This month in accounting and finance – July 2018
This is our first accounting and finance wrap up. Like our legal wrap up, each month we’ll bring you a summary of developments that may be relevant to your clients. This is designed to help you identify interesting things to write blog posts on, put in newsletters and talk to your clients about.
If you’re running short on time, get in touch and we’ll be happy to help get the word out.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has focused on banking and financial services to date. From 6 August, it will be focusing on superannuation funds. It is requesting that executives provide evidence on claimed expenditure and marketing to ensure that the funds acted in the best interests of their members.
Relevant to: superannuation funds and executives
Industry funding is now in place. Small businesses will receive a $4 increase in their annual review fee.
Larger operators should have received login details to ASIC’s new regulatory portal in July. They may also be asked to provide information about their business which will then be used by ASIC to determine what their annual levy will be. These businesses will not receive an invoice for their new fee until January 2019.
Relevant to: any company in Australia
The Modern Slavery Bill 2018 was introduced to Parliament before the winter break and is expected to pass shortly after resumption. Its aim is to identify modern slavery risks in supply and operation chains, and will impose a reporting requirement for large businesses to detail their actions in addressing those risks.
Relevant to: businesses with revenue over $100 million per financial year
Corporate Tax Cuts
The planned second stage of corporate tax cuts has failed to get support in the Senate and will be deferred. The plan under the Treasury Laws Amendment (Enterprise Tax Plan No 2) Bill 2017 (Cth) was to extend the 27.5% corporate tax rate to all corporate tax entities. Currently under those with a turnover under $50M are eligible.
Relevant to: corporations with an aggregated turnover over $50M
Rakhee graduated from the University of Melbourne with Honours and began her career practising taxation law. While working for blue chip companies like ANZ, Foster’s and General Motors she developed a flair for writing. She’s been featured in The Australian, Forbes and BBC publications, and enjoys creating content that leverages her knowledge of the law and business. Her expertise includes taxation, migration, financial services, corporate and employment law.
Rakhee is based in Melbourne. You can contact her by email at firstname.lastname@example.org or call her on +61 409 418 297.