Our latest insights

Family Businesses prioritise sustainability policies and actions that benefit their business and community, even before regulation around Environmental, Social and Governance (ESG) initiatives were mandated. This genuine drive allows family and mid-sized businesses to act authentically while integrating corporate terminology to create a competitive advantage.

Payroll issue rectification is the process of fixing the root causes of the underpayments and implementing changes to prevent future errors or non-compliance.

What’s new for December 2023

Accounting standards issued but not yet effective for 31 December 2023

On 12 January 2024, Treasury released draft legislation on mandatory climate-related financial disclosures in Australia. Subject to the legislation being enacted by Parliament and receiving Royal Assent by the end of June 2024, the legislation will be in force for financial years commencing on or after 1 July 2024.

The purpose of this Alert is to draw attention to the Climate-related financial disclosure: exposure draft legislation consultation (Draft Legislation) published by the Australian Treasury on 12 January 2024. This draft legislation follows Treasury’s second consultation paper on the subject (June 2023).

The purpose of this Alert is to draw attention to the Australian Sustainability Reporting Exposure Draft ED SR1 (“ASRS Exposure Draft”) published by the Australian Accounting Standards Board (AASB) in October 2023.

Recent action from the Payment Times Reporting Regulator – the first such action since the PTR Act commenced three years ago – has highlighted the importance for organisations to ensure that they are compliant with reporting obligations.

The purpose of this Alert is to draw attention to the Australian Securities and Investments Commission’s (ASIC) Media Release 23-343MR ASIC highlights focus areas for 31 December 2023 reporting.

AASB 2021-2 and AASB 2021-6 apply prospectively to annual reporting periods beginning on or after 1 January 2023.

If you are a superannuation fund or an investor-directed portfolio service (IDPS), there is an updated compliance approach issued by the ATO in respect of claiming reduced input tax credits (RITCs) for GST paid on adviser services fees.

The ATO has recently released two new taxpayer alerts (TPAs) relating to activities delivered by associated entities (TA 2023/4) and activities conducted overseas for foreign related entities (TA 2023/5).