28/07/2020
Access all of our recorded Mandarin JobKeeper Payment webinars below. Our experts are providing regular updates, helping businesses to make sense of the initiative as it unfolds. JobKeeper update: 28 July 2020 An extension of the JobKeeper scheme was announced by the Federal Government on Tuesday 21 July 2020. The extended scheme contains significant modifications […]
27/07/2020
David Chu, Head of International Business, discusses tax return considerations for the 2019-2020 financial year. David Chu, Head of International Business, recently joined Thomas Sung (host) on the SBS Radio Cantonese Program to discuss a number of tax return considerations for the 2019-2020 financial year amidst the pandemic. Listen to the podcast episode in Cantonese or […]
22/07/2020
UPDATE: Following announcements by the Government on 6 August 2020, some modifications have been proposed to the rules outlined below. These are designed to support businesses that have been affected by the second wave in Victoria and to retain employees that may not otherwise have been supported by the JobKeeper Extension. Updated: 7 August 2020 […]
17/07/2020
On 7 July 2020, ASIC issued a temporary no-action position to allow right-of-use lease assets to count in satisfying AFSL compliance requirements. The new lease standard is effective for the first time in 2020 for June year-end companies. The change can significantly increase right-of-use assets and lease liabilities for lessees. ASIC had previously stated that […]
15/07/2020
Using Employee Share Schemes (ESS) to attract and retain talent can benefit both company and employee, particularly in the digital and start-up space. Start-up tax concessions were introduced to the ESS rules in 2015, and companies that qualify for the ESS start-up concessions are finding that ESS can help with both their cash flow hurdles […]
08/07/2020
David Chu, Head of International Business, discusses the Foreign Investment Review Board’s plans to tighten approvals for foreign investment into Australia. David Chu, Head of International Business, recently joined Thomas Sung (host) on the SBS Radio Cantonese Program to discuss the Foreign Investment Review Board’s plans to tighten approvals for foreign investment into Australia. Listen […]
30/06/2020
On 19 June 2020, the ATO issued two pieces of guidance on transfer pricing matters in the COVID-19 environment: 1. COVID-19 economic impacts on transfer pricing arrangements 2. Changing related party agreements How the ATO assess COVID-19 economic impacts on transfer pricing arrangements The ATO acknowledge that businesses will be negatively impacted by COVID-19 by […]
29/06/2020
Under complying Division 7A loans, borrowers must make minimum annual repayments (MARs) by 30 June. Failure to do so will ordinarily result in an unfranked deemed dividend to the borrower. The ATO has stated that an extension may be allowed if borrowers are unable make MARs by 30 June due to circumstances beyond their control […]
19/06/2020
The Australian Federal Government has implemented legislation to combat illegal phoenix activities by company controllers which includes the requirement for company directors to obtain a Director Identification Number (DIN). The Bill[1] has finally passed and awaits Royal Assent, after a failed attempt to introduce it in 2018. The Bill will amend the Corporations Act 2001 […]
18/06/2020
In light of Vinnies’ upcoming National CEO Sleepout in 2020, many people are asking –how do I become a “philanthropist’’? Often, philanthropy is linked with high profile, extremely wealthy people that donate significant financial support. Some of the world’s best known philanthropists include Warren Buffett, Bill and Melinda Gates and Oprah Winfrey. We have the […]