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Removal of Special Purpose Financial Statements (SPFS) for Certain Entities

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 […]

Tax relief for landlords - State & Territory updates

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 […]

Payroll tax - State & Territory updates

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 […]

Residential rent relief – State and Territory updates

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 […]

Modern slavery statements: Reporting deadlines extended to allow time to address the impact of COVID-19

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 […]

Opportunities between Australia and China in the midst of the pandemic

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 […]

CTS JobKeeper Payment - Decline in Turnover Calculator

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, […]

ASIC extends lodgement deadlines

16/04/2020

ASIC has announced that it will extend the deadline for unlisted entities to lodge financial reports under the Corporations Act 2001 (the Act) by one month for balance dates from 31 December 2019 to 31 March 2020. The extended deadlines for lodgement is intended to assist entities where financial reporting is requiring additional time due […]

COVID-19 rent relief: Code of Conduct released

15/04/2020

On 7 April, the National Cabinet released a Mandatory Code of Conduct for commercial leases with small to medium enterprise tenants who are suffering financial stress or hardship due to the COVID-19 pandemic. The tenant must meet certain criteria for the Code to apply. Who does the Code of Conduct apply to? The Code of […]

Superannuation Amnesty & Payroll Underpayments: Two compelling events align

15/04/2020

Universities have until 7 September 2020 to make voluntary disclosures of Superannuation shortfalls to the ATO. Universities are being urged to undertake a payroll health check, in light of an emerging risk pertaining to: Underpayments to casual and sessional staff for overtime and leave loading; and The recent Superannuation Amnesty that gives Universities a 6 […]