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How to plan for successful succession
Succession planning is the strategic process of identifying the future leaders of your business; those who will take over when current leaders step down.
Changes to STP reporting concessions from 1 July 2021
Most employers now report payroll information to the ATO each pay day using Single Touch Payroll (‘STP’) enabled software. However, small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ (related) payees through STP.
New legislation impacting director resignation
With effect from 18 February 2021, new ASIC regulations will apply to prevent single directors resigning from a company in order to avoid responsibilities to creditors and others.
NSW property tax changes – should you delay buying?
In the 2020-21 Budget, the NSW Treasurer announced a far-reaching property tax reform. In substance, land purchasers could elect to be subject to an annual property tax instead of the compulsory existing current transfer duty and land tax regime.
North Queensland Economic Diversification Grants
The federal government backed lender, Queensland Rural Industry Development Authority (QRIDA), have launched their North Queensland Economic Diversification Grants to projects that broaden and diversify economic opportunities in areas impacted by the 2019 North Queensland Monsoon Trough.
Business Loans under phase 2 SME Guarantee Scheme
In October 2020, the Federal Government launched phase 2 of the SME Guarantee Scheme to continue to provide small to medium businesses with better access to additional funding. The scheme enhances lenders’ ability to access additional funding and provide cheaper credit, assisting SMEs to recover from the changing operating conditions and invest for the future.
2020 wage decision is now incorporated in all Awards
On 19 June 2020 the Fair Work Commission (FWC) released its 2020 wage decision. The decision increased all Modern Awards by 1.75%, however for the first time, the implementation of the decision was staggered over 3 implementation dates.
ATO increases focus on international related party loans
The Australian Taxation Office (ATO) is continuing to focus on international related party financing arrangements, related transactions and the compliance obligations associated with such transactions.
Predictions on the hot employment topics for 2021
We expect that most of us woke up on the 1st of January hoping that the challenges of 2020 were firmly in the rear-view mirror. We remain optimistic that the worst of the 2020 challenges, particularly the impact of coronavirus, will ease as we move through 2021 with the rollout of vaccinations locally and across the world.
JobKeeper extension 2
Enrolment for the second JobKeeper Payment extension is now open. The extension will cover the JobKeeper fortnights between Monday 4 January 2021 and Sunday 28 March 2021.