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ATO releases PCG 2021/4: Allocation of professional firm profits

17 Dec 2021

Released on 16 December 2021, the ATO has finally released its final Practical Compliance Guideline PCG 2021/4 for the allocation of professional firm profits.

Payment Times Reporting Scheme

16 Dec 2021

The Payment Times Reporting Scheme (PTRS) commenced on 1 January 2021, requiring organisations with an annual income over $100 million to report on the time it takes them to pay small business suppliers. The purpose of this scheme is to increase transparency around the payment terms offered by large businesses to small business suppliers, thereby creating incentives to improve payment times and practices.

Are large businesses paying small businesses within their Standard Payment Terms?

16 Dec 2021

The first Payment Times Reporting Register was published on 30 November 2021, and covered the reporting period 1 January 2021 to 30 June 2021.

MYEFO reveals jobs and wages on the up but have we spent all our budget ahead of another COVID wave?

16 Dec 2021

The Mid-Year Fiscal and Economic Outlook (MYEFO) announcements handed down today included the creation of 1 million new jobs and an expected wages increase of about 11.24 per cent, while inflation is tipped to grow by 10.25 per cent between now and 2024-25. These developments reflect a positive business growth outlook linked to increased business investment and the economy getting back on track following a disruptive year.

Reminder to builders with Queensland projects

15 Dec 2021

Builders undertaking projects in Queensland should ensure that they are compliant with two significant regulatory requirements that fall due over the New Year period: 1) The roll-out of the Project Trust Account regime to commercial projects; and 2) Annual Financial Reporting to QBCC demonstrating compliance with the Minimum Financial Requirements.

Extension to SME Recovery Loan Scheme

14 Dec 2021

The Federal Government has announced the extension to the SME Recovery Loan Scheme by an extra six months, taking it to 30 June 2022.

ACNC Decision Impact Statement provides guidance on Public Benevolent Institution

14 Dec 2021

Recently the Administrative Appeals Tribunal ruled that Global Citizen Ltd could be registered by the ACNC as a Public Benevolent Institution and this has provided further insight into the type of organisations that may register as a Public Benevolent Institution. Learn more here and how you should respond if your charity is not currently registered as a PBI.

Data recovery: APRA feedback on Cyber Resilience and CPS 234

07 Dec 2021

APRA’s feedback focuses on ensuring recovery from high-impact cyber-attacks. Boards are encouraged to seek assurance on the entity’s likely ability to recover from a high-impact cyber-attack.

IFRS 17: Effective date and implications

02 Dec 2021

IFRS 17 Insurance Contracts was issued by the International Accounting Standards Board (Board) on 18 May 2017. The Board published some amendments to IFRS 17, including a deferral of the effective date of IFRS 17 by two years, with entities required to apply IFRS 17 for annual periods beginning on or after 1 January 2023.

Board assurance: APRA feedback on Cyber Resilience and CPS 234

25 Nov 2021

On Tuesday 23 November 2021, APRA released commentary following the conclusion of its pilot initiatives – the tri-partite audit and technology resilience data collection.