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New penalties for underpayment of wages (including criminal convictions) and shield laws for small business employers
From 1 January 2025, intentional underpayment of wages and entitlements will become a criminal offence under the Closing Loopholes wage theft provisions. These laws make it a criminal offence to intentionally underpay employees, with penalties including fines of up to $7.825 million for companies and potential imprisonment for individuals of up to 10 years.
Changes to foreign resident withholding tax affecting all property sales from 1 January 2025
The Government has passed changes to the Foreign Resident Capital Gains Tax withholding regime with affect from 1 January 2025 requiring purchasers of Australian real estate to withhold 15% from the purchase price of all property unless the seller produces a Clearance Certificate issued by the Australian Taxation Office (ATO). Previously the withholding rules only applied to properties sold for $750,000 or more and at a rate of 12.5%.
Forvis Mazars Group announces new governance model and leadership positions
17 December 2024
Forvis Mazars Group (legacy Mazars), the international audit, tax and advisory services partnership, announces the appointments of Hervé Hélias and Pascal Jauffret as Chairman and CEO respectively, as part of its evolved governance structure.
Sumday and Forvis Mazars Announce Partnership in Australia
In a new era where sustainability is a business imperative, Sumday and Forvis Mazars in Australia are excited to announce a partnership to digitally enable carbon accounting for Forvis Mazars clients. Together, Sumday and Forvis Mazars aim to empower organisations with cutting-edge carbon accounting solutions that enable them to track, measure, and manage their emissions effectively.
Did you make the right decision on your new supplier?
RFP process: Who your business chooses to do business with can have major financial and operational impacts both in the short and long term if the decision is not well considered.
Understanding the Victorian Vacant Residential Land Tax: Three key questions to answer
If you own a property in Victoria that isn't your principal residence, there’s an important new tax obligation you need to be aware of - Vacant Residential Land Tax (VRLT).
Payday Super reforms – updated guidance and information released by Federal Treasury
On 18 September 2024, the Australian Government released a Factsheet detailing the upcoming reforms with the Superannuation Guarantee (SG) regime, known as Payday Super.
Next gen leadership: Forvis Mazars promotes new Partner and five senior leaders
International audit, tax, and advisory firm, Forvis Mazars announce promotions of Pei-hua Loke to Partner and David Xu, Kareena Nihalani, Kino Xiong, Susan Kamau and Stephanie Sheppard to senior leadership positions reflecting Forvis Mazars’ ongoing commitment to developing talent and sustainable business growth.
Aged care changes looming
Changes to aged care fees are coming, and they will impact both home care and residential care. After a long wait and lots of speculation, the Federal government has released details of the proposed changes. While some people will see their fees increase, the good news is that aged care remains heavily subsidised, and fees will continue to be based on your financial situation to help with affordability.
Preparing for intergenerational change in family businesses
Intergenerational change is a pivotal event in the life cycle of a privately owned business. Beyond the emotional and operational aspects, there are significant tax and advisory considerations that can profoundly impact the success of the transition.