ESV – Business advisors and accountants sydney — Corporate Tax & Regulatory Archives - Page 5 of 13 - ESV

Scomo scaling back support but Gladys will continue to help NSW (well at this stage anyway)

Earlier today the Federal Government’s Treasurer Josh Frydenberg announced that the Commonwealth will move to wind back support for businesses once 70 per cent of a state’s over-16 population is fully vaccinated and at 80 per cent the support would cease. In NSW this would mean support would stop before the end of October.

Deferred Tax Accounting – Amendments for recognition of deferred taxes arising from a Single Transaction

The guidelines for accounting for tax within financial statements which are contained within AASB 112 Income Taxes (“AASB 112”) has again been updated by the Australian Accounting Standards Board (“AASB”) by issuing AASB 2021-5.

Software Royalties – Are you sure you know what they are?

Draft Taxation Ruling TR 2021/D4 (TR 2021/D4) discusses the Australian Taxation Office’s revised views regarding the circumstances where receipts from the licensing and distribution of software will be considered royalties. The new ruling replaces Taxation Ruling TR 93/12 which was withdrawn from 1 July 2021.

Further guidance on JobSaver

The evolving nature of the NSW JobSaver program continues with further guidance and clarification being received in respect of the retesting requirements for continued eligibility for NSW JobSaver payments as well as further clarifications on pre-existing issues.

JobSaver changes again – Gladys cuts the purse strings

The NSW government has updated the rules concerning JobSaver eligibility on an ongoing basis with a view to winding back eligibility. The timing of this change could appear to be seen as fortuitous given the dropping of the 11am press conference as announced today.

JobSaver – Update on General Access Concessions

Slowly we are receiving more clarity from ServiceNSW, however, it is not a clean and clear process with conflicting information and guidance being received.

Some positive news, well for now

The ServiceNSW website has just been updated to include the (initial?) rules regarding the extension of JobSaver to businesses with a turnover between $250 million and $1 billion in the tourism, hospitality and recreation industries.

Rent relief mandate extended in NSW with new rules

In light of the Delta outbreak in NSW, the NSW Government announced the reintroduction of national cabinet’s Mandatory Code of Conduct for Commercial Leasing on August 13, 2021.

NSW Covid-19 Support Packages Recap

Given all the changes in definitions and dates we thought it would be beneficial to provide a recap on where we have landed (for the moment anyway) in respect of the eligibility for the NSW Covid-19 support packages. Given the recent announcements in NSW of a state-wide lockdown, and ServiceNSW’s propensity for changing the criteria, it is anticipated that there will be further “refinements” to come.

NSW Government drop the ball!!

The NSW Government have provided an update on the rules for Covid-19 support packages and grants; however, they are still heavily lacking clarity around certain key eligibility and evidentiary issues and are in fact changing some of the guidance previously provided.

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Scomo scaling back support but Gladys will continue to help NSW (well at this stage anyway)

Deferred Tax Accounting – Amendments for recognition of deferred taxes arising from a Single Transaction