Employee or contractor – The consequences of getting it wrong

An increase in legal hearings, in addition to ATO and State Revenue audit activity, suggests that the Government is increasing its focus on businesses classification of employees and contractors. While the line between an employee and a contractor can sometimes be blurred, the consequences of getting it wrong can be very severe. For example, if … Continue reading “Employee or contractor – The consequences of getting it wrong”

Over the fence: A business with a story generates success

Ever wondered how you can make more money from your small farm? Have you considered cutting out the middlemen, moving down the supply chain, building a brand and selling your high quality, better tasting produce directly to buyers? Creating a brand and selling produce to the end consumer, or as close as possible, has long … Continue reading “Over the fence: A business with a story generates success”

ASIC’s focus areas for June 2017

With the reporting season fast approaching, ASIC has released the focus areas it intends to review within business financial reports. Whilst there are limited changes from previous years, ASIC urge preparers to focus on the quality of information they are delivering and have reminded them to ensure they disclose the expected impacts of new accounting … Continue reading “ASIC’s focus areas for June 2017”

Financial Cybercrime: Staying safe online

The following piece was written by Anvij Saxena, Chief Risk Officer at Colonial First State. As our financial lives move gradually more online, cybercrime is becoming more widespread. As simple as a phishing email or as far-reaching as the WannaCry ransomware attack that hit more than 150 countries in May 2017, cybercrime can have devastating … Continue reading “Financial Cybercrime: Staying safe online”

Proposed US tax changes could have a huge impact on Australia

We live in a global economy with more free trade agreements than ever before. Over time, nations have become more and more integrated, however, some nations such as the United Kingdom have taken a step back, a la Brexit. And more recently, it appears the United States may be taking that step back as well, … Continue reading “Proposed US tax changes could have a huge impact on Australia”

Impact of AASB 124 Related Party Disclosures on Public Sector Entities

AASB 124 Related Party Disclosures came into effect on 1 July 2016 for not-for-profit public sector entities. The purpose of disclosures about related parties is that knowledge of an entity’s financial relationships with related parties may affect how a user of the financial statements assesses an entity, including the appropriateness of its transactions with, and … Continue reading “Impact of AASB 124 Related Party Disclosures on Public Sector Entities”

Involved in cross-border intragroup financing transactions? The ATO is on your back!

Encouraged by its recent win in the landmark Chevron court case, the Australian Taxation Office (ATO) has today released new compliance guidelines targeting intragroup loans and other financial arrangements of multinational companies. This is an important development for the ATO, as it expects to raise significant tax revenue as a result, and it also means … Continue reading “Involved in cross-border intragroup financing transactions? The ATO is on your back!”

Australian businesses urged to seek protection following global cyber attack

The recent global cyber-attack has sent shockwaves around the world, and the impacts are being felt close to home. More than 200,000 people in 150 countries have been affected by the unprecedented ransomware attack which occurred on Friday. The Federal Government has confirmed that several Australian businesses have fallen victim, and we’re being warned that … Continue reading “Australian businesses urged to seek protection following global cyber attack”