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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.

On Tuesday 23 November 2021, APRA released commentary following the conclusion of its pilot initiatives – the tri-partite audit and technology resilience data collection.

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.

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.

On Thursday 11 November 2021, APRA announced its proposed new attachment to Prudential Standard APS 220 Credit Risk Management.

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).

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.

NSW continues to heavily invest in its Economic Recovery Strategy in an effort to boost the economy.

The deadline for applications for Director Identification Numbers (DIN’s or Director ID’s) for existing Directors has been set.

Under current law, GST is included in the purchase price of new residential premises and new potential residential (vacant) land, with the supplier/developer required to remit that GST to the ATO in their Business Activity Statement for the tax period in which the supply occurs - usually on settlement.

WGT aims to ensure significant land value increases from government rezoning decisions are “shared with the Victorian community” for critical infrastructures, such as public transportation and schools.

While auditing risk culture is still a relatively new concept for most organisations, it’s an area that is receiving increased focus.