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Take action NOW to prevent NSW Land Tax Surcharge and Purchaser Duty Surcharge
All NSW Residential Land owning Discretionary Trusts and other entities need to take action by 31 December 2019.
A discretionary trust which owns ‘residential land’ in New South Wales either directly or via an ownership interest in a company or unit trust may trigger land tax and purchaser duty surcharges. Varying discretionary trust deeds by 31 December 2019 may enable trustees to escape the tax and duty surcharges otherwise applying back to 2016.
A discretionary trust which owns ‘residential land’ in New South Wales either directly or via an ownership interest in a company or unit trust may trigger land tax and purchaser duty surcharges. Varying discretionary trust deeds by 31 December 2019 may enable trustees to escape the tax and duty surcharges otherwise applying back to 2016.
Small business CGT concessions: when do I qualify?
The small business CGT concessions are a great way for small business owners to transfer wealth into super. There are two essential requirements you must first meet in order to access any of the concessions.
Deadline of 1 January looming for businesses to introduce whistleblower policy
All public companies, large proprietary companies and corporate trustees of APRA regulated superannuation entities must have a whistleblower policy from 1 January 2020.
Concessional Loans for Agribusiness affected by drought
The Australian Government has announced a Drought Assistance package with the aim of strengthening primary production sectors and supporting rural communities.
If ASX listed companies like Woolworths have underpaid their staff – are you sure you haven’t too?
Underpayment of wages revelations are coming thick and fast from the most unlikely sources - the big employers. Woolworths, Wesfarmers, Qantas, Commonwealth Bank, Super Retail Group and Michael Hill Jewellers to name a few.
How can this be happening in the technologically savvy world of 2019? There is no one reason why underpayments occur. In our experience the below are the main risk areas for employers, regardless of business size.
How can this be happening in the technologically savvy world of 2019? There is no one reason why underpayments occur. In our experience the below are the main risk areas for employers, regardless of business size.
Australian Government Grants Supporting Best Practice Sustainable Agriculture
The Australian Government is active in supporting land manager practice change that will deliver more sustainable, productive and profitable food, fibre and forestry business. They are doing so through the Small Farms Small Grants Program, which aims to increase farming, forestry and fishing communities’ awareness, knowledge, skills and capacity to adopt best practice sustainable agriculture.
Superannuation Guarantee opt out for high income earners
After a number of false starts the measures announced in the 2018-19 Federal Budget to allow individuals with high incomes to opt out of receiving superannuation guarantee contributions from certain employers has been legislated.
Not keeping accurate records of timesheets and pay slips could cost you
Filing out time sheets is boring! No one likes doing it, but not completing them substantively increases the risk for an employer being unable to defend a claim for underpayment of wages and a civil penalty (fine) under the Fair Work Act, 2009 (the Act).
Salary Sacrifice - Are you receiving your full benefits?
Salary sacrifice strategies are a great way to boost retirement savings. However, unwelcome loopholes in the law mean that some workers may be getting less than they bargained for. The government is taking action to fix this, in the meantime all salary-sacrificing workers should be across this issue, keeping an eye on their arrangement and ensure they’re not being short-changed.
Lapsed and back again: What is happening with the super guarantee amnesty?
The proposed super guarantee amnesty is very important – it releases employers from significant penalties for underpaid or late super contributions. The amnesty was originally announced in May 2018 but the bill lapsed when the Federal Election was called and the amnesty was never enacted. The legislation was re-introduced in September 2019 but still remains before Parliament. So the proposed amnesty is not currently law. This has caused a lot of misunderstanding and confusion among employers.