsequent events: Has the forecast been adjusted to reflect conditions over the next 12 months? Does debt […]

$50m grant announced for Victoria’s Agriculture sector

03/06/2020

The Victorian Government has announced $50m worth of funding to support regional businesses who have been impacted by COVID-19. Administered through the Department of Agriculture in conjunction with Regional Development Victoria, the Victorian Government has released the $50 million Agriculture Workforce Plan, designed to support regional businesses across the agriculture sector. The funding will go […]

Superannuation Amnesty & Payroll Underpayments: Two compelling events align

02/06/2020

Schools have until 7 September 2020 to make voluntary disclosures of Superannuation shortfalls to the ATO. Schools are being urged to undertake a payroll health check, in light of an emerging risk pertaining to: Underpayments to professional and teaching staff; and The recent Superannuation Amnesty that gives Schools a 3 month window to disclose any […]

EOFY Superannuation Contributions

01/06/2020

Making contributions into your super can be a great way help boost your income in retirement. What’s more, the sooner you start, the greater the impact could be. With the End of the Financial Year fast approaching, here are some handy reminders of the ways you can add extra funds into your super accounts. Make […]

Extending the definition of SGE

01/06/2020

More taxpayers will be caught by the broadened Significant Global Entity (SGE) definition. With the Royal Assent received on Treasury Laws Amendment (2020 Measures No.1) Bill 2020 on 25 May 2020, the definition of SGE is officially broadened. This means more entities will be subject to: Country-by-Country (CBC) Reporting and general purpose financial statements (GPFS) […]