A Change is Coming! The end of Special Purpose Financial Statements?
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A Change is Coming! The end of Special Purpose Financial Statements?

Due to early transitional relief, it is time to start considering the impact of changing from SPFS to General Purpose Financial Statements (“GPFS”) and potentially implementing the change for the financial year ended 30 June 2021.

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Allocation of Professional Firm Profits

On 1 March 2021, the ATO released its Draft Practical Compliance Guideline PCG 2021/D2, which sets out its intended compliance approach to the allocation of professional firm profits. If you operate a professional firm including, but not limited to, accounting, architectural, financial services, medical and engineering the PCG may require a review of your arrangements.

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The Power of Choice – Instant Asset Write-Off
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The Power of Choice – Instant Asset Write-Off

Recently Treasury Laws Amendment (2020 Measures No 6) Bill 2020 was tabled in parliament and it provides a critical update to Federal Treasurer Josh Frydenburg’s budget night announcements regarding the full expensing of eligible assets through to 30 June 2022.

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