Identity theft and online fraud is increasing and it is important to remain vigilant to identity crime which can lead to concerns not only in the tax system, but for the broader financial community as well. From the beginning of February, the Australia Taxation Office (ATO) began stronger identity checks of individuals, when speaking with them. […]
The government announced on 28th December 2014 of their intention to simplify PAYG tax and superannuation reporting obligations though a new system to be known as Single Touch Payroll. By the use of compatible software, employers or payroll system providers would process their payroll and attend to fulfilling their reporting and payment obligations with the […]
How exciting, the SheppARTon Festival opens tomorrow. Regrettably we advise that the Festival Wall has been unable to be completed as was planned, but there are still many events in this year’s festival certainly worthy of your time. However, all is not lost. Involving another local community group and asking the same questions we will […]
What is it? It is a new objective from the ATO which puts the onus on company directors to ensure the compliance with certain taxation and superannuation obligations. If you are a company director and there are outstanding PAYG Withholding and SGC amounts, you will become personally liable for a penalty equal to these amounts. […]
As Business Partners with the SheppARTon Festival we are excited to announce a new collaboration between students from the School of Art and Design at GoTafe, SheppARTon Festival and Stubbs Wallace. Our large, street frontage wall is base-coated and ready for its first unveiling as Diploma of Graphic Design students respond to the Festival theme […]
As business owners and those responsible for the end of year celebrations, which often include an employee Christmas function, it’s important to consider your responsibilities when hosting work-related events. Even if the function is not held at your work premises, if it is a company sponsored event you need to ensure you have addressed and […]
Whilst it is that time of year where many employers like to host Christmas parties or provide staff with a small gift for their work during the year, we would like to take this opportunity to remind you that these events could attract Fringe Benefits Tax (FBT). We will start with exempt property benefits, if […]
The changes for 2015 Annual Leave Loading Annual leave loading – a loading of 17.5% payable when at the time the employee takes annual leave is fully effective in the Modern Awards For those employers already paying above the Award, the Annual leave loading can be absorbed into the hourly rate/annual salary, provided that this […]
The article New ATO powers receive royal assent in our previous edition outlined the new SMSF penalty powers that came into effect from 1 July 2014. We can now direct trustees who contravene certain provisions of super law to undertake an education course, rectify the contravention or pay an administrative penalty. The following case studies demonstrate […]
Changes to insurance provided by SMSFs From 1 July 2014, trustees of an SMSF cannot provide an insured benefit in relation to a member of the fund unless the insured event is consistent with one of the following conditions of release of a member’s super benefits: death terminal medical condition permanent incapacity (causing the member to […]