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Fraud in focus: ACFE findings – businesses affected, common causes and key learnings

22 Apr 2018

The world’s peak fraud investigation body, the Association of Certified Fraud Examiners – or ACFE – has just released its latest report into the leading types of fraud impacting organisations from small business to large corporations across 23 different industries.

Refundable tax offsets for greenfield explorers

04 Apr 2018

Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017, which replaces the previous Exploration Development Incentive (‘EDI’) scheme with the new Junior Minerals Exploration Incentive (‘JMEI’) has now passed through Parliament. The JMEI scheme is effective from 1 July 2017 with the first year of operation being in respect of the year ended 30 June 2018.

Proposed cut to franking refunds will hurt Australian equity investors

16 Mar 2018

On 13 March 2018, the Labor Federal Opposition announced its policy to deny from 1 July 2019 tax refunds for franking credits to approximately 1.2m or 8% of taxpayers and 1/3rd of all Self-Managed Superannuation Funds.

Are you ready to transition to retirement?

11 Mar 2018

The Federal Government introduced transition-to-retirement income streams (TRISs) on 1 July 2005 to assist Australians ease into retirement. A TRIS is a type of pension that allows individuals to access some of their superannuation benefits while they are still working.

APRA to introduce new prudential standard focusing on cyber threats

06 Mar 2018

In an effort to respond to the growing threat of cyber-attacks, APRA has proposed its first cross-industry prudential standard on information security.

Stricter new conditions for the Capital Gains Tax concessions on Selling a Small Business Entity (SBE)

12 Feb 2018

The Federal Treasury on 8 February 2018 released Exposure Draft legislation and explanatory materials which introduces stricter new conditions which an owner of a small business must satisfy in order to apply the CGT SBE concessions.

New GST rules – Purchaser GST withholding on sales of new residential premises

12 Feb 2018

Under current law, GST is included in the purchase price of new residential premises and new potential residential (vacant) land, with the supplier/developer required to remit that GST to the ATO in their Business Activity Statement for the tax period in which the supply occurs - usually on settlement.

Assessing the risk: allocation of profits within professional firms

27 Jan 2018

You may recall in 2014 that the ATO issued guidelines (which were finalised in 2015) providing safe harbour benchmarks (30% effective tax rate, 50% individual share of income or benchmark comparable senior employee remuneration) for acceptable profit sharing arrangements involving Individual Professional Practitioners and legally effective practice entities.

Are you considering selling your home?

23 Jan 2018

From 1 July 2018, individuals 65 or over will be able to make an additional contribution to their superannuation of up to $300,000 from the proceeds of selling their home.

New Victorian Government funding opportunity for businesses announced

22 Jan 2018

We wanted to highlight an exciting new Victorian Government funding opportunity that has just been announced for which you may be eligible.