Now all the kids have all flown the coop and you’re left with an empty nest, it might be a good time to consider downsizing to pursue that ultimate retirement dream; fishing beside a river, surfing every morning, or getting up to that fresh country air. Your dream could be one step closer with the measure […]
As a part of the crackdown on black economy, the Government is planning to introduce an economy-wide cash payment limit of $10,000. Any payments made to businesses for goods and services from 1 July 2019 would be captured, and if the transaction exceeds $10,000, payment will need to be made using an electronic system or […]
The following is a brief stocktake of the main changes introduced from 1 July 2017. $1.6m total superannuation balance Once a member’s total superannuation balance hits $1.6 million, there is no further opportunity to make any further non concessional contributions. However, subject to certain regulations, if the member’s balance subsequently falls below $1.6 million, the […]
IN BRIEF__________________________________________________________________________________________________________________________ Fraud is on the rise and is often very costly for victims. Gambling and financial pressures may encourage a trusted professional to commit fraud. Paul Andon FCA is speaking at CA ANZ’s Business Valuation and Forensic Accounting Conference 2018 in Sydney on 13-15 August. ________________________________________________________________________________________________________________________________ Fraud is on the rise and high-profile cases […]
The deductibility and removal of the administration component proposed in the Amnesty depend on the passage of legislation. Until this occurs, the current law applies. On 24 May 2018, Minister for Revenue and Financial Services announced External Link the commencement of a 12 month Superannuation Guarantee Amnesty (the Amnesty). The Amnesty is a one-off opportunity for employers to […]
Business lending practices in spotlight at Royal Commission Bank lending practices for small and medium enterprises (SMEs) were in the spotlight when the Financial Services Royal Commission (FSRC) held round three of its public hearings from 21 May to 1 June 2018. This round of hearings focused on the conduct of financial services entities when […]
Business lending practices in spotlight at Royal Commission Bank lending practices for small and medium enterprises (SMEs) were in the spotlight when the Financial Services Royal Commission (FSRC) held its third round of public hearings in late May. These hearings focused on the conduct of financial services entities providing credit to SMEs. SMEs are an […]
If you run a business, you’ve probably heard a lot about Single Touch Payroll (STP) recently, so what is it and how does it affect you? Basically, STP aligns your reporting obligations to the ATO to your payroll processes. Each pay cycle you send information to the ATO including employees’ salaries and wages, allowances, deductions, […]
Employer groups have been dealt a blow after a Fair Work Commission finding that Uber was not an employer and thus unfair dismissal laws did not apply. With the rise of the gig economy, employment conditions such as minimum wages and conditions, entitlement to annual, sick and long service leave, superannuation, and protection from unfair […]
This week, the NSW state budget revealed that the payroll tax threshold would be increased from $750,000 to $1 million over the next four years. The threshold will be progressively increased, starting with an increase to – $850,000 for 30 June 2019 $900,000 in 2019-20 $950,000 in 2020-21 $1 million in 2021-22 This adjusted payroll […]