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Insight How not-for-profit organisations can shift from ‘survival mode’ into sustainability

We saw COVID threaten the sustainability for many not-for-profit (NFP) organisations, forcing some to make operational changes or to shut their doors, and others to adapt and drive innovation to achieve their mission. But what does it mean to be a sustainable NFP, and how do these organisations then remain sustainable for years to come?

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Client Alert Electric car FBT exemption expected to soon become reality

Many people are getting excited about the Government’s pre-election promise to exempt electric cars from Fringe Benefits Tax (FBT) as of 1 July 2022. But before you rush to order your new vehicle, there are a few considerations for you to take into account. While this measure is expected to take effect shortly, there is no legislation for this yet – not even in draft – and parliament’s next sitting days have not been announced. This means any new legislation will no doubt need to be retrospective to have effect from 1 July 2022.

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Client alert Three weeks remaining for Queensland builders to comply with QBCC's Minimum Financial Reporting Requirements

With only 3 weeks remaining in the financial year, builders should immediately test their compliance with the Queensland Building and Construction Commission’s (QBCC) Minimum Financial Reporting Requirements (MFR) to ensure there is enough time to rectify any deficiencies before FY22/23 year end.

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Insight Implications of Division 7A on family settlements

Hearing the words ‘Division 7A’ is often accompanied with a twinge of anxiety – and for good reason. This area of tax legislation is incredibly complex, and for family businesses, Division 7A can be a particularly difficult concept to navigate.

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Insight Tax in M&A: M&A transactions and employer obligations – the perfect storm

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.

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Dealtracker Agribusiness, Food & Beverage Bite Size Dealtracker 2021

Despite numerous lockdowns throughout the COVID-19 pandemic, the essential nature of the Agribusiness, Food & Beverage sector has seen diversification and growth opportunities for many of the market participants.

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Client alert Can your business leverage the Small Business Restructure process to clean up old debt?

As the economy continues to battle ongoing waves of COVID-19, businesses who are struggling to pay legacy debts may be left wondering what their future might look like.

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Client alert ATO puts up to 50,000 taxpayers on alert for looming Director Penalty Notices

On 28 March, the ATO sent its strongest message on debt enforcement since the COVID-19 pandemic commenced, advising that it is now issuing letters to taxpayers informing them about their potential personal liability for company tax debts under the Director Penalty Notice (DPN) programme.

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Insight Top 5 issues for CFOs in 2022

Living through the pandemic has delivered a clear reminder that some things are simply beyond our forecasting or our control. That’s the kind of wildcard CFOs can do without! CFOs are in the box seat with a once-in-a-career opportunity to create a whole new – and ideally improved – business ‘normal’ by considering talent, digital transformation, cyber resilience, post-pandemic growth, diversity and inclusion.

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CLIENT ALERT $2bn Breakthrough Victoria Fund, now investing in research, technology and innovation

The $2bn Breakthrough Victoria Fund will consider a range of investments from $500,000 to $30 million for projects across four funding streams, with a flexible approach to investment depending on the opportunity. A wide range of businesses, research organisations, universities, joint venture and consortia are encouraged to apply.

Energy & Resources Home

Guidebook A guide to transition from exploration to development and production

A deep dive into the accounting, tax and finance implications as you transition from exploration through development and ultimately, production.

Financial Services Home

Insight Holding banking to account: the real diversity and inclusion picture

We discussed some of the key findings of our Women in Business research with female industry leaders across our global Grant Thornton network, exploring how the banking sector can keep the momentum going to attract, retain and nurture women to build a more inclusive future.

Health & Aged Care Home

CLIENT ALERT $2bn Breakthrough Victoria Fund, now investing in research, technology and innovation

Manufacturing Home

Insight Investment into innovation encouraging stability in manufacturing

Australian manufacturers have been through difficult times, particularly with the shutdown of the automotive industry, but remaining businesses are proving to be agile and resilient having already battled through lots of challenges. In addition, the accelerating pace of new technologies being introduced, combined with COVID-19 disruption and the Government’s substantial industry support, many manufacturing business models have been fundamentally challenged for the better.

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Insight How not-for-profit organisations can shift from ‘survival mode’ into sustainability

Professional Services Home

Client alert Professional services – is it time for our Owner’s Room?

Professional service firms have experienced growth and increased profitability over the last two years. The issue of succession – promoting, attracting and managing the retirement of equity participants – has never been more challenging.

Real Estate & Construction Home

Client Alert GST and changes in use of residential premises

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.

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We are Retail We are Retail

Our senior people have worked in retail for 25 years. That’s 25 years of experience helping some of Australia’s largest and most important businesses to be more successful. Put simply, we implement solutions that grow businesses, and our work makes a positive and profound impact on the lives of millions of people around Australia.

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Client alert Digital Games Tax Offset

Income Tax Assessment Amendment (Digital Games Tax Offset) Bill 2021: Measure for Consultation

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Local, technical and financial reporting alerts

Local, technical and financial reporting alerts

2022 Local technical and financial reporting alerts

TA 2022-05 22-124MR ASIC highlights focus areas for 30 June 2022 reporting
TA 2022-04 Accounting standards issued but not yet effective for June 2022
TA 2022-03 What's new for June 2022
TA 2022-02 22-035MR ASIC allows additional time for holding virtual-only meetings
TA 2022-01 Corporations Amendment (Meetings and Documents) Bill 2021 passes AGM

2021 Local technical and financial reporting alerts

TA 2021-13 Accounting standards issued but not yet effective for December 2021
TA 2021-12 What's new for December 2021
TA 2021-11 ASIC focus areas for 31 December 2021 financial reports
TA 2021-10 ASIC Findings from review of 30 June 2021 financial reports
TA 2021-09 21-323MR ASIC to extend deadlines for 31 December 2021 unlisted entity financial reports
TA 2021-08 ASIC findings from review of 31 December 2020 financial reports
TA 2021-07 ASIC focus areas for 30 June 2021 financial reports
TA 2021-06 Accounting standards issued but not yet effective for June 2021
TA 2021-05 What’s new for June 2021
TA 2021-04 ASIC allows certain AFS licencees to use lease assets to satisfy their licence requirements
TA 2021-03 AASB issues Amendments to Australian Accounting Standards – Transition to Tier 2: Simplified Disclosures for Not-for-Profit Entities
TA 2021-02 ASIC to extend deadlines for 30 June 2021 financial reports and amends 'no action' position for AGMs
TA 2021-01 ASIC focus areas for 31 December 2020 financial reports

2020 Local technical and financial reporting alerts

TA 2020-19 ASIC Findings from review of 30 June 2020 financial reports
TA 2020-18 Accounting standards issued but not yet effective for December 2020
TA 2020-17 What's new for December 2020
TA 2020-16 ASIC extends financial reporting deadlines for listed and unlisted entities and amends no action position for AGMs
TA 2020-15 ASIC announces extension of AGM’s
TA 2020-14 ASIC findings from review of 31 December 2019 financial reports
TA 2020-13 ASIC focus areas for 30 June 2020 financial reports
TA 2020-12 Accounting standards issued but not yet effective for 30 June 2020
TA 2020-11 What's new for June 2020
TA 2020-10 20-113MR ASIC to further extend financial reporting deadlines for listed and unlisted entities and amends
TA 2020-09 AASB issues Exposure Draft 300 COVID-19-Related Rent Concessions
TA 2020-08 20-084MR ASIC to provide additional time for unlisted entity financial reports
TA 2020-07 ASIC announces extension of AGM
TA 2020-06 Removal of SPFS and the introduction of simplified disclosure framework
TA 2020-05 Financial Reporting Implications from Coronavirus
TA 2020-04 ASIC Infringement Regime Now Law
TA 2020-03 AASB issues ED 298 General Presentation and disclosure
TA 2020-02 IASB issues clarification on Classification of Liabilities as Current or Non-current
TA 2020-01 Accounting standards issued but not yet effective for December 2019

2019 Local technical and financial reporting alerts

TA 2019-16 Effect of AASB 16 on Net Tangible Asset Calculations
TA 2019-15 What's new for December 2019
TA 2019-14 ASIC focus areas for 31 December 2019 financial reports
TA 2019-13 Deferral of AASB 15 and AASB 1058 to research grants
TA 2019-12 Guidance on Recognition of Tax Operating Losses
TA 2019-11 ASIC findings from review of 31 December 2018 financial reports
TA 2019-10 AASB proposes removal of Special Purpose Financial Statements (SPFS) for certain For-Profit Private Sector Entities
TA 2019-09 Proposed amendments to accounting for deferred tax on leases and the current position
TA 2019-08 Update on ATO requirements for the provision of GPFS by SGEs
TA 2019-07 Accounting standards issued but not yet effective for June 2019
TA 2019-06 AASB proposes interim changes to recognition and measurement disclosures in SPFS
TA 2019-05 AASB Interpretation 23 uncertainty over income tax treatments now effective
TA 2019-04 ASIC focus areas for 30 June 2019 financial reports
TA 2019-03 What's new for June 2019
TA 2019-02 Financial reporting thresholds doubled for 'large' proprietary companies
TA 2019-01 Accounting standards issued but not yet effective for December 2018

2008 – 2018 Local technical and financial reporting alerts

The following TA alerts are currently in the process of being reviewed by the IFRS Team to ensure the content is up to date.

If you make use of these alerts in the meantime, please be mindful that they may not be up-to-date with the current requirements.

2008 - 2018

TA 2018-09 ASIC focus areas for 31 December 2018 financial report
TA 2018-08 AASB proposes relief for NFPs from fair valuing peppercorn leases
TA 2018-07 IASB issues definition of material
TA 2018-06 What’s new for December 2018
TA 2018-05 Accounting standards issued but not yet effective for 30 June 2018
TA 2018-04 New financial disclosure rules for third parties incurring political expenditure
TA 2018-03 ASIC focus areas for 30 June 2018 Financial Reports
TA 2018-02 What's New for June 2018
TA 2018-01 Accounting standards issued but not yet effective for December 2017
TA 2017-12 New income recognition requirements for not-for-profit entities
TA 2017-11 ASIC focus areas for 31 December 2017 financial reports
TA 2017-10 Designation of equity investments at FVOCI under AASB 9
TA 2017-09 What's new for December 2017
TA 2017-08 Significant global entities are now required to lodge general purpose financial statements
TA 2017-07 IASB issues new interpretation on uncertainty over income tax treatments
TA 2017-06 Accounting standards issued but not yet effective for June 2017
TA 2017-05 Accounting for reductions in company tax rates
TA 2017-04 ASIC focus areas for 30 June 2017 financial reports
TA 2017-03 IASB releases new insurance standard
TA 2017-02 What's New for June 2017
TA 2016-18 AASB releases new income recognition requirements for NFP entities
TA 2016-17 Accounting standards issued but not yet effective for December 2016
TA 2016-16 ASIC Focus Areas for 31 December 2016 financial reports
TA 2016-15 IFRIC 22 Foreign Currency Transactions and Advance Consideration
TA 2016-14 Transfers of Investment Property
TA 2016-13 Annual Improvements to IFRSs 2014-2016 Cycle
TA 2016-12 What's New for December 2016
TA 2016-11 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4)
TA 2016-10 Amendments to AASB 2 Share-based Payment
TA 2016-09 ASIC focus areas for 30 June 2016 financial reports
TA 2016-08 ASIC remakes rounding financial reporting Class Order
TA 2016-07 Accounting Standards issues but not yet effective for June 2016
TA 2016-06 Clarifications to IFRS 15
TA 2016-05 What's New for June 2016
TA 2016-04 Accounting Standards issued but not yet effective for December 2015
TA 2016-03 Amendments to IAS 7
TA 2016-02 Recognition of deferred tax assets for unrealised losses
TA 2016-01 IASB releases new standard on leases
TA 2015-10 Accounting Standards issued but not yet effective - Superseded by TA 2016-04
TA 2015-09 ASIC focus areas for 31 December 2015 financial reports
TA 2015-08 What's new for December 2015
TA 2015-07 Accounting standards issued but not yet effective for June 2015
TA 2015-06 ASIC focus areas for 30 June 2015 financial reports
TA 2015-05 Change in discount rates used for measuring employee benefits
TA 2015-04 Amendments to Corporations Act 2001
TA Alert 2015-03 What's new for June 2015
TA Alert 2015-02 Amendments to AASB 101 to address disclosure overload in financial statements
TA Alert 2015-01 Accounting standards issued but not yet effective for December 2014
TA Alert 2014-15 Accounting standards issued but not yet effective for December 2014 - Superseded by TA 2015-01
TA Alert 2014-14 ASIC Focus Areas for 31 December 2014 Financial Reports
TA Alert 2014-13 What's New for December 2014
TA Alert 2014-12 Section 258F Reductions in share capital because of lost capital
TA Alert 2014-11 Equity Method in Separate Financial Statements
TA Alert 2014-10 Accounting Standards issued but not yet effective for June 2014
TA Alert 2014-09 IASB completes IFRS 'Financial Instruments'
TA Alert 2014-08 Publication of AASB 14 and Omnibus Amending Standard AASB 2014-1
TA Alert 2014-07 AASB issues new Superannuation Standard
TA Alert 2014-06 Accounting standards issued but not yet effective - Superseded by TA 2014-10
TA Alert 2014-05 ASIC focus areas for 30 June 2014 financial reports
TA Alert 2014-04 IFRS 15 Revenue from Contracts with Customers
TA Alert 2014-03 Amendments to IAS 16 and IAS 38
TA Alert 2014-02 IASB Issues Amendments to IFRS 11
TA Alert 2014-01 What's New for June 2014
TA 2013-15 ASIC findings from 30 June 2013 financial reports
TA 2013-14 Accounting standards issued but not yet effective
TA 2013-13 IASB issues amendments to IFRS 9 Financial Instruments
TA 2013-12 AASB issues guidance on determining control in the Not-for-Profit sector
TA 2013-11 ASIC focus areas for 31 December 2013 financial reports
TA 2013-10 What's New for December 201
TA Alert 2013-09 AASB issues consolidation exception for investment entities
TA Alert 2013-08 ASIC focus areas for 30 June 2013 financial reports
TA Alert 2013-07 IASB issues new interpretation on levies
TA Alert 2013-06 Accounting standards issued but not yet effective for June 2013 - Superseded by TA Alert 2013-14
TA Alert 2013-05 Impact of AASB 10 on asset managers
TA Alert 2013-04 ASIC Regulatory Guide 247: Effective disclosure in an operating and financial review
TA Alert 2013-03 ACNC Governance Standards for Charities
TA Alert 2013-02 What's new for June 2013
TA Alert 2013-01 Accounting standards issued but not yet effective - Superseded by TA Alert 2013-06
TA Alert 2012-14 Corporations Act draft amendments on Executive Remuneration and Dividends [ 145 kb ]
TA Alert 2012-10 IFRS Alert Investment Entities [ 87 kb ]
TA Alert 2012-08 ASX increased placement & revised admission [ 104 kb ]
TA Alert 2012-5 ASX Increased Placement Revised Admission [ 104 kb ]
TA Alert 2012-2 Annual Improvements 2009-2011 Cycle [ 125 kb ]
TA Alert 2012-1 AASB 7/IAS 7 Statement of Cash Flows [ 425 kb ]
TA Alert 2011-24 ASIC restrictions on disclosing non-IFRS financial information [ 53 kb ]
TA Alert 2011-20 Carbon tax financial reporting implications update. [ 140 kb ]
TA Alert 2011-18 IFRIC publishes guidance on production stripping costs in the mining sector [ 123 kb ]
TA Alert 2011-16 Carbon tax Financial reporting implications [ 81 kb ]
TA Alert 2011-15 AASB issues amending pronouncements to extend consolidated relief [ 62 kb ]
TA Alert 2011-14 No concise financial report allowed for companies limited by guarantee [ 55 kb ]
TA Alert 2011-10 Remuneration reports Better disclosure required [ 129 kb ]
TA Alert 2011-08 Amendments to IAS 19 [ 124 kb ]
TA Alert 2011-07 Amendments to IAS 1 [ 119 kb ]
TA Alert 2011-06 IASB publishes IFRS 13 Fair Value Measurements.pdf [ 119 kb ]GTAL_2011_TA Alert 2011-05 New consolidations standards issued [ 135 kb ]
TA Alert 2011-04 Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011 [ 75 kb ]
TA Alert 2011-03 Natural disasters - What are the implications to consider [ 110 kb ]
TA Alert 2010-60 Recovery of underlying assets [ 86 kb ]
TA Alert 2010-53 Additional exemptions for first-time adopters (amendments to IFRS 1) [ 78 kb ]
TA Alert 2010-51 IASB publishes restructured version of IFRS1 [ 60 kb ]
TA Alert 2010-50 IFIRC 17 Distributions of non-cash assets to owners [ 73 kb ]
TA Alert 2010-48 Disclosures - Transfer of financial assets Amendments to IFRS 7 [ 52 kb ]
TA Alert 2010-46 Director's report for a Limited by Guarantee Company [ 89 kb ]
TA Alert 2010-39 Acquisitions and disposals of assets held in a corporate shell [ 94 kb ]
TA Alert 2010-37 Changes to dividend laws [ 71 kb ]
TA Alert 2010-33 Cost of a new building constructed on the site of a previous building [ 87 kb ]
TA Alert 2010-28 Costs of an initial public offering [ 101 kb ]
TA Alert 2010-25 Equity accounting, fair value adjustments and impairment [ 104 kb ]
TA Alert 2010-24 Update Reduced Disclosure Regime [ 87 kb ]
TA Alert 2010-21 IAS 1R and the requirement for third statement of financial position [ 123 kb ]
TA Alert 2010-20 Impact of IFRS 8 on goodwill impairment testing [ 143 kb ]
TA Alert 2010-19 Leasehold make good - restoration provisions [ 87 kb ]
TA Alert 2010-17 Inventory discounts and rebates [ 98 kb ]
TA Alert 2010-13 Accounting for client money [ 110 kb ]
TA Alert 2010-12 Advertising and promotional costs [ 97 kb ]
TA Alert 2010-06 IFRS annual improvements 2010 [ 137 kb ]
TA Alert 2010-01 Application of new IFRSs issued after the reporting date [ 90 kb ]
TA Alert 2009-21 Classification of rights issues [ 56 kb ]
TA Alert 2009-20 Revised version of IAS24 Related Party Disclosures [ 59 kb ]
TA Alert 2009-17 Amendments to IFRS 2 - Group cash settled share-based payment transactions [ 33 kb ]
TA Alert 2009-16 Annual improvements 2009 [ 35 kb ]
TA Alert 2009-14 Classification of loans with covenants [ 37 kb ]
TA Alert 2009-08 Changes to share based payment agreements [ 137 kb ]

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Learn more about Merilyn Gwan

Partner & Head of National Assurance Quality

Merilyn Gwan

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2022 Local technical and financial reporting alerts

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2020 Local technical and financial reporting alerts

2019 Local technical and financial reporting alerts

2008 – 2018 Local technical and financial reporting alerts

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