BDO in Australia

Discover valuable insights into the superannuation and self-managed super fund landscape in our latest Super Quarterly Update. #superannuation #smsf

The ATO has released draft ruling TR 2024/D3 on the third party debt test (TPDT) under subdivision 820-EAB of the Income Tax Assessment Act 1997. The TPDT, an alternative to the Fixed Ratio Test, limits debt deductions to qualifying third-party debts used for Australian operations. However, the ATO’s draft takes a more restrictive view of some conditions than the legislation suggests. Read our experts' analysis in our latest tax update.

Are you a Not-For-Profit? Last month, we reported that the Australian Accounting Standards Board is proposing to scrap special purpose financial statements for all not-for-profit entities. This significant change means that private sector NFPs preparing general purpose financial statements will, if eligible, be able to apply simplified Tier 3 measurement proposals instead of the more complicated IFRS® Accounting Standards. Are you curious about what this means for your organisation? Our latest article breaks down the key details and implications of this proposal. #CorporateReporting #FinancialReporting #accountingstandards

New for 2025, BDO Connect members can now sign up to attend exclusive technical super updates. Our expert presenters will cover recent key legislative changes, client strategies, compliance requirements, and recent changes in the superannuation landscape, ensuring members are up to date with the latest developments. To access these exclusive webinars, join BDO Connect and register today: https://lnkd.in/g8RJ3ttk #BDOConnect #super #SMSF #accounting #tax #superannuation

Retailers, are you staying ahead of tech trends and ensuring robust cyber security? In our latest ‘Navigating Retail’ article, BDO experts Kamal Prasad and Mohit Malik explore how retailers can leverage AI, data protection, and security practices to stay competitive and safeguard consumer trust. #retail #digitaltransformation #cybersecurity #AI #dataprotection

BDO, led by partners Sebastian Stevens and Marcus Leonard supported OIA Global Logistics in the acquisition of AirMark Ocean and Air Logistics Pty Ltd. Swipe to learn more. #deals #dealadvisory #transactionservices

What a year it’s been for sustainability. What started as a voluntary practice is now becoming a legal obligation, highlighting the importance of being open and accountable about our sustainability efforts. Our 2024 Sustainability Report highlights our progress, opportunities and impact.  We’re celebrating our achievements and acknowledging where we can do better. Being transparent means sharing our challenges just as much as our successes. Let’s continue pushing forward together and aim for more sustainable actions in 2025. #SustainabilityReport #ESG #Sustainability 

South Australia’s music industry is alive and well, contributing $490m to the state’s gross state product in the 2022/23 financial year, and supporting 5,000 full-time equivalent jobs. These are just some of the insights from BDO’s comprehensive economic research for the industry’s peak body, MusicSA. The analysis highlighted the sector's impact and opportunities, supporting MusicSA and its stakeholders in developing evidence-based strategies and advocating for continued investment. “This report shows just how resilient and tenacious the South Australian music industry is, even in the face of a global pandemic and the toughest business conditions on record,” says MusicSA Chief Executive Officer (CEO), Christine Schloithe. Read MusicSA’s story to learn how economic insights can help industry bodies take actions that foster growth, support local businesses, and build resilience and adaptability. #economics #SouthAustralia #musicindustry

Preparing your 31 December 2024 financial statements? Our latest article highlights 10 essential things to remember, from consolidated entity disclosure statements for public companies to material accounting policies and everything in between. Entities should also consider ASIC’s four enduring focus areas for its surveillance of 31 December financial reports:  asset values, provisions, subsequent events and disclosures. Additionally, keep in mind the ongoing geopolitical and economic uncertainty, including the impact of interest rate increases and inflation, and how these factors might affect your financial statements. #FinancialReporting #Disclosure #ASIC #CorporateReporting

Writing in The Australian Financial Review today, BDO Tax Partner Mark Molesworth takes a look at the ATO’s first two taxpayer alerts for the 2024 calendar year. Each of them is a warning in its own different way to private groups. “Every generation must find out for itself that the stove is hot. Recent Australian Tax Office guidance indicates some wealthy individuals and the groups of entities they control are in the process of finding that out all over again,” says Mark. “The first [taxpayer alert] relates to tax incentives for investing in early-stage companies which was an initiative of the Turnbull government’s innovation agenda. “The second taxpayer alert is concerned with private companies giving guarantees. In the arrangement the ATO is concerned about, a profitable company guarantees a loan taken out by another private company that is not profitable. “Private groups and their advisers are on notice – the ATO is concerned about artificial and contrived arrangements that attempt to circumvent tax laws. Experience says being in the ATO’s sights is not a pleasant experience.” AFR subscribers can read Mark’s AFR column in full here: https://lnkd.in/g7jQc3Bx #tax #ATO