“If you fail to plan, you are planning to fail”
Another year, another June 30. A big day for business owners and accountants. To keep your end of financial year as smooth as possible, here are a few tips to ensure your 30 June runs effortlessly.
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.
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.
There are winners and losers every year in every budget address, and the 2021/22 budget is no exception. This year’s announcements contain two key themes: recovery and innovation. The Treasurer has announced several measures that aim to push Australia’s small businesses beyond COVID-19’s orbit into a new age of technology and development.