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Financial reporting thresholds doubled for ‘large’ proprietary companies

29 May 2019

Financial reporting thresholds for ‘large’ proprietary companies have been doubled following a recent Australian legislative change which is effective for financial years commencing on or after 1 July 2019.

Victorian State Budget 2019-20

28 May 2019

The Treasurer Tim Pallas delivered Victoria’s 2019-2020 State Budget on Monday 27 May 2019. The Budget aims on delivering in all key sectors to meet the state’s growing needs (including better healthcare and education systems, as well as a more reliable road and rail transport system).

Tasmanian State Budget 2019-20

24 May 2019

The Honourable Peter Gutwein delivered Tasmania’s 2019-2020 State Budget on Thursday 23 May 2019. This Budget will maintain the growth momentum across the health, education and infrastructure industries.

Important changes to the ALDT

14 May 2019

On 5 April 2019, the ATO released Draft Taxation Ruling, TR 2019/D2 to clarify how entities should utilise the ALDT (“the ALDT Draft Ruling”). This ruling applies retrospectively.

Foreign incorporated companies relocating central management and control

13 May 2019

Practical Compliance Guide (PCG) 2018/9 provides a transition period for foreign incorporated companies to change their governance arrangements so that they do not become Australian residents solely because their central management and control (CM&C) is located in Australia.

Northern Territory Property Activation Levy

13 May 2019

As set out in last week’s update, the Northern Territory State Budget provided for the implementation of a new “Property Activation Levy” (previously announced as the Vacant and Derelict Property Levy). The Property Activation Bill 2019 (NT) (“Bill”) was tabled in the Legislative Assembly on 9 May 2019.

Western Australia State Budget 2019-20

09 May 2019

Treasurer Ben Wyatt delivered the Western Australian State Budget on 9 May 2019. This Budget promotes jobs growth and encourages investment in key sectors of the economy.

Northern Territory Budget 2019-20

08 May 2019

Treasurer Nicole Manison handed down the Northern Territory Budget on 7 May 2019. This Budget maintains already announced revenue policies while introducing some minor changes to concessions for first home buyers.

Proposed revisions to APS 220 Credit Risk Management

01 May 2019

On 25 March 2019, APRA proposed updating its prudential standard on credit risk with an update to APS 220 Credit Risk Management to capture the full credit life cycle.

Back to the Future for QBCC Minimum Financial Requirements

15 Apr 2019

From 1 January 2019, Queensland’s building industry participants are again required to lodge their annual audited accounts with the Queensland Building and Construction Commission (QBCC), demonstrating compliance with the QBCC’s Minimum Financial Requirements in order to maintain their building licence.