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Financial reporting thresholds have increased

The financial reporting thresholds for ‘large’ proprietary companies have increased effective from 1 July, 2019.  For the 2020 financial year, a proprietary company will be considered ‘large’ if it meets at least two of the following criteria: The consolidated revenue...

How detailed should Minutes of Meetings of Directors be?

In November 2018, Commonwealth Bank of Australia (CBA) chair Catherine Livingstone was in the dock at the Hayne Royal Commission with Rowena Orr, QC who quizzed her about the keeping of CBA’s minutes. One of the issues raised during the banking Royal Commission was...

The Cash Economy

The term cash economy refers to economic activity which takes place outside the tax system for the purpose of avoiding tax liabilities. The ATO state that some business owners hide income and don’t pay the right amount of tax or superannuation. In this coming...

Be Careful – An Informal Will Recorded on Mobile Phone?

In Australia, an informal will can be found in almost any form and made in almost any manner.  However, the essential qualities for an informal will are: It must be a document as statutorily defined as anything on which there is writing, marks, figures, sounds that...

Superannuation guarantee audits

The Australian Tax Office (ATO) is becoming stricter in auditing superannuation guarantee payments that were made by employers. Quarterly mandatory 9.5% superannuation contributions must be made by the 28 day following the end of the quarter. If an employer misses a...
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