Changes to Financial Reporting

If you are a for-profit entity that is required to prepare financial statements, there are changes that may affect you from 1 July 2021. You will no longer be permitted to prepare Special Purpose Financial Statements (SPFS) after 30 June 2021 if you are an entity affected by the changes. These changes do not currently apply to not-for-profit (NFP) entities. If you are a for-profit entity with obligations to prepare…  Read more

The Pandemic Productivity Gap

A recent article published in the Harvard Business Review by Bain & Co suggests that the pandemic has widened the productivity gap between top performing companies and others stating, “Some have remained remarkably productive during the Covid-era, capitalizing on the latest technology to collaborate effectively and efficiently. Most, however, are less productive now than they were 12 months ago. The key difference between the best and the rest is how successful…  Read more

The ATO’s JobKeeper audit targets

The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will focus its compliance resources. The JobKeeper estimates error Hindsight is a dangerous lens as Treasury discovered last month announcing that the number of employees expected to be covered by the JobKeeper scheme was overstated in the original announcement by…  Read more

Super guarantee amnesty: Now is the time to get payroll right

The superannuation guarantee (SG) amnesty provides employers with a one-off opportunity to “self-correct.” Now is the time to ensure that your payroll is correct and there are no hidden SG issues looming. The amnesty applies from 24 May 2018 (the date of the original announcement) until six-months (deadline to 7 September 2020). Employers will have this period to voluntarily disclose underpaid or unpaid SG payment to the Commissioner of Taxation.…  Read more

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