Employers should be prepared for the increases to the Superannuation Guarantee (SG) rate. The steady climb in the SG rate requires employers to contribute more money into their employees’ superannuation fund. The SG rate has already increased to 9.25 per cent as of July 2013. The next increase... read more →
Mar
19
Mar
14
In 2014, the ATO will be implementing changes to stop paper activity statements being sent. This change will apply when the businesses last lodged activity statement was electronic. Businesses use activity statements to report and pay a number of tax obligations, such as GST, PAYG instalments, withholding and... read more →
Mar
10
In recent years, the ATO have noticed an increase in the number of invalid objections and withdrawn objections lodged by clients. In 2012-13, the ATO received over 2,600 invalid objections and 2,800 objections that were lodged and subsequently withdrawn, predominantly because they were unable to be made valid. ... read more →
Mar
07
The Medicare levy will increase from 1.5 per cent to 2 per cent from 1 July 2014. The money raised from this increase will be placed into a National Disability Insurance Scheme (NDIS) fund. Individuals could be affected if they are individual taxpayers, individuals and trustees who are... read more →
Mar
05
Individuals with high incomes may soon be faced with reduced concessions on their superannuation contributions as a result of Division 293 tax from 2014. Division 293 tax was introduced to reduce the concession on superannuation contributions for individuals with an income greater than $300,000 per annum. Under Division 293... read more →
Feb
25
Employers are reminded that the ATO will be focusing on businesses not complying with the Fringe benefits tax (FBT) system in 2013-14. The ATO will be paying particular attention to those employers who are failing to fulfil their FBT obligations, including disclosing the reportable fringe benefits (RFB) amount. Employers... read more →
Feb
20
As businesses prepare for the Privacy Act reforms that are coming into play in March 2014, it is important they also look at the security of the personal information they hold. The Office of the Australian Information Commissioner (OAIC) has released a “Guide to Information Security: reasonable steps to... read more →
Feb
12
The past year has seen important changes in the area of employment laws. It is essential that all employers are up-to-date with these changes and are taking the necessary steps to remain compliant. The following are some of the changes occurring to employment law that will affect employers... read more →
Feb
06
A recent legal case in the Victorian Supreme Court has highlighted the importance of ensuring that the correct GST clause is used in business contracts. A properly drafted GST clause can avoid any problems or unintentional financial consequences. The recent Victorian case involved a contract that failed to list... read more →
Jan
31
Around this time every year people draw up a list of resolutions that they wish to achieve in the New Year. The New Year offers a chance to reflect on the past year and focus on performing better in the year ahead not just personally, but also in business.... read more →