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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.

The ATO has recently undertaken a number of Income tax, Transfer Pricing, GST and R&D reviews of Fintechs across the ‘Top 1000’ and the ‘Medium and Emerging’ markets, focusing on business models such as online lenders, neo banks, buy now pay later providers, and peer-to-peer lenders. Based on the findings, the ATO has identified a number of key risk areas.

Securing the opportunities

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

With most restrictions now behind us, we should expect this weekend’s Black Friday sales weekend to be the largest one ever for Australian retailers.

Extension to Self-Managed Superannuation Funds means more family members can benefit

Traditional gender roles have seeped through family business in societies across all cultures, and the right of succession belonging to the first born child is still customary. What is the impact of this on the performance and operation of family businesses, and what does this mean for the next generation of family business owners?

Supply chain pressures are not unique to multinational enterprises (MNEs). But when combined with trade protectionism measures, evolving international tax policies, and technological disruption, the current global pandemic has created the perfect storm. The COVID-19 crisis has had an unprecedented impact on international supply chains – from delays in production and logistics, through to loss of confidence in global networks, supply chains have been well and truly tested.

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.

Director Identification Numbers are coming into Australia. Directors must apply for their own Director ID.