Our latest insights

In October 2021, over 135 jurisdictions (including Australia) joined a ground-breaking plan to update key elements of the international tax system. The Global Anti-Base Erosion Rules (GloBE) are intended to ensure large multinational enterprises pay a minimum level of tax on the income arising in each of the jurisdictions where they operate. The OECD released the Pillar Two Model Rules on 20 December 2021, and Commentary to accompany the Rules on 14 March 2022. Further guidance is expected by way of an Implementation Framework, but that may not be completed and available until the end of 2022.

As the FY22 year-end financial reporting date approaches, we explore some of the important changes, current environmental risks and why it pays to start planning early.

APRA’s feedback focuses on ensuring recovery from high-impact cyber-attacks. Boards are encouraged to seek assurance on the entity’s likely ability to recover from a high-impact cyber-attack.

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

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

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.

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

The office of Local Government has proposed new minimum standards for risk management and internal audit.

With the implementation of the Director Identification Numbers (DIN’s or Director ID’s) growing imminent, it will be important to understand the new obligations for those operating in the capacity of a Director, as failure to apply for a DIN within the required time frame will leave you open to both criminal and civil penalties.

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.

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.

The recent COVID-19 outbreak has caused extensive disruptions to the entire global economy.