Cash Payments Limit Coming Soon
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 […]
A stocktake of Superannuation policy
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 […]
The Lure of Fraud
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 […]
Proposed Superannuation Guarantee Amnesty from 24th May 2018
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 […]
Single Touch Payroll: Are You Ready?
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, […]