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 [...]
Single Touch Payroll: what you need to know Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018. For employers Employers with 20 or more employees at 1 April 2018 must use standard business reporting-enabled software [...]
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 [...]
Generational succession: Do your kids really want to take over your business? Generational succession - handing your business across to your kids or family – sounds simple enough. But, many families end up in dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed [...]
GST on imports: new rules for goods under $1,000 Last month, Parliament passed legislation that will see GST applied to all consumer imports regardless of their value. Currently, imports below $1,000 are excluded from GST. The perceived preferential treatment of internet shopping has been a contentious issue for a while with the retail sector lobbying [...]
What did I miss? 1 July changes GST applies to digital products & services imported by consumers Small business $20k instant asset write-off extended until 30 June 2018 Company tax rate reduction to 27.5% for entities with an aggregated turnover of less than $25m (companies with a turnover of less than $10m have been subject [...]
The 2017-18 Federal Budget attempts to please as many people as possible. It tackles the issues currently in focus across the Australian community – gaps in healthcare, first home ownership, foreign workers, investment and bank accountability to name a few of the pressure points. It also delivers an economic ‘sugar hit’ in the form of $75 [...]
