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 […]
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 […]
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 […]
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 […]
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 […]
05/05/2020
The State and Territory Governments have been announcing payroll tax relief that will be offered to business impacted by COVID-19. These concessions have been summarised below. Updated November 2020 Click below to select a State or Territories update: Australian Capital Territory New South Wales Northern Territory Queensland South Australia Tasmania Victoria Western Australia Australian Capital […]
04/05/2020
The State and Territory Governments are announcing residential rent relief being offered to those that have been affected by COVID-19. These concessions are summarised below. Updated 4 May 2020 Click below to select a State or Territories update: Australian Capital Territory New South Wales Northern Territory Queensland South Australia Tasmania Victoria Western Australia Australia Capital […]
01/05/2020
The Australian Government has extended reporting deadlines and the Australian Border Force (ABF) has released guidance on addressing the impact of COVID-19 in modern slavery statements. Reporting periods remain unchanged While the deadlines for submitting modern slavery statements have been extended for some entities, the extension only changes the deadline for the statement and does not alter […]
23/04/2020
David Chu, Head of International Business, discusses the challenges and opportunities between Australia and China in the midst of the COVID-19 pandemic. David Chu, Head of International Business, recently joined Thomas Sung (host) on the SBS Radio Cantonese Program to discuss the financials measures that both the Australian and Chinese governments have released in response […]
22/04/2020
The Decline in Turnover Test is a key element of the JobKeeper Payment Scheme which needs to be satisfied before an entity becomes eligible for the JobKeeper payment. Updated 6 May 2020 To establish the relevant fall in turnover, entities need to establish if their turnover has or will likely fall in the relevant month, […]