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Important changes increase the number of entities obliged to prepare General Purpose Financial Statements
On 1 July 2021, new accounting standards have changed the criteria for determining whether a company or a trust needs to prepare General Purpose Financial Statements.
Ensure long term business success with a finance facility review
How confident are you that your current business funding is on competitive terms with a bank that remains committed to your industry and supportive of future expansionary plans? With the current climate of heightened economic uncertainty and low interest rates, now presents a pertinent time to review your business finance facility to ensure long term business success.
Innovative Manufacturing CRC research project funding
Manufacturing businesses with a focus on innovation may have interest in considering funding under the Innovative Manufacturing CRC (IMCRC) research project fund. The program seeks to support the resilience of Australian businesses in the wake of Covid-19, through facilitating co-funded and collaborative Research and Development (R&D) projects with IMCRC partnered Australian universities and/or CSIRO.
Changes to the Export Market Development Grant (EMDG) have been announced
The EMDG is a key financial assistance scheme of Australian Trade and Investment Commission (Austrade) designed to encourage Australian SMEs to seek foreign opportunities for their export goods, services, and intellectual property. Each year the EMDG helps some 4,000 SMEs to expand their export business through financial assistance for promotional and marketing activities.
The High Court provides clarity on the entitlements of a casual employee
In 2016, the Federal Circuit Court made a landmark decision which provided a casual employee of the labour hire firm Workpac, with paid leave entitlements. Until this decision it was always an accepted principal that the casual loading paid to casuals was in lieu of any entitlement to paid leave entitlements.
$260 million in lockdown support announced for Queensland businesses
Coronavirus and employer obligations
As Queensland commences its first working day of a lockdown it is a good time to review your obligations as an employer. Although we all hope that lockdown will only last until Sunday 8 August, it is unfortunately possible the lockdown may be extended.
NSW 2021 COVID-19 Business Grant – full guidelines released
After two earlier announcements, the detail of the NSW Government’s 2021 COVID-19 Business Grant was released on 19 July 2021.
Changes to car parking Fringe Benefits Tax: are you eligible for exemption?
Car parking provided to employees on site or near their office is a common benefit for many businesses. Many employers have previously been covered by the car parking fringe benefit exemption due to the business turnover or the absence of a commercial parking station within 1km radius of the business premises. However, a change to the meaning of ‘commercial car park’, as announced by the ATO in a recent ruling may impact car parking Fringe Benefits Tax (FBT) liabilities for affected businesses.