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The ATO issued a media release on 1 March 2021 stating more than 60,000 businesses have yet to comply with lodgement requirements under the Taxable Payments reporting system (TPRS) for the 2019/2020 tax year.
The Modern Slavery Act reporting deadline has been extended to 31 March 2021.
In Grant Thornton’s (and the Australian Taxation Office’s) experience, financial supply providers and their associates are generally unaware of the GST implications of supplies and acquisitions between related parties.
With all that had been going on as 2020 closed out, it would have been easy to miss the introduction of a new reporting obligation placed on certain entities from 2021 forward.
Following the recent Parliamentary Inquiry into class actions and public debate around regulatory settings during COVID-19, Treasurer Josh Frydenberg has announced his intention to legislate permanent reform to continuous disclosure laws.
Good news for everyone looking to grow their superannuation balance. The ATO has announced that from 1 July 2021 the transfer balance cap (TBC) will be indexed from $1.6m to $1.7m.
The ATO recently amended GSTR 2004/4 Assignment of payment streams including under a typical securitisation arrangement (GSTR 2004/4) to clarify how the ATO permits GST recovery for a home loan originator.
As flagged in June this year, Federal Parliament has passed a comprehensive package of reforms to Australia’s foreign investment review framework and Foreign Acquisitions and Takeovers Act 1975 (FATA), due to come into effect on 1 January 2021.
On 1 January 2021, a new simplified small business restructuring process will become available for small businesses.
Commencing in 2021, the Federal Government has announced a new, simplified small business restructuring process for small businesses as part of the economic relief reforms.
Nearly all discretionary trusts are taken to be foreign persons in NSW.
Appropriate culture, governance systems and remuneration structures are critical to rebuilding trust in financial institutions and ensuring a resilient financial system. APRA, as the prudential regulator, plays a significant role in this through introducing new standards and its oversight regime.
