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New ATO views on the tax treatment of trust income distribution
The ATO has recently published its dramatic interpretation on the tax treatment of trust income distributions.
12 month extension of the temporary loss carry-back measure
Following the announcement in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other things, an aggregated turnover of less than $5 billion) a 12-month extension to claim a loss carry-back tax offset in the 2023 income year.
Implementation of Director Identification Numbers for foreign directors
The statutory regime of director identification numbers is now in full swing following the introduction on 1 November 2021. The regime verifies the identity of Directors of Australian companies to combat illegal company phoenix activities and enables regulators to track directors’ corporate history and prevent the use of fictitious identities.
How outplacement can simultaneously support your employees and protect your employer brand
Redundancies are a fact of contemporary employment. This has been exacerbated by the economic impact of Covid-19 across many industries.
Mazars Partner recipient of 2022 Australia Day honours
Mazars Partner, Mark Sheridan awarded Medal of Order of Australia for his ongoing service to community health.
$1.6 billion Economic Accelerator (AEA) has been announced
The specifics of the AEA grant and investment mandate has not yet been released. The important details from the media release on the 1st of February are outlined below. The Mazars Financial Advisory team is watching this space closely and will provide updates in due course.
Significant amendments to piece rates in the Horticulture Award will come into force from 28 April 2022
The Fair Work Commission (FWC) has released its final determination on amendments to the piece work arrangements under the Horticulture Award, including announcing the implementation date for the amendments being 28 April 2022.
Double digit growth reflects strength, balance and sustainability of Mazars’ integrated business model and strategy
2 February 2022: Mazars, the international audit, tax and advisory firm, today announces fee income of €2.1bn in its 2020/2021 financial year (1 September 2020 – 31 August 2021), representing a 12.3% increase (excluding forex impact of -1.6%) compared to the previous financial year. The increase in fee income comprises strong organic growth (9.4%), complemented by external growth of 2.7%.
NSW Government’s 2022 COVID Business Support Package
The commercial disruption caused by the Omicron variant has been deemed sufficient by the NSW Government to warrant a 2022 Business Support Package. It has been noted that the rapid transmission of the coronavirus variant has triggered a “shadow” lockdown whereby significant numbers of ordinary customers are shunning public places including retail, hospitality & entertainment venues, among others. From mid-February, the small businesses hardest hit by the shadow lockdowns will be entitled to claim targeted relief for a limited period.
Applications for the Coles Nurture Fund are now open
Round 10 of the Coles Nurture Fund has recently opened and will close on Friday, 25 February 2022.