Mar 24, 2020 / News

AASB approves removal of Special Purpose Financial Statements

From 1 July 2021, for-profit entities preparing financial statements in accordance with the Corporations Act 2001, other legislation, their constituting documents or other agreements will not be permitted to prepare Special Purpose Financial Statements (“SPFS”). At the same time, the existing Tier 2 Reduced Disclosure Regime (“RDR”) will be replaced by new Tier 2 disclosure requirements. Read more

Audit and Assurance / Education / Not for Profit

Mar 24, 2020 / News

COVID-19 and Safe Harbour Rules for Directors and Business Owners

As a result of the safe harbour rules, a director will not be subject to the insolvent trading laws under the Corporations Act 2001 (and therefore not held personally liable for the debts of the business incurred past a point of potential insolvency) where they are implementing a plan of action to restructure the affairs of the company that complies with the safe harbour rules. Read more

COVID-19

Mar 23, 2020 / News

Government stimulus package Mark II – Big, bold… and concisely summarised

Economists call it “helicopter money” – governments sending money directly to businesses and people to stave off a recession or minimise one. And yesterday’s announcement is a Black Hawk next to Mark I’s gyrocopter. Read more

COVID-19 / Taxation

Mar 20, 2020 / News

Banks Announce Small Business Relief Package

Following the RBA's announcement to cut the cash rate to a record 0.25%, and the subsequent announcement to set up a $90 billion term funding facility for banks to use to support SME clients, the Australian Banking Association has today announced it will defer loan repayments for six months for those SME's affected by Coronavirus. Read more

Business Consulting / COVID-19

Mar 18, 2020 / News

FBT Year End Planner - Ideas and possibilities for your business

Snapshot for the FBT year ending 31 March 2020 Read more

Business Consulting / FBT / Taxation

Mar 16, 2020 / News

ATO’s administrative concessions for businesses affected by coronavirus

Following the government’s economic stimulus package released last week, the ATO has announced a series of administrative measures for businesses experiencing financial difficulty as a result of the coronavirus. Read more

COVID-19 / Taxation

Mar 12, 2020 / News

Economic stimulus package: key points for your business

The government announced a package of temporary measures worth $17.6 billion to support the Australian economy in the wake of the impact of the coronavirus. The measures mostly target small and medium-sized businesses, and come in four parts. Whilst they apply either from now or retrospectively from 1 January 2020, the measures will require legislative change. Read more

COVID-19 / Taxation

Mar 11, 2020 / News

FBT influences your decisions – even if your business doesn’t pay any

Many business owners roll their eyes at the mention of Fringe Benefits Tax (FBT). Complex rules, costly to comply with, and for seemingly little value. But even if you don’t pay any FBT, it still plays a role in your business. So, to truly understand why FBT affects your business – even if you don’t pay any – let’s help you “get it”. Read more

FBT / Taxation

Mar 05, 2020 / News

SA Land Tax Amendments & Trusts – Are you ready?

On 28 November 2019, the SA State Government introduced amendments to the way land tax is imposed on properties held in South Australia effective 1 July 2020. Read more

Feb 26, 2020 / News

New disclosure requirements for Not-For-Profit entities preparing SPFS

For financial years ending on or after 30 June 2020, certain not-for-profit (NFP) entities preparing special purpose financial statements (SPFS) will need to include new disclosures in their financial statements regarding their compliance with the recognition and measurement (R&M) requirements of Australian Accounting Standards (AAS). Read more

Education / Financial Reporting / Not for Profit