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Directors will soon be required to verify their identity and apply for a director identification number (director ID) as part of a new regime designed to improve traceability of company directors and eliminate unlawful phoenixing activity.

We’ve created a quick reference guide for you containing the 2021-22 tax rates.  Covering both individual and company tax rates, tax offsets, superannuation, depreciation and fringe benefit tax.  This easy to print desktop guide is available to download and print.

ASIC expects a structured and systematic process for identifying, evaluating and managing risks faced by your business. The measures in place will contribute to compliance with the obligation to have adequate risk management systems on an ongoing basis.

ASIC will allow AFS licensees that are lessees to include a right-of-use asset in the calculation of their net tangible assets, and, where the right-of-use asset is a current asset, adjust surplus liquid funds and surplus liquid funds.

AFS licensees are required to lodge an FS70 (profit and loss statement and balance sheet) and FS71 (audit report) or FS76 (annual compliance certificate) for each financial year.

A body corporate that is a disclosing entity: within 3 months of end of financial year
A body corporate that is not a disclosing entity: within 4 months of end of the financial year
A non-body corporate: within 2 months of end of the financial year

ASIC expects compliance with the general obligations from the time your AFS licence is granted and on an ongoing basis. If ASIC has a reason to believe that you are not complying with your obligations, they may take administrative action, which could include suspending or cancelling your licence, or imposing additional licence conditions.

In this issue of Corporate Advisor, we explain 15 financial-reporting, regulatory, and corporate-governance topics of crucial importance to CFOs and directors. We’re focusing mainly on regulatory issues that affect the preparation of 30 June 2021 reports – ASIC’s targets, FAQs and lessons from previous reviews.  The detail in contained in the appendices.  Directors and preparers need to keep these front-of-mind and address them.

The NSW Government has announced further details of the fortnightly payment of micro-business and not-for-profit organisations a grant $1,500 per fortnight to help with impacted by the current Greater Sydney COVID-19 restrictions.

The NSW Government has announced further details of the fortnightly JobSaver payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

Is it time to review your innovation strategy? New R&D tax incentive changes are likely to boost confidence among businesses to make greater commitments to their innovation activities. The changes include new thresholds and a new way to apply. There are three key...