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Tax Briefing

10/06/2021

In the wake of the 2021 Federal Budget and lead up to end of financial year, our tax experts reviewed and highlighted the major tax developments, changes and practical matters that you need to consider in the lead up to the financial year-end. This tax briefing covered: Federal Budget overview COVID measures –state of play […]

Victorian Government Purchasing Board procurement requirements

08/06/2021

From 1 July 2021, the Victorian Government Purchasing Board (VGPB) will require more Government agencies to meet its procurement requirements. Government agencies will have until 30 June 2022 to be compliant. Agencies will need to align with the VGPB policies by 30 June 2022. It’s imperative that agencies review their compliance immediately to address any […]

SG minimum to increase 10% from 1 July 2021 - are you ready?

04/06/2021

The Superannuation Guarantee (SG) rate will increase to 10% from 1 July 2021 under the Superannuation Guarantee (Administration) Act 1992 (Cth) (SGAA) and will rise by 0.5% per year until it reaches 12% by FY 2025. Employers need to start planning now for the change in the superannuation contributions. Total remuneration package Where employees are […]

China ceases VAT exemption for remote learning

01/06/2021

The Chinese Tax Authorities have announced that the VAT concessions advised as part of the response to the COVID-19 pandemic will be ending on 31 March 2021. Further to the article below we have been advised that the latest interpretation by a number of local Chinese tax authorities is that: “Chinese VAT will not apply […]

ATO draft guidance on Intangibles Arrangements between related parties

01/06/2021

The Australian Taxation Office released draft Practical Compliance Guideline 2021/D4 on 19 May 2021 (Draft PCG), outlining how international arrangements connected with the development, enhancement, maintenance, protection, and exploitation (DEMPE) of intangible assets and/or migration of intangible assets (Intangibles Arrangements) will be assessed. Intangibles Arrangements is the long-awaited and last tranche of ATO’s focus areas […]

Payment times reporting scheme

31/05/2021

The Australian Government commenced the Payment Times Reporting Scheme on 1 January 2021 with the aim to improve payment times for Australian small businesses. Large businesses (annual income $100m+) need to report their small business (<$10m annual turnover) payment terms and times. The regulator is the Department of Industry, Science, Energy and Resources and the first […]

Superannuation rates and thresholds increase from 1 July 2021

27/05/2021

The latest AWOTE details released by the ABS have been used to calculate the following superannuation rates and thresholds for 2021-22. Contribution caps The concessional contributions cap is set to increase to $27,500 (up from $25,000 since 2017-18). As the concessional cap is now only indexed in $2,500 increments, the AWOTE index was (finally) sufficient […]

Latest mining accounting technology

24/05/2021

Like most other technology, a great deal has changed over the 10 years that I’ve been working with cloud accounting software – ease of use and set-up, breadth and speed of real-time financial visibility, and most significant of all, cost. During this time, I’ve specialised in migration and software adoption, guiding and assisting dozens of […]

2021 Employee Share Scheme Reporting

24/05/2021

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 […]

Federal Budget 2021/22

12/05/2021

Last night Treasurer Josh Frydenberg delivered the 2021 Federal Budget which was an extension of October’s 2020 COVID-recovery Budget, and focused on job creation and spending for individuals, in the wake of the pandemic. With an election looming, the conservative Budget included few surprises, continuing to give support to some key industries (but not all), […]