Featured Articles
Moore Stephens attracts another mid-tier network firm
- By Moore Stephens
- Published 7/12/2009
- Media releases
- Unrated
Moore Stephens Australia today announced the admission of the former PKF Southport as its new member firm on the Gold Coast, Moore Stephens Gold Coast, effective Tuesday 1 December 2009.
Recent Additions
New Employee Share Scheme (ESS) legislation receives Royal Assent
- By Michael van Schaik
- Published Today
- Beyond Numbers
- Unrated
Trust Structures and Company Beneficiaries - Draft Ruling Released on Unpaid Present Entitlements
- By Moore Stephens
- Published Today
- Moore Tax News
- Unrated
On 16 December 2009 the ATO released its keenly awaited Draft Ruling TD 2009/D8 relating to the Division 7A implications of unpaid present entitlements (“UPE”) owing to company beneficiaries. An UPE broadly exists where a trust has made a distribution of income or capital to a beneficiary which remains unpaid. This circumstance is very common in private groups of structures, where the use of company beneficiaries is commonplace. Accordingly, this draft ruling has enormous implications for private business structures.
Interpretation 19 – Extinguishing Financial Liabilities with Equity Instruments
- By Rob Mackay
- Published 27/01/2010
- January 2010
- Unrated
The AASB has issued Interpretation 19 dealing with how a debtor would
account for the extinguishment of a liability through the issue of
equity instruments. This might be particularly relevant to entities
that might have liquidity issues and be unable to settle liabilities
using cash as a result of current economic hardship.
ASIC reporting concerns
- By Rob Mackay
- Published 27/01/2010
- January 2010
- Unrated
ASIC has released their findings in relation to the surveillance of 350
financial reports of listed and unlisted entities reporting at 30 June
2009 and has indicated that it continues to have concerns with the
following accounting areas.
Amendment to AASB 124 – Related Parties
- By Rob Mackay
- Published 27/01/2010
- January 2010
- Unrated
The AASB has recently issued an amended version of AASB 124 Related
Parties that is mandatorily applicable to annual reporting periods
commencing 1 January 2011, although early adoption is available.
Reduced Disclosure Regime
- By Rob Mackay
- Published 27/01/2010
- January 2010
- Unrated
In the December 2009 edition of XYZ Financial Reporter, we discussed the release of the AASB’s consultation paper on the proposed Differential Financial Reporting framework and the Reduced Disclosure Regime that would be available to the many entities categorised as a ‘tier 2’ reporter (i.e. non-publicly accountable).
ATO signals tough approach to highly-engineered cross-border structures
- By Moore Stephens
- Published 21/12/2009
- Moore Tax News
- Unrated
Last month, the ATO signalled a low tolerance for highly engineered cross-border structures when it dramatically sought to impose tax on TPG’s $1.5 billion profit on the Myer float. In the course of the ATO’s frantic efforts to secure a slice of the Myer millions, it issued two draft determinations last Friday setting out the circumstances in which it will challenge similar private equity arrangements.
Clarification of the contracting powers of government departments - Port of Portland Pty Ltd v State of Victoria [2009] VSCA 282 (10 December 2009)
- By Moore Stephens
- Published 21/12/2009
- Public perspective
- Unrated
Executive Summary
- As a matter of fundamental constitutional principle, no parties, not even the State acting by its Executive Government arm, can purport to bind the Parliament in respect of its legislative action.
- It follows that the Executive Government cannot by contract promise to compensate a taxpayer in respect of a liability to tax imposed by statutes.
AASB 9 – Financial Instruments
- By Rob Mackay
- Published 18/12/2009
- December 2009
- Unrated
The AASB has now issued accounting standard AASB 9 Financial Instruments which represents the first phase of the replacement of AASB 139.
AASB Consultation Paper: Differential Financial Reporting – Reducing Disclosure Requirements
- By Rob Mackay
- Published 18/12/2009
- December 2009
- Unrated
The AASB has now released their proposals for a change to the
differential reporting framework in Australia. These proposals are in
light of the previous decision not to apply the new IASB standard IFRS for SMEs released in July 2009.