TAXATION
Country-by-country reporting exemption
The ATO has released guidance regarding exemption requests from a particular entity with respect to some or all of its Country-by-Country (CbC) reporting obligations.
Backpacker tax will be 19% on first $37,000
The Treasurer has announced changes to the Government's proposed "Backpacker Tax".
Substantiation exception for reasonable travel allowance expenses
The ATO has issued a discussion paper seeking comments on issues related to the substantiation exception for reasonable travel allowance expenses.
October 2016 PAYG withholding tax schedules updated
The ATO has registered Taxation Administration Act Withholding Schedules Correction October 2016.
R&D tax incentive review report
The Government has released for comment the findings of the R&D Tax Incentive Review.
Charity ancillary funds need only report once
The ATO and the Australian Charities and Not-for-profits Commission (ACNC) have reminded ancillary funds registered as charities that they only need to report once.
Tax residency of individual affirmed
The AAT has found that an individual did not have an enduring association with Oman and was a tax resident of Australia.
Tax agent registration refused
A company and its sole director have been unsuccessful before the AAT in a matter concerning the TPB's decisions refusing essentially their tax agent registrations.
Tax agent registration terminated
An applicant has been unsuccessful before the AAT in a matter concerning the Tax Practitioners Board's decision to terminate his tax agent registration.
Cross-border B2B GST reforms started 1 Oct 2016
A reminder that important cross-border business-to-business (B2B) GST reforms commenced on 1 October 2016.
Correcting GST errors draft determination released
The ATO has issued for comment Draft GSTE 2016/D1 Correcting GST Errors Amendment Determination 2016 (No 1).
GST-related Legislative Instruments registered
The ATO has registered Legislative Instruments concerning: financial services; food retailers; research grants; recyclers; reverse charged supplies; adult education; and more.
REGULATOR NEWS
Audit and financial reporting relief
ASIC has registered Instruments to maintain audit and financial reporting relief in certain circumstances.
Simplifying income recognition for not-for-profit entities
The AASB has advised that new income recognition requirements for not-for-profit entities have been released for comment as a "fatal flaw" draft.
AUSTRAC Industry Contribution 2016-17 levy
The Australian Transaction Reports and Analysis Centre Industry Contribution Determination 2016 (No 1) has been registered.
Have you downloaded your free TPB registered tax practitioner symbol?
From 16 October to 5 November the Tax Practitioners Board (TPB) will be advertising to small businesses encouraging those who use an agent for their tax or business activity statement matters, to check that agent is registered.
Stronger governance and less regulation will help #Buildtrust with citizens, IFAC and ICAEW joint report says
The International Federation of Accountants® (IFAC®) and Institute of Chartered Accountants in England and Wales (ICAEW) today announced the release of their new report From Crisis to Confidence: Good Regulation, Governance, and Culture.
New IAESB guidance promotes awareness and proper application of international
accounting education entry requirements
The International Accounting Education Standards Board™ (IAESB™) today released new materials in support of its recently revised International Education Standard™ (IES™) 1, Entry Requirements to Professional Accounting Education Programs (2014).
IAASB amends standards to enhance auditor focus on non-compliance with laws and regulations
The International Auditing and Assurance Standards Board (IAASB) today released International Standard on Auditing (ISA) 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements, and conforming amendments to other International Standards, which respond to new requirements in the International Ethics Standards Board for Accountants (IESBA)’s Code of Ethics for Professional Accountants addressing non-compliance with laws and regulations (NOCLAR).
New North-South joint venture between ACCA and ICPAK to support accountancy
development
In a step toward improved ICT systems for emerging PAOs, the International Federation of Accountants® (IFAC®) today announced the selection of a joint venture between the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Kenya (ICPAK) to provide guidance on building strong ICT systems for PAOs in Africa.
