BUSINESS UPDATE: Is your R&D incentive application ready?
Your 2021 FY application deadline for the R&D tax incentive is approaching. If your innovation and development expenditure during the tax year ended 30 June 2021 meets the eligibility criteria under the Government’s R&D Tax Incentive, your commitment to advancement can be rewarded with lower tax payable or obtaining cash refunds. Submit your application by 30 April 2022. There may also be an ability to obtain R&D finance now to enable you draw down up to 80% of what you have already spent in the 2021 or current 2022 year based on your eligible R&D activities. Whether you are a new applicant, returning applicant, have a compliance issue, risk review or even an adverse finding, we’re ready to help. More [...]
Being a SMSF Trustee: Greater control comes greater responsibility
Involvement in an SMSF can put certain responsibilities in their trustees hands, and those who overlook important details or find themselves reported to the ATO for failing to fulfil those responsibilities may risk incurring financial, civil or criminal penalties. As SMSFs often involve multiple members, the risk of non-compliance grows. You might be doing the right thing, but can you say the same thing about your fellow trustees? That is why the role of the trustee should not be taken lightly as with greater control comes greater responsibility, should the administration of your SMSF go awry. Make sure your retirement nest egg is protected by avoiding these common mistakes made by SMSF trustees. Breaching the sole purpose test SMSFs must [...]
Banking on having a strong cash flow
While businesses continue to be at the mercy of unstable supply chains to fulfil orders and remain operating at level of liquidity, managing cash flow has never been so important. A financial statements health check Preparing financial statements will give you an objective insight into the health of your business. Identifying if you have a cash flow problem is the first step to coming up with solutions. Looking into the following reports will allow you to see if your cash flow is up to scratch. The reality is a balance sheet will tell you what your business is worth on any given day. What prosper, preserve or protect strategies should be put in place and around which part of your [...]
Corporate Advisor for the CFO & Directors
We explain the corporate-governance, financial-reporting, and regulatory topics of crucial importance to CFOs and directors. Much has been happening of particular relevance to boards – director identification numbers, whistleblowing and breach reporting, fraud, wages underpayment, and climate change. Good news – there are no substantial new standards for 31 December. We’re focused on regulatory issues that affect the preparation of 31 December year ends, ASIC’s targets, FAQs, and lessons from previous reviews. Details are in the appendices. Directors and preparers need to keep these front-of-mind and address them. To conclude, we identify two not-for-profits issues: the requirement for DGRs to become registered charities and how to maximise an audit’s value. The Hall Chadwick team looks forward to working with you [...]
Hong Kong Ramps Up Tokenisation in Financial Markets
After the success of its tokenised green bonds, the Hong Kong Monetary Authority has released a detailed paper 'Bond tokenisation in Hong Kong' that sets out policy design considerations based on its experience and the latest developments in the industry. Whilst is may be rhetoric, it is certain many in the industry are comforted and attracted to the recent statement by Hong Kong’s Financial Services and the Treasury Bureau: “Hong Kong is open and inclusive towards the global community of innovators engaging in [Virtual Asset] businesses. We applaud the achievements of the community in pioneering distributed ledger technologies.” Australia is clearly a follower in many realms of finance. Should our regulators look to Hong Kong rather than USA and UK for [...]
Director Identification Number: Our Guide to November timelines
From November 2021, all current directors and anyone wanting to become a director will need to apply for a Director Identification Number. A Director Identification Number is a unique 15 digit identifier system bringing together the Australian Business Registry with over thirty ASIC Registers, enabling businesses, communities and government agencies to register, manage and access valuable information including verifying and tracking the corporate history of individual directors and their relationships to companies. It also serves also to protect the privacy of you as a director by allowing you to be identified on public registers without disclosing your date of birth, full name and residential address. Application timelines Existing Directors appointed on or before 31 October 2021 must apply before 30 [...]