The Queensland government has announced the next phase of the rollout of Project Bank Accounts. Currently the regime applies to building contracts entered into with the Queensland government with a value between $1 million and $10 million. From 1 July 2020, the scheme is expanded to include contracts provided by a hospital or health [...]
The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 has been passed in the senate, which can have potential consequences on directors of companies. The bill allows the Commissioner of Taxation to estimate future GST liabilities and make directors personally liable for the debt in certain circumstances. This is the case when the Commissioner [...]
Did you know that all directors of Australian companies have a fiduciary duty to ensure a robust approach is taken towards cyber resilience? A breach of such obligations can leave directors potentially exposed to personal liability under section 180 of the Corporations Act. Despite a wealth of information being available on cyber risks, it is [...]
It’s that time of year again – the lead up to Christmas. As the retail shops prepare to bombard us with Christmas trim we look at the ramifications for your business. Here are our top tips for a generous and tax effective Christmas season. What to do for customers? The most effective way of sharing [...]
Following the introduction of SuperStream on 1 July 2015, the ATO have now rolled out Single Touch Payroll (STP) for all employers, regardless of size, from 1 July 2019. Whilst this places an increased burden on compliance, particularly for very small businesses, many in the industry are more concerned about the information the ATO now [...]
With the federal election delivering a Liberal National Coalition government for the next 3 years (based on recent history we will perhaps refrain from suggesting that Scott Morrison will be the Prime Minister for the next 3 years!) business and individuals alike have some clarity on the nature of the tax and business landscape ahead. [...]
With the end of financial year fast approaching, it is important to have an overview of key aspects of the super guarantee contribution rules and also stay up to date with the ever changing rules. Super guarantee contributions The amount paid is set at a percentage of each employee’s Ordinary Time Earnings (OTE). The Australian [...]
Changes to director penalty notices – personal liability for company superannuation debts What is a director’s penalty notice and what happened prior to 31 March 2019? A Directors Penalty Notice (DPN) is a notice that the ATO can issue to a director to recover unpaid superannuation and PAYG withholding amounts from a director personally. The [...]
Last week saw the Government bring down the budget which was conspicuously light on significant tax changes. Shortly after we saw the Opposition’s response and this year we listened with keen interest as it provides the small business community insight into the environment that may lie ahead depending on the election outcome. This article [...]
The recent Federal Court decision in Harding v FC of T [2018] FCA 837 provides some clarity on the tax residency of individuals and sheds some light on the uncertain area of law. The case examined residency according to ordinary concepts and domicile test in regards to Mr Harding's circumstances, and the courts have [...]
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