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Unprecedented Government spending has resulted in unmatched ATO activity. So how can companies be prepared for when the inevitable ATO letter arrives?

For the retail industry, the common theme has been the shifting power away from retailers to both consumers, and employees.

Day two of the NRF 2022, Retail’s Big Show in New York City was centered on emerging trends and the future of the industry more broadly

After a hiatus in 2021, retailers from around the world gathered face-to-face in New York this week for the annual NRF Big Show.

Despite numerous lockdowns throughout the COVID-19 pandemic, the essential nature of the Agribusiness, Food & Beverage sector has seen diversification and growth opportunities for many of the market participants.

Summary of 2021 Local technical and financial reporting alerts

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.

The ATO recently published the long-awaited final Practical Compliance Guideline PCG 2021/4 for the allocation of profits by professional firms.

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.

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.

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