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$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) […]

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 […]