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Commercial considerations for financial reporting

29/05/2020

For those in real estate investment, the financial reporting period for the year ending 30 June 2020 will bring back memories. Many will refer to the anecdotes of 2008 during the Global Financial Crisis (GFC) assuming ‘what was old, will be new again’. Twelve years on from the GFC, the issues may be similar however […]

COVID-19 related rent concessions

20/05/2020

Many lessees are seeking rent concessions, such as rent-free periods or rent reduction, from lessors due to the impact of COVID-19 on their businesses. These concessions usually meet the definition of a lease modification under AASB 16. The accounting required for lease modifications can be onerous, placing an additional reporting and administrative burden on lessees […]

Fringe Benefits Tax: 2020 update

20/05/2020

There have not been significant Fringe Benefit Tax (FBT) changes this year. However, the ATO have made announcements that may impact car parking benefits, FBT calculations and FBT on home to work travel by ride sharing vehicles (now considered taxi travel). To assist with preparing the FBT calculations we have included key rates and references […]

Hospitality: Practical tips for your business as restrictions ease

20/05/2020

Do you own or manage a pub, club or restaurant? We’re open for business. Are you ready? As COVID-19 restrictions begin to ease across the country, there have been a variety of different re-opening models enacted by each state and territory, some of which have occurred already while others have not yet been implemented. Recent announcements […]

ASIC extends lodgement deadlines for June year end companies

19/05/2020

ASIC has announced that it will extend the deadline for listed and unlisted entities to lodge financial reports under the Corporations Act 2001 (the Act) by one month for balance dates up to 7 July 2020. ASIC announced in April that they will extend lodgement deadlines for unlisted entities with balance dates from 31 December […]

JobKeeper GST turnover test: best practice for large businesses

18/05/2020

The ATO has already started to turn its mind to how it will review compliance with the JobKeeper Payment and in particular the decline in turnover calculations. The ATO released guidance for large public and multinational groups regarding what evidence is required to support the predicted decline in turnover for JobKeeper purposes.  Once the GST […]

A clear reporting standard with independent audit requirements is needed for commercial rent relief

18/05/2020

The national accounting firm has challenged the JobKeeper metric of using GST turnover as the metric when assessing the impact of COVID-19. Victoria has subsequently released its Regulations which use the term “turnover” and provide a definition for the term. Victoria’s Regulations do not include a requirement for the landlord to provide rent relief that […]

Private and Public Ancillary Funds: Incentivising increased support for charities in response to COVID-19

08/05/2020

The Federal Government has announced measures to encourage both Private Ancillary Funds (PAFs) and Public Ancillary Funds (PuAF’s) to increase their minimum grants. Charitable giving is expected to decrease over the months ahead, at a time when demand for charitable services is increasing in response to COVID-19. On Wednesday, 6 May 2020 the Federal Government […]

Removal of Special Purpose Financial Statements (SPFS) for Certain Entities

06/05/2020

The release of a new accounting standard will see the removal of the option to prepare special purpose financial statements for some entities. Most entities that have historically prepared special purpose financial statements, including large proprietary, grandfathered, foreign-controlled and AFSL holders, will be required to prepare general purpose financial statements from 30 June 2022 or […]

Tax relief for landlords - State & Territory updates

05/05/2020

The State Governments have introduced land tax relief for landowners that have been affected by COVID-19 as a result of rent relief provided to tenants. These concessions are summarised below. Updated 5 May 2020 Click below to select a State or Territories update: Australian Capital Territory New South Wales Northern Territory Queensland South Australia Tasmania […]