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In this episode of The Remarkables, we speak with creatives and co-founders of Chrysalis Projects, Bec Mac and Carmel Haugh. A thriving creative sector is vital for innovation, sustainability and social inclusion, yet the COVID-19 pandemic caused a monumental upheaval for the industry, reducing work for artists and curators.

When issuing your instructions to an accounting expert, the correct wording of the instructions is very important.

Last week the Australian Prudential Regulation Authority (APRA) released the key observations from its thematic review of related party outsourcing arrangements across a sample of 10 retail superannuation trustees with outsourcing contracts worth a combined $1.2 billion annually.

The OECD has been gathering momentum towards addressing perceived tax avoidance amongst multinational enterprises (MNEs), ensuring a fairer distribution of tax for all taxpayers. The Government’s proposed multinational tax integrity to rewrite certain tax laws as they apply to MNEs is consistent with that shift. They were first announced with the intent of addressing the “loopholes” available to MNEs in the Australian taxation system.

As we watch the ramifications of the recent widespread data breach continue to play out in the media and on the floor of Federal Parliament, I keep reflecting on the requirements of APRA Prudential Standards CPS 234: Information Security and the draft Prudential Standard CPS 230: Operational Risk Management. If ever there was any doubt in the minds of Boards or Management as to why the focus on cyber security and operational resilience, then the current situation brings this into stark focus.

Wills, estates and the transfer of assets are hot topics as Australia approaches the largest intergenerational transition of wealth ever. Once a simple concept, the transition of wealth is now a maze of complex family arrangements and structures which work well to preserve assets for the next generation, however they can lead to a hefty serving of tax if not dealt with appropriately.

On 6 October 2022, the ATO released Draft Taxation Ruling TR 2022/D2 Income Tax: residency tests for individuals. TR 2022/D2 has consolidated and replaced previous ATO rulings, TR 98/17 and IT 2650 (both withdrawn effective 6 October 2022) on the ATO’s interpretation of the residency rules as set out in Section 6(1) of the Income Tax Assessment Act 1936.

On 21 September 2022 a case was released outlining that on 13 July 2022, the Administrative Appeals Tribunal (AAT) determined that the taxpayer was unable to show that activities were eligible R&D activities for income tax purposes. In doing that, the AAT affirmed the previous decision by ISA.

Asset tracing is a process whereby forensic accountants and investigators ‘follow the money’ by locating assets of value to an individual or company that have been misappropriated. Asset tracing is usually undertaken for the purposes of recovery, often as part of formal insolvency processes or in support of ongoing litigation or fraud investigations. It involves a complex analysis to identify assets and the flow of funds, requiring a combined skillset of forensic accounting, investigation and technology. Engaging forensic accountants specialising in asset tracing can make a substantial difference in what misappropriated assets are recovered and exactly how much.

The ATO has released a draft Margin Scheme Valuation Requirements Determination for comment. While it’s substantially similar to the current determination, its differences may cause issues for property developers.

COVID-19 has been a catalyst for accelerated business change. Now, the challenge for Chief Financial Officers (CFOs) is to maintain the momentum for corporate rejuvenation. Find out where CFOs should focus their efforts to drive change in their organisation.

From 29 September 2022, the temporary halving of fuel excise announced as part of the FY22/23 budget will end.