Our latest insights

In an increasingly digitised global world, technology is omni-present, transcends geographic boundaries, and influences every aspect of 21st century life. With this rapid change, invisible assets, or intangible assets (“intangibles”) are progressively more important value drivers for many Multinational Enterprises (MNEs). These intangibles have become the focus of tax controversy worldwide.

There were changes made to both Superannuation Guarantee (SG) contributions and Single Touch Payroll Phase 2 (STP2) reporting from 1 July 2022. Here’s what you need to know to avoid common errors.

As we watch the ramifications of the recent widespread data breach continue to play out in the media and on the floor of Federal Parliament, I keep reflecting on the requirements of APRA Prudential Standards CPS 234: Information Security and the draft Prudential Standard CPS 230: Operational Risk Management. If ever there was any doubt in the minds of Boards or Management as to why the focus on cyber security and operational resilience, then the current situation brings this into stark focus.

GST compliance requirements for schools are wide-ranging and complex. Nevertheless, it is important to remain on top of your GST compliance obligations to avoid the imposition of financial penalties by the Australian Taxation Office (ATO) or reputational damage.

As we come to the end of the financial year, its timely to review your upcoming tax compliance obligations. For multinational entities, the disclosures and complexities of tax compliance generally have never been more complex or challenging. Here are some of the main IDS issues to be aware of.

As the financial year draws to a close, now is the time for property developers to review their projects and determine whether there has been a change of intended or actual use of any residential premises which may require a GST adjustment under Division 129 of the GST Act.

There have been pressure systems gathering momentum along two fronts. Whilst they have largely gone unnoticed by many in the industry, collisions between the two have occurred and left some casualties in the M&A space. Previously, it was regarded by many deal-makers that employer obligations were quite low in risk. However, multiple enforcement agencies are focusing on unpaid employee entitlements and contract hire labour. The uptick in compliance activity has coincided with growth in the M&A space, leading many to believe there are huge levels of unquantified risk in the market – often not covered by warranty and indemnity insurance.

Unprecedented ATO funding means increased reviews for successful private groups and public entities. Are you ready?

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

Single Touch Payroll (STP) has been mandatory for all Australian employers since 1 July 2019. After two years of embedding, the ATO has confirmed that Phase 2 of STP reporting will commence on 1 January 2022.

The ATO has recently announced they are reviewing a number of activities that involve alcohol entering the Australian domestic market for consumption without payment of the required amount of excise duty.