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…
The Lure of Fraud
IN BRIEF__________________________________________________________________________________________________________________________
Fraud is on the rise and is often very costly for victims.
Gambling and financial pressures may encourage…
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…
Explanatory Memorandum July 2018
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…
Client Alert July 2018
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…
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…
Uber Not An Employer
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,…
Increase in Payroll Tax threshold for NSW
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…
Personal Income Tax Bill passes both houses of Parliament
The Government has secured enough support from the cross-bench senators to enable passage of the Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018.
Under the Bill (which must now receive Royal Assent), the following changes will…
Client Alert - Explanatory Memorandum (June 2018)
Tax planning
With the end of the 2018 income tax year rapidly approaching, this issue of Client Alert draws attention to year-end tax planning strategies and compliance issues that taxpayers need to consider to ensure they are in good tax health.…