Latest news - Forvis Mazars

NSW’s 2021 lockdown – support packages amended

With the extension of the Greater Sydney Lockdown announced yesterday, even more businesses might need to take advantage of the NSW Government’s Small Business COVID-19 Support Grant and Hospitality and Tourism COVID-19 Support Grant. These grants aim to help businesses by alleviating cash flow constraints while trading is restricted in respect of business expenses for which no other government support is available.

ASIC changes to allow for certain AFS licensees to use lease assets to fulfil their licence financial requirements

From 28 April 2021, changes have been made to the financial requirements for some types of Australian Financial Services (AFS) licensees relating to the treatment of leased assets.

Supply chain resilience initiative grants program

This month, the Australian Government launched their $107million Supply Chain Resilience Initiative Grants Program to equip Australia to respond to future supply chain disruptions.

Ignite Ideas round 8 now open

This month the Queensland Government opened applications for grants under their Advance Queensland Ignite Ideas Fund.

Income protection insurance policy changes: the impacts and opportunities

By October 2021, all life insurance offices will cease to offer the current on-sale series of retail income protection products and migrate to offer policies designed to comply with a new series of ‘sustainability measures’ desired by the Australian Prudential Regulation Authority (APRA).

Greensill case prompts re-think of discretionary trusts as foreign investment vehicles

Has the death knell been rung for non-residents investing in non-real estate assets via Australian discretionary trust structures?

Queensland Jobs Fund - Industry Partnership Program

This month the Queensland Government opened applications for grants under their Industry Partnership Program. The program is launched under the Government’s $1.84 billion Queensland Jobs Fund, in a bid to support Queensland’s economic prosperity and resilience.

Fair Work Commission releases 2021 wage decision

On 16 June 2021 the Fair Work Commission (FWC) released its 2021 wage decision. A 2.5% increase will be applied to all Award rates and to the national minimum rate.

2021 Year end tax planning guide

We are pleased to provide our Australian year-end tax planning guide for 2021.

2021-22 Queensland State Budget

The Queensland State Budget handed down by Treasurer Cameron Dick on 15 June 2021 reported a budget deficit of $3.8 billion is expected this year, improving to $3.4 billion next year and forecasted to return to a small surplus of $153 million in 2024-25.