What we see in the spyglass

Mick Nielsen, current as of: 7 December 2020.

As the good-ship Australia paddles out of the whitewash of 2020, the team at Acis is peering over the horizon to 2021.

Several significant changes were announced this year that will directly impact you and your clients in the coming 12 months. I sat down with our Legal Services Director, Emily Pritchard, to chat about what we’re focussing on:

Changes to reporting requirements: Australian Accounting Standards (AAS)
  • Next July we’ll see changes to reporting requirements come into effect.
  • Our expert panel is considering the effects of these changes on establishment documents (trust deeds, constitutions etc).
  • SMSFs subscribed to our SuperDepot service will automatically receive the benefit of any changes to SMSF governing rules.
Protecting your clients’ interests: credit loan agreements & PPSR
  • We’ve seen a significant uptick in new business registrations driven by the unique circumstances of 2020.
  • Unfortunately, while some will be successful, a number are likely to stumble next year.
  • Our credit loan agreement and PPSR registration mitigate some of the risks of injecting capital into start-ups.
More scrutiny over deeds before property purchases: foreign persons legislation
  • Foreign person surcharges in relation to trusts has been in the spotlight throughout 2020, and will remain in focus through 2021.
  • Clients are scrutinising trust deeds more closely before purchasing property anywhere in Australia, to ensure they comply with jurisdictional obligations.
  • Each State and Territory has unique requirements, and we’ll aim to ensure you’re across any changes that impact your clients.
  • NOTE: 9 December is D-Day to send instructions to our legal team to meet the 31 December deadline for NSW foreign persons exclusions. Claim your offer here.
Admin for Company Directors: Director Identification Numbers (DINs)
  • We’ll continue to keep an eye on the new Commonwealth Business Registry Service and the implementation of DINs.
  • DINs will be seamlessly incorporated into our systems and processes as soon as they are required.
Knowledge is power: technical resources & education
  • We’ve seen skyrocketing demand throughout 2020 for high quality content and educational resources. This has resulted in record attendances of 500-plus at each of our Acis webinars, including the biannual Tax Events Series.
  • Our commitment to professional development will continue into 2021 to keep advisors ahead of changes in legislation and on top of the critical conversations you want to have with your clients.

We remain only a phone call or email away , and look forward to catching up (in person!) in 2021 with as many of you as possible.