In the most Federal Budget, the Government announced changes regarding the individual tax residency rules, intending to simplify the rules.
Tax residency changes for individuals
![Tax Residency Changes Australia 2021](https://hlb.com.au/media/2021/09/Tax-Residency-Changes-Australia-2021-1024x275.png)
In the most Federal Budget, the Government announced changes regarding the individual tax residency rules, intending to simplify the rules.
Prime Minister Scott Morrison announced the Commonwealth will facilitate the administration of COVID-19 business support payments for States and Territories.
From 1 July 2021, the existing Reduced Disclosure Requirements (RDR) framework will be withdrawn and no longer maintained.
There are important changes for Australian company directors with the introduction of a director identification number (DIN) requirement which was passed into law during April 2021.
A summary of the 2021 Victorian State Budget tax announcements that may impact developers and property development.
Our Federal Budget Alert provides a succinct summary of the announcements related to personal and business taxation, tax compliance and superannuation.
Amendments to the accounting standard dealing with business combinations should go some way in easing the complexity involved in assessing whether an asset or a business has been acquired in a transaction.
ASIC has announced a one-month extension of financial report lodgement deadlines. Specifically, the extension applies to listed and unlisted entities.
The International Accounting Standards Board (IASB) has approved a one-year extension to the practical expedient for COVID-19-related rent concessions allowed under IFRS 16 Leases.
A Termination for Convenience (TFC) clause is a contractual clause which allows one or both parties to terminate an agreement without cause. Two main views exist in respect of a TFC clause in a funding agreement.