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21
May

A refresher on AASB 16 Lease Accounting: Make sure you’re prepared!

Last year the Australian Accounting Standards Board continued its rollout of new accounting standards with the announcement of the new standard, AASB 16, superseding AASB 17. AASB 16 aims to provide greater transparency of a business’s leasing activities and financial position to owners, shareholders and investors by improving the accuracy...

16
Apr

ATO ramps up data matching to weed out non-compliance

With the emergence of digital business and the sharing economy, both state and federal authorities are stepping up data matching activities as a means of sampling the general population to detect evasion, non-compliance with legal and tax obligations, and to identify potential audit targets.

16
Apr

Cyber Security - a growing risk for businesses

There are several reasons why the risk of a Cyber incident is such an important issue on the business agenda, as the increasing frequency, scale and impact of successful attacks cannot be underestimated. Australian legislation has been amended to include the Notifiable Data Breaches Scheme and the Government’s response to...

16
Apr

Changes to default insurance for inactive superannuation members

From 1 July 2019, a new bill will put a stop to insurance premiums being paid out of inactive superannuation accounts, in an effort to reduce the impact these costs have on people holding multiple low balance accounts.

3
Apr

2019 Budget Special: Personal Tax

The main aspect of the Federal Budget were the changes announced to personal income tax bandings and rates albeit that some of these are phased in over a long period. The instant changes are focused on the Energy Assistance payments and the doubling of the low to middle income tax...

3
Apr

2019 Budget Special: Business Tax

Small and medium companies are the main beneficiaries of the changes announced in the Federal Budget.There were no specific measures targeted towards large and multi-national enterprises, the increased ATO funding will result in a continuation of recent integrity activities.