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Super Guarantee Charge Amnesty – welcome news but action required!
The super guarantee amnesty has now become law, which is welcome news for anyone caught up in the complicated compliance rules for late employer super payments. Be aware that the amnesty is for a limited period and timely action is required to be able to participate.
ASIC priorities affecting the financial services sector in 2020
The Australian Securities & Investments Commission (“ASIC”) has been vocal and consistent in their delivery of information for participants in Australia’s financial services sector. As part of their continued response to the fallout from the Hayne Royal Commission, ASIC Deputy Chair, Ms Karen Chester, recently addressed the four lines of defence for consumers of financial services.
Changes to Salary Sacrificed Super Contributions – Are you prepared?
Effective from 1 January 2020, new legislation has been introduced which means that salary sacrificed superannuation contributions cannot be used to reduce an employer’s mandated superannuation guarantee (SG) obligations. If you previously excluded salary sacrificed superannuation contributions from your SG calculations, you will need to review your position prior to paying your March quarter contributions (due by 28 April) to ensure your business is compliant.
New stimulus package supports business resilience and recovery during coronavirus (COVID-19) pandemic
The Australian Government has responded to concerns of the economic impact surrounding the Coronavirus outbreak and has released a stimulus package aimed to support confidence, employment and business. The stimulus package is designed to provide support and assistance in the areas of business investment, business cash flow, lower income households and severely affected communities and regions.
NSW Land Tax Surcharge – Discretionary Trust Planning Still Possible
The NSW Government has kept two planning opportunities available for discretionary trusts hoping to avoid the 2% land tax surcharge on residential land. One is expected, the other is surprising.
Aged Care – What you ought to know
Most people want to remain independent throughout retirement and to stay in control of where and how they live. But your ability to do so may depend on your health and physical well-being. As we age, some things become harder to do on our own.
Annualised salary changes to some Awards – is your business prepared?
In the wake of the alarmingly increasing number of employers being found to have underpaid their employees, the Fair Work Commission (FCW), has made a decision to change the annualised salary arrangements contained in 19 Awards and to insert an annualised wage clause in 3 additional Awards. These changes take effect from 1 March 2020, so if you currently use annualised salary arrangements under an Award, you need to be prepared for the new requirements.
Victorian discretionary trusts face foreign purchaser additional duty
Victorian discretionary trusts intending to purchase residential land should take action now to avoid the 8% foreign purchaser additional duty.
Grants available for those impacted by Australian Bushfires
The impact of the Australian bushfires has been devastating, particularly on the people across eastern Australia. Both the Australian Red Cross and Australian government have grants available to those in financial hardship as a result of this tragedy.
Trade and Investment Queensland – Go Global Export Grant now open
Trade and Investment Queensland (TIQ) are now offering eligible Queensland businesses export grants ranging from $2,500 to $25,000 (excluding GST). The Go Global Export Grants are based on a 1:1 co-contribution basis and provide Queensland export-ready small and medium-sized businesses with financial support to enter a new international market.