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For annual reporting periods beginning on or after 1 July 2021 (i.e. 30 June 2022 year ends), the following Australian for-profit private sector entities no longer need to prepare special purpose financial statements (SPFS): Required by legislation to prepare financial statements that comply with Australian Accounting Standards or accounting standards; or Required by their constituting or another document (e.g. lending agreement, shareholder agreement and trust deed) to prepare financial statements that comply with Australian Accounting Standards, if the document is created or amended…

LOSS CARRY BACK TAX OFFSET AND TEMPORARY FULL EXPENSING/INSTANT ASSET WRITE OFFS The government has proposed to extend loss carry back tax offset and temporary full expensing by 12 months to 30 June 2023. The loss carry back tax offset was a welcome announcement in the Federal Budget handed down on 6 October 2020. The temporary rules are designed to provide a cash flow support to eligible corporate entities that were previously in a tax paying position but now find…

We are happy to provide the following list of changes to Superannuation for the current 30 June 2022 financial year: Concessional Contributions The concessional contribution cap has moved to $27,500, the cap was previously $25,000. Non-Concessional Contributions The non-concessional contributions cap has moved to $110,000, the cap was previously $100,000. To make non-concessional contributions your total super balance at 1 July must be under $1,700,000. The maximum amount of non-concessional contributions that can be brought forward into a current year…