The Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018 containing the long awaited amendments received Royal Assent on 28 March 2018. The bill contained a number of changes impacting the tax cost setting amount of a subsidiary member’s assets joining a tax consolidated group.
Creating a positive work environment is essential to ensuring your employees are happy and engaged in their work. A key step in creating such an environment lies in your firm’s culture. A firm’s culture is made up of its values and beliefs, underlying assumptions, attitudes and behaviours.
The Privacy Amendment Act 2017 for, Notifiable Data Breaches, have been put in place as of 22 February 2018, which will see organisations with a turnover of $3 million or more will fall within the scope of the new Privacy Act measures requiring mandatory notification of cyber security breaches.
On Thursday 1 March, ESV held an Accounting and Financial Reporting Update for 2018 – an exclusive event for CFOs and other senior finance professionals to examine key financial reporting trends and changes expected to impact businesses in the coming year.
It is important to implement good process and procedures early on in business to reduce headaches down the track. By taking a few additional steps when initially engaging with customers and making your customers aware of the potential consequences of non-payment, the chances of default are likely to reduce.
Late last year the ATO finalised its position concluding that capital gains made by a foreign trustee in respect of non-taxable Australian property (“TAP”) which is distributed to Australian beneficiaries will be taxed in the hands of the beneficiary.