Divorce, Superannuation and the Gender Divide New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court. The recently enacted laws are designed to ensure that there is [...]
Growing your business value Over the next decade, as the baby boomer bubble of small and medium sized business owners roll through the system, Australia will experience one the largest transfers of business wealth in its history. Succession planning is more important than ever. Not just because of the transfer of wealth, but because of [...]
Lockdown support: Update The support available to individuals and business has been constantly evolving and changing. Here’s a summary of where support stands around the country. For individuals From 2 August 2021, the COVID-19 Disaster Payment has increased to a maximum of $750 per week for those who have lost 20 hours of work or [...]
New laws target sharing economy platforms In an attempt to reign in undeclared income, proposed new laws will require platform providers in the sharing economy to report all transactions through their platforms. Traditional employment models have shifted in favour of more flexible options including contracting, self-employment and use of labour hire. Consumers are increasingly paying [...]
Am I taxed on an insurance payout? Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the [...]
Tax exemption for ‘granny flat’ arrangements To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement. Typically, granny flat arrangements occur when an older person transfers some sort of consideration (often title to property or proceeds from the sale of property) [...]
The top 8 reasons why staff leave Australia is facing a shortage of skilled labour. When the supply of staff dry up the focus often turns to retention. But the first step is to understand why people you want to stay, choose to move on? Very few people will reveal the whole truth about why [...]
The New Lifetime Director IDs Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers. ASIC does not currently verify the identity of directors and Elvis Presley and Bob Marley could “quite possibly” be registered. [...]
National licence recognition for tradies Builders, electricians, plumbers, architects, real estate agents, security guards and other workers who hold an occupational licence in their home state or territory and who want to do the same work in another state or territory will soon be automatically deemed to have the necessary licence. The Federal, State and [...]
JobMaker fails to boost employment The Government’s JobMaker scheme has created 609 new jobs since registrations opened on 1 February 2021, despite around 15,000 businesses registering their interest in the scheme. The hiring credit is available for jobs created from 7 October 2020 until 6 October 2021 and provides $200 per week for new employees [...]