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Universities - Not-for-Profit revenue recognition

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 […]

Embrace the BEAR - Banking Executive Accountability Regime

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 […]

Revised ASX Corporate Governance Principles and Recommendations

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 […]

Greater access to tax losses - similar business test passed

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 […]

Single Touch Payroll

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 […]

Gifted assets treated as assessable income

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 […]

ATO extends reportable tax position (RTP) schedule obligations

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 […]

Visa holders data-matching

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 […]

China's Draft Foreign Investment Law

30/01/2019

China’s Draft Foreign Investment Law is now available for public review and comments. In essence, it makes China an even more attractive proposition for business. Impact of the proposed changes The Government’s draft contains three significant points that will have an impact on multinational corporations operating within and investing into the People’s Republic of China: […]

Education - emerging payroll risk

21/01/2019

Correct interpretation of the Enterprise Bargaining Agreement for overtime and leave loading will mitigate the risk to University finances and reputation. Impact of misinterpreting the EBA ShineWing Australia, through its extensive work with the Universities, has identified an emerging risk pertaining to the determination of payroll to casual and sessional staff for overtime and leave […]