22/03/2019
Does your company use assets on an operating lease? The new leases accounting standard could potentially result in significant adjustments to your company’s financial statements. Overview of AASB 16 Leases Applicable from 1 January 2019, companies will need to recognise operating leases, such as a lease for a building, land, machinery or IT equipment, on […]
21/03/2019
The ATO will soon release guidance on application of the Australian Government’s new Hybrid Mismatch Integrity Rules that commenced on 1 January 2019. These new rules may impact common intra-group financing arrangements into Australia that comes via interposed entities. It is expected however, this new guidance may not fully resolve taxpayers’ concerns about applying these […]
18/03/2019
Universities will need to apply the new standards for recognising revenue for the first time in the 2019 financial year. The new standards for recognising revenue for NFP entities are AASB 15 Revenue from Contracts with Customers and AASB 1058 Income for Not-For-Profits. These standards are now in the year of adoption and Universities will […]
13/03/2019
BEAR in mind about accountability and governance – it is due to commence on 1 July 2019 for medium and small Authorised Deposit-taking Institutions (ADIs). In February 2018, the Banking Executive Accountability Regime (BEAR) was enacted in Australia to establish clear accountability obligations for Authorised Deposit-taking Institutions (ADIs) and their directors and senior executives. It […]
04/03/2019
ASX listed organisations need to review their current governance practices against the new edition and act to implement the relevant changes. New recommendations and wide-ranging changes have been introduced in the newly released ASX Corporate Governance Principles and Recommendations (4th Edition, February 2019) (the Principles and Recommendations). All entities listed on the ASX, whether they […]
26/02/2019
Legislation broadens the scope of the ‘same business test’ to ‘similar business test’, aims to improve access to tax losses, particularly for entrepreneurs. The Treasury Laws Amendment (2017 Enterprise Incentives No.1) Bill 2017 has passed both Houses of Parliament and is awaiting Royal Assent. The Bill contains the “similar business test” that is intended to […]
14/02/2019
Are you ready for Single Touch Payroll? Penalties for non-compliance Single Touch Payroll (STP) is the new reporting framework under which employers will automatically and electronically provide payroll and superannuation information to the Australian Taxation Office at the time it is created (i.e. at the time the employee is paid). The reporting covers payments to […]
14/02/2019
The Federal Court of Australia handed down an income tax decision in favour of the Commissioner of Taxation on 7 February 2019. Victoria Power Networks Pty Ltd v Commissioner of Taxation [2019] FCA 77 Correct income treatment The dispute involved the correct income treatment for VPN of electricity connection work assets that were required to […]
07/02/2019
Reduced turnover threshold of AUD25m will see many more companies required to lodge a ‘reportable tax position’ (RTP) schedule with their 2019 tax returns. Background Since 2011, the ATO has required certain companies to lodge an RTP schedule with their annual tax return. The RTP schedule requires disclosure of information regarding uncertain tax positions, and […]
06/02/2019
Visa holders, visa sponsors & migration agents will be reviewed for compliance in The Department of Home Affairs visa holders data matching program. This is an initiative developed by The Department of Home Affairs (previously Department of Immigration and Border Protection) and the Australian Taxation Office (ATO). Program objective The program aims to effectively detect and deal […]