Removal of special purpose financial statements
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 […]
Update to Business Services for the 2021/22 FY
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 […]
