The ATO is concerned Australian taxpayers are not disclosing assessable income, funds received from overseas where they are purported to be gifts or loans.
Undeclared foreign income? The ATO has put you on notice!
Category: Update
Mandatory JobKeeper disclosures for listed entities
Listed entities are now required to make certain disclosures to the market about JobKeeper payments. The information will be made publicly available.
Victorian property developers – think twice before nominating
The State Revenue Office has recently finalised their views on what constitutes “land development”. We outline the changes and possible associated risks for property developers being subject to double duty.
Tax residency changes for individuals
In the most Federal Budget, the Government announced changes regarding the individual tax residency rules, intending to simplify the rules.
Federal lockdown business support
Prime Minister Scott Morrison announced the Commonwealth will facilitate the administration of COVID-19 business support payments for States and Territories.
Making the move from RDR to Simplified Disclosures
From 1 July 2021, the existing Reduced Disclosure Requirements (RDR) framework will be withdrawn and no longer maintained.
Identification changes for company directors
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.
2021 Victorian State Budget – Impact for Property Developers
A summary of the 2021 Victorian State Budget tax announcements that may impact developers and property development.
What has been acquired: an asset or a business?
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 extends reporting deadlines for listed and unlisted entities
ASIC has announced a one-month extension of financial report lodgement deadlines. Specifically, the extension applies to listed and unlisted entities.