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Accountants and Business Advisers
04 09 2018
As an Airbnb host, the income received from renting your property must be declared as assessable rental income.
We love our children. We sometimes give them money to assist in buying cars, property, undertake renovations and do other things. Is it a loan or is it a gift?
When you look at your main competitors there always seems to be those who do well no matter what the economic climate is like. Why? Given today’s difficult business environment, this is an opportune time to briefly outline some key attributes of a great business.
Whistleblowers have been found to be one of the most likely means of detecting fraud and corruption, according to the findings of the Association of Certified Fraud Examiners (ACFE) in its “Report to the Nations” 2018.
10 08 2018
As we roll past the 30 June 2018 financial year end, many companies will be turning their attention to the preparation of annual impairment assessments over their major assets. As in previous reporting periods, the Australian Securities and Investments Commission (ASIC) continues to have a significant focus on impairment testing and asset values.
It’s fair to say that the expectations and skill sets demanded of company directors has never been higher. With significant requirements around corporate governance, keeping abreast of corporate regulations and other relevant legislation – not to mention the ever-dynamic changes in financial reporting and accounting standards – being a Director in these current times is challenging.
In late May/early June, the Governance Institute of Australia held a series of Governance and Risk Management Forums across Australia. PKF was pleased to act as national sponsor for these events and to have an active role in each Forum as they moved across the country exploring current themes.
Lately, we are increasingly being asked for guidance on the correct accounting for Research and Development (R&D) Tax Incentives received. As an investment tax credit is accounted for either as a government grant or as income tax or as both but alarmingly it falls outside the scope of both relevant accounting standards AASB 112 Income taxes and AASB 120 Accounting for Government Grants and Disclosure of Government Assistance.
As we enter into another financial reporting season, financial report preparers are in the process of drafting their annual reports.
20 07 2018
Effective 1 July 2018, if you plan on purchasing new residential property or potential residential land, you (the purchaser) will be required to withhold GST on settlement and pay this amount directly to the Australian Taxation Office (ATO). Prior to this, it was the seller’s responsibility.
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