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Victorian duty changes now law

17/06/2019

Significant changes to Victorian duty provisions are now law. Industry advocacy since the Victorian Budget announced the amendments calling for greater consultation regarding the intent, application and potential modifications to the changes have been largely unsuccessful. The expanded Economic Entitlement provisions have passed both Victorian Houses and is effective (from Royal Assent) whereas the corporate reconstruction provisions are […]

2019 Employee Share Scheme Reporting

12/06/2019

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 comply […]

Large private company thresholds double from 1 July 2019

30/05/2019

Changes to the Corporations Act 2001 mean some private (proprietary) companies will no longer be classified as large, and audited financial reports no longer required. What you need to know Recent amendments to ‘Proprietary Company Thresholds’ in the Corporations Act 2001 have doubled the current thresholds for proprietary companies classified as ‘large’, and many companies that historically lodged […]

Superannuation Data Analytics

06/05/2019

Data analytics will enable you to manage your organisation’s superannuation compliance risk efficiently, as well as identifying potential savings opportunities Superannuation obligations & risks Calculating the correct superannuation for employees becomes complex when shift work, overtime, benefits and different engagement models need to be considered. The associated financial, cultural and reputational risks can be exponential […]

Lease liabilities on the balance sheet

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 […]

Hybrid Mismatch - Integrity rule guidance

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 […]

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 […]