Red tape reduction for large proprietary companies

The Federal Government has recently proposed a change to reporting thresholds, which will reduce the ASIC reporting obligations of some large proprietary companies. Large proprietary companies are required to lodge audited financial statements annually. The thresholds for determining whether a proprietary company is large have not changed since 2007.  The Federal Government is planning to … Continue reading “Red tape reduction for large proprietary companies”

CGT hitting home while living abroad

Most Australian homeowners are quite familiar with the Capital Gains Tax (CGT) exemption that is generally available to individuals on the sale of their main residence. However, for Australians (both citizens and permanent residents) that are currently living overseas and considered a foreign resident for tax purposes, there is currently a frustrating state of uncertainty … Continue reading “CGT hitting home while living abroad”

AASB release proposed changes to accounting for peppercorn leases

On 23 November 2018, the AASB released an exposure draft which proposes to provide temporary relief to Not-for-Profit Entities (NFPs) from fair valuing Right-of-Use Assets as required by AASB 16 and AASB 1058. The proposed changes are a result of feedback received by the AASB on the difficulties associated with valuations of NFP’s specialised assets. … Continue reading “AASB release proposed changes to accounting for peppercorn leases”

Prudential Tax Audits & Tax Systems Reviews

Our article from 6 August 2018 entitled Are you prepared for a review by the ATO? highlighted that tax governance is a key focus area for the Australian Taxation Office (ATO) when reviewing both privately held groups and large public and multinational businesses. The article covered the importance of your business being able to demonstrate … Continue reading “Prudential Tax Audits & Tax Systems Reviews”

ASIC is on-board with changes to Special Purpose Financial Reports

The Australian Accounting Standards Board (AASB) is currently undergoing a consultation process which will see significant changes to Special Purpose Financial Reports (SPFR) as we know it. Today we see a variety of SPFRs.  Some SPFRs comply with the recognition and measurement principles of Australian Accounting Standards while others are prepared on a different basis … Continue reading “ASIC is on-board with changes to Special Purpose Financial Reports”

Australia’s Superannuation Laws Have Created a ‘Use It or Lose It’ Landscape for Retirees

The creation and implementation of Superannuation was one of the most significant public policies enacted by the Federal Government in the last century, fundamentally changing how we all prepare for our retirement while creating a multi-trillion-dollar industry. Subsequent policy changes to how we save for our time after work have had major impacts on the … Continue reading “Australia’s Superannuation Laws Have Created a ‘Use It or Lose It’ Landscape for Retirees”

Australian tax residency for foreign incorporated companies

The Australian Tax Office (ATO) has recently published a new tax ruling and practical guidance on company residency for Australian tax purposes. Although the practical guidance hasn’t been finalised, what is clear is that it is now potentially easier than ever before for a foreign incorporated company to become an Australian resident for tax purposes. … Continue reading “Australian tax residency for foreign incorporated companies”

EU-Australia FTA: in defence or defiance of a failing system?

The EU finds itself at a critical juncture as the last-man standing defending the globalist post-war liberal economic order, abandoned by US leadership. While the often-dysfunctional bloc is an unlikely flag-bearer given its adeptness implementing long-term protectionist policies, upheavals in the global trade landscape leave it as the most powerful international force still committed to … Continue reading “EU-Australia FTA: in defence or defiance of a failing system?”

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