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Are large businesses paying small businesses within their Standard Payment Terms?
Client Alert Are large businesses paying small businesses within their Standard Payment Terms?
The first Payment Times Reporting Register was published on 30 November 2021, and covered the reporting period 1 January 2021 to 30 June 2021.
Katherine Shamai
Raj Deepan
| 4 min read | 16 Dec 2021
Reminder to builders with Queensland projects
Client Alert Reminder to builders with Queensland projects
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.
Sian Sinclair
Sian Sinclair
| 4 min read | 15 Dec 2021
ACNC Decision Impact Statement provides guidance on Public Benevolent Institution
Client Alert ACNC Decision Impact Statement provides guidance on Public Benevolent Institution
Recently the Administrative Appeals Tribunal ruled that Global Citizen Ltd could be registered by the ACNC as a Public Benevolent Institution and this has provided further insight into the type of organisations that may register as a Public Benevolent Institution. Learn more here and how you should respond if your charity is not currently registered as a PBI.
Peter Berg
Peter Berg
| 3 min read | 14 Dec 2021
Data recovery: APRA feedback on Cyber Resilience and CPS 234
Client Alert Data recovery: APRA feedback on Cyber Resilience and CPS 234
APRA’s feedback focuses on ensuring recovery from high-impact cyber-attacks. Boards are encouraged to seek assurance on the entity’s likely ability to recover from a high-impact cyber-attack.
Matthew Green
Daniel Farthing
Claire Scott
| 3 min read | 07 Dec 2021
IFRS 17: Effective date and implications
Client Alert IFRS 17: Effective date and implications
IFRS 17 Insurance Contracts was issued by the International Accounting Standards Board (Board) on 18 May 2017. The Board published some amendments to IFRS 17, including a deferral of the effective date of IFRS 17 by two years, with entities required to apply IFRS 17 for annual periods beginning on or after 1 January 2023.
Alison Sheridan
Alison Sheridan
| 4 min read | 02 Dec 2021
Board assurance: APRA feedback on Cyber Resilience and CPS 234
Client Alert Board assurance: APRA feedback on Cyber Resilience and CPS 234
On Tuesday 23 November 2021, APRA released commentary following the conclusion of its pilot initiatives – the tri-partite audit and technology resilience data collection.
Matthew Green
Daniel Farthing
Claire Scott
| 3 min read | 25 Nov 2021
ATO to re-commence collecting debts from businesses
Client Alert ATO to re-commence collecting debts from businesses
Small businesses should know the Australian Tax Office has started to chase unpaid tax debts again in Victoria, NSW and the ACT as the three jurisdictions emerge from COVID-19 lockdowns.
Yan Wong
Yan Wong
| 1 min read | 18 Nov 2021
ATO data-matching protocol acquires three more years of Services Australia data
Client Alert ATO data-matching protocol acquires three more years of Services Australia data
With the introduction of STP Phase 2 fast approaching, it will come as no surprise that the ATO is continuing to draw out their data-matching capabilities.
Thomas Isbell
George Bendall
| 2 min read | 18 Nov 2021
APRA proposes amendments to APS 220 Credit Risk Management
Client Alert APRA proposes amendments to APS 220 Credit Risk Management
On Thursday 11 November 2021, APRA announced its proposed new attachment to Prudential Standard APS 220 Credit Risk Management.
Claire Scott
Tari Makanda
| 4 min read | 18 Nov 2021
ATO releases guidance on GST data testing by third parties
Client Alert ATO releases guidance on GST data testing by third parties
As part of its justified trust program, the ATO seeks greater assurance that Top 100 and Top 1000 assurance taxpayers are reporting the right amount of Goods and Services Tax (GST).
Thomas Isbell
Thomas Isbell
| 2 min read | 10 Nov 2021
High Court rules that ‘Backpacker Tax’ is Discriminatory
Client Alert High Court rules that ‘Backpacker Tax’ is Discriminatory
On 3 November 2021, the High Court of Australia handed down a landmark decision, ruling that the “backpacker tax” imposed on a UK national who was deemed to be an Australian tax resident was in breach of the non-discrimination clauses in the Australia-UK Double Tax Agreement.
Thomas Isbell
George Bendall
| 3 min read | 05 Nov 2021
RBA concludes its review of retail payments regulation
Client Alert RBA concludes its review of retail payments regulation
The RBA review of retail payments regulation aims to contribute to a more efficient and competitive payments system, setting out various policy actions, together with amendments to the Bank's standards for card payment systems.
Dhun Karai
Dhun Karai
| 2 min read | 25 Oct 2021
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