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The Queensland Treasurer announced on Monday that he intends to “abolish” transfer duty for small businesses who wish to restructure for efficiency.
If you’ve changed the usage of your business acquisitions (purchases) or importations this financial year (or an earlier year), you may be required to make GST adjustments.
The ATO will commence new GST reviews in the Top 1000 population in August 2020. This will be in addition to the announced compliance and integrity reviews for JobKeeper that we will see over the coming months.
In the words of Richard Olswang, Prudential Global IFRS 17 Actuarial Lead, IFRS 17 has the potential to be bigger than Solvency II and with APRA seeking an industry update as early as August, it’s important to understand the changes and the implications.
On 22 October 2019, the NSW Government tabled the State Revenue Legislation Further Amendment Bill 2019 which proposes material changes to the Duties and Land Tax regimes in NSW.
Many initiatives around COVID-19 were released by the Government in the knowledge they would require clarifications. JobKeeper is an example of this.
Many initiatives around COVID-19 were released by the Government in the knowledge they would require clarifications.
As many employers still await further details about whether they will qualify for JobKeeper, the ATO Commissioner has extended the time to make payments for the first two fortnights (i.e. 30 March – 12 April and 13 April – 26 April).
The recent COVID-19 outbreak has caused extensive disruptions to the entire global economy.
Unprecedented may already be the most overused word for 2020 but that doesn’t change the fact that current events are causing enormous challenges for business valuers and users alike.
COVID-19 has created unprecedented uncertainty for business, not just in Australia, but the whole world. How long this uncertainty will last is unknown. The Prime Minister has been telling Australians that this uncertainty is anticipated to last at least six months. There have also been reports that it will last for twelve months, possibly longer.
COVID-19 has already had a massive impact on Australia, even though we are still in the early phases of the pandemic. Businesses are trying to adapt to the changing environment in order to continue operating so that they can try to survive the difficult days ahead as the whole world attempts to win the battle against COVID-19.