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Director Liabilities extend to GST
The Parliament recently passed changes to the Corporations Act and Tax legislation in relation to combatting ‘illegal phoenixing activities’. While the aim of the changes is to stop company directors closing a company, walking away from its liabilities and starting a new company performing similar activities, the impact of the changes go much further.
New First Home Buyers Scheme provides a leg up
The new government first home loan deposit scheme (FHLDS) allows eligible first time buyers to take out a mortgage with just a 5% deposit and avoid paying lenders mortgage insurance.
How to ensure your business thrives even in a downturn
Much noise is being made at the moment about the slowing of Economic Growth in Australia. In addition to this there are many issues that are impacting local and global confidence, including for example falling interest rates and the China/US trade war.
Mazars reports outstanding performance in 2019
Unprecedented 10.4% revenue growth (9% organic)
Milestone year for international expansion
On track to achieve 2020 objectives
Milestone year for international expansion
On track to achieve 2020 objectives
NSW Land Owners – Act now to avoid penalties
NSW Landholders have two weeks to address any possible land tax exposures they may have in order to avoid penalties.
Now is the time to make sure you are paying your employees correctly
2019 was full of high-profile cases where big and small businesses had failed to pay their employees correctly. Although the phrase wage theft was bandied around with abandon, in our experience it is very rare for employers to deliberately underpay their employees. However, what these high-profile cases demonstrate is that understanding Industrial Awards and applying them to complex working hours arrangements is not easy and mistakes can easily be made.
ATO debts may affect your credit rating
Businesses with tax debts need to be aware that the ATO will now be able to disclose the details of their tax debts to credit ratings agencies, which could potentially affect the ability of the business to obtain finance or refinance existing debt.
What you need to know when migrating to Australia
This information is designed to provide an overview of some of the issues that should be considered when transferring wealth into Australia or migrating from overseas including; Tax Residency, Withholding Tax, Tax File Number and more.
Main residence exemption for foreign residents: A big tax change for Australians who move overseas
Significant changes to the Capital Gains Tax Main Residence exemption affecting foreign tax residents (including Australian citizen ex-pats) passed Parliament in December 2019. As a result, Australians who move overseas and decide to keep their home in Australia may have to pay Capital Gains Tax if they sell whilst they are a foreign resident. Taxable gains will be calculated based on the original cost of the property and across the whole period of ownership, even if the owner had lived in the property for a number of years previously.
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.