Ten emerging business and tax impacts from coronavirus (COVID-19)

Coronavirus is proving a particularly difficult challenge for many Australian and most likely global businesses given lingering uncertainty on the duration and extent of the outbreak, says Michael Croker, Australian Tax Leader at Chartered Accountants ANZ.

Su'a inducted in Auckland
Su'a inducted in Auckland

Tagaloa Fa'afouina Su'a inducted in the college of Chartered Accountants (CA) for Chartered Accountant Australia & New Zealand (CAANZ) last night at a ceremony held Cordis Hotel in Auckland CBD.

Su'a with Beatie Carlson

Congratulations Rugby League Samoa GOVERNOR Tagaloa Fa'afouina Su'a recognition of his dedication and professional services to Rugby League International Board of Directors presented during this weeks AGM in Darling Harbour, Sydney.

Malo lava le galue Govenor from all Rugby League Samoa executives and our chapters and members. Viia le Alii

The Fund wishes to advise the public that Parliament has passed the National Provident Fund Amendment Act 2019 increasing the minimum member and employer contribution rate that is currently set at 7% as follows:

Incremental Increase of 1% per annum Employee Minimum Contribution Employer Minimum Contribution
Current  7% 7%
1 st July 2019 8% 8%
1 st July 2020 9% 9%
1 st July 2021 10% 10%

Read more full report (PDF Click here)

With Myriads of changes and new IFRS coming to effect from period commencing January 2019. Certain notion for review is warrant in order to align and harmonise provisions of IFRS for SMEs to new IFRS (ie IFRS 16 for leases)   

IASB® Update March 2019

The Board met on 12 March 2019 to discuss the 2019 comprehensive review of the IFRS for SMEs Standard.

The Board discussed:

  1. whether the IFRS for SMEs Standard should be aligned with full IFRS Standards;
  2. the principles to apply when considering whether and how the IFRS for SMEs Standard should be updated for new and amended IFRS Standards; and
  3. whether the Request for Information should recommend aligning Section 2 Concepts and Pervasive Principles of the IFRS for SMEs Standard with the 2018 Conceptual Framework for Financial Reporting.

The Board did not make any decisions.

The following is a list of the top ten actions to minimize the risk of being sued.

This list was compiled by the author as a result of various discussions with top malpractice insurance companies.

 Accounting and Auditing in Volatile Times

  • Tighten Up Engagement Letters
  • Watch Out for Bad Clients
  • Take Precautions for Fraud and Defalcation
  • Protect the Privity Defense Against Third Parties
  • Supervise and Manage Personnel
  • Have a Workpaper Retention Policy
  • Improve Billing Procedures
  • Never Sue to Collect Unpaid Fees
  • Tighten Up Workpapers

 

High Level - Summary 

(i) Classification and Measurement - When an entity credit risk increases, then DO Not book any "GAINS" in the PnL
(ii) Impairment - move from INCURRED Loss model to Forward looking "Expected Credit Loss" model. MOre disclosure on information impacting the Financial asset.
(iii) Hedge Accounting

VAGST THRESHOLD IN SAMOA

All business with sales over $130,000.00 per annum requires registration for VAGST at Ministry for Revenue.

IMPORTANT NOTICE TO ALL OUR CLIENTS AND STAKEHOLDERS.

SAMOA TAX REFORMS – EFFECTIVE JANUARY 2018!

Matters of Priorities

  1. Massive increase by 60% on annual business license per annum
  1. Apart from the increase in Business licenses, Sole traders will entertain the newly effective tax rates which saw the threshold increase from $12,000 to $15,000 per annum. Below example illustrates tax savings with new rates compared to prior years.

  1. IMPORTANT NOTICE
  2. Jersey Presentation for Salelavalu
  3. Sharlene Su'a joins SU'A ma PAUGA
  4. THE BANK, THE TAX and THE ACCOUNTANT