Joining a Zoom meeting Here at Marzol Holloway we use video conferencing to stay in touch with clients that can’t get to us in person. With the current Coronavirus (COVID-19) situation affecting everyone we wanted to let you know that you can now connect with us in person using this technology. All you need is [...]
Super Guarantee – What happens when you get it wrong The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties. The ATO’s own risk assessments suggest that [...]
Santa’s Tax Crises A light-hearted look at the complexity of Australian taxation laws. Dear Santa, Thank you for the opportunity to provide tax advice for your operation. We are pleased you have initiated this advice as the Australian Taxation Office (ATO) is looking closely at any business or individual that operates within Australia but has [...]
ASIC targets growing companies in audit crackdown ASIC is in the midst of a concerted campaign targeting private companies that have outgrown the reporting exemptions. ASIC requires companies to prepare and lodge a financial report and a directors’ report each financial year, and have the accounts audited unless the company is exempt. Most small companies [...]
Directors Fees: What and How To Pay Them The issue of Directors fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? We answer the common questions for private companies. Can you pay a Director? Directors who work in the company, executive [...]
Should Business Push A Social Agenda? For years we’ve been told that consumers prefer businesses that take a stand on social issues – those that are environmentally and socially friendly. But is that always the case? Qantas CEO Alan Joyce had a pie shoved in his face at a business breakfast in May 2017 for [...]
Main residence exemption removed for non-residents The Federal Budget announced that non-residents will no longer be able to access the main residence exemption for Capital Gains Tax (CGT) purposes from 9 May 2017 (Budget night). Now that the draft legislation has been released, more details are available about how this exclusion will work. Under the [...]
Super concessions for first home savers and downsizers Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications. Super concessions for [...]
What everyone selling a property valued at $750,000 or more needs to know Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a [...]
The Tax Commissioner’s hit list Every so often the Australian Taxation Office (ATO) sends a ‘shot across the bow’ warning taxpayers where their gaze is focussed. Last month in a speech to the National Press Club, Tax Commissioner Chris Jordan did exactly that. Part of the reason for this public outing is the gap between [...]
