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AFSL holders: ASIC announces temporary no-action position for leases

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 […]

Employee Share Schemes for start ups

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 […]

Proposed changes to foreign investment in Australia

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 […]

ATO guidance on transfer pricing in COVID-19 times

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 […]

Division 7A minimum annual repayments deadline extended

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 […]

Director Identification Number: New legislation launched against illegal phoenix activities

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 […]

How do you become a philanthropist?

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 […]

The Federal Government’s infrastructure plan to boost employment

17/06/2020

David Chu, Head of International Business, discusses the Federal Government’s new infrastructure projects, plans to boost employment and what we can expect from the banks and more widely, the economy. David Chu, Head of International Business, recently joined Thomas Sung (host) on the SBS Radio Cantonese Program to discuss the Federal Government’s new infrastructure plan. Listen […]

Webinars: Australian Tax updates

11/06/2020

Our team of experts discussed the major tax developments from this year and focused in on the practical tax matters that you need to consider in the lead up to the financial year-end. Taxation update: 4 June 2020 In this webinar recording Stephen O’Flynn, Matt Birrell and Helen Wicker covered the key tax developments from […]

Webinar: Modern Slavery update

10/06/2020

Our team of experts discussed the key compliance obligations under the Modern Slavery Act, the latest changes to reporting deadlines and what organisations need to do to be ready. In this webinar recording Rami Eltchelebi and Kerry McGoldrick along with Associate Professor Shelley Marshall, Director of Centre for Business and Human Rights at RMIT University, […]