A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to superannuation ahead of the 2023-24 Federal Budget.
The general transfer balance cap (TBC) – the amount of money you can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million. The TBC is indexed to the consumer price index each December.
New paid family and domestic violence leave has come into effect for employers with 15 or more employees. for businesses with under 15 employees, access will be from 1 August 2023.
Under the new legislation, employees will be able to access 10 days of paid family and domestic violence leave in a 12 month period.
The deadline for existing directors of Australian companies to obtain a Director Identification Number is 30 November 2022.
All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation (ATSI) will need a director ID. This includes directors of a corporate trustee of a self-managed super fund (SMSF).
Low interest rates have been a mainstay since the global financial crisis of 2008. When the pandemic hit, Governments pushed stimulus measures through the economy and central banks reduced interest rates even further. Coming out of COVID, housing market demand was strong and prices boomed but at the same time, supply chains remained restricted and the problems amplified by geo-political tensions increasing input costs
The end of the financial year is fast approaching - so what will be changing on 1 July?
The Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates.
It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction.
A lighter look at the complexity of Australian taxation laws and the year that has been.
Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our top issues.
The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact.
2021 was to be the year we returned to a post-COVID normal however the pandemic has fundamentally changed the way many of us operate in our personal and work lives. Here is some of what we can expect in 2022
By Melanie Such - Atlas Broker
Even as an Insurance Brokers I understand that there are not too many people who like to spend time talking about business insurance. Unfortunately, if you don’t have regular discussions with your Insurance advisor about your business and any changes that have occurred, you may become underinsured or incorrectly insured. No one wants to find out that their business insurance is not ‘fit for purpose’ after an event has occurred.
The Victorian State Government Small Business COVID hardship fund offers $10,000 to eligible and medium businesses, including employing and non employing businesses and had been introduced to allow more businesses who had not previously received some of the Victorian Government grant programs announced from the 27 May 2021. Applications are open from Thursday 12 August 2021 until program funds are exhausted or 11:59pm on Friday 10 September 2021, whichever is earlier.
We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members). We’ve set out some of the common questions and answers.
To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement.
Australia is facing a shortage of skilled labour. When the supply of staff dry up the focus often turns to retention. But the first step is to understand why people you want to stay, choose to move on?
Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.
The first COVID-19 vaccination in Australia rolled out on 21 February 2021 preceded by a wave of protests. With the rollout, comes a thorny question for employers about individual rights, workplace health and safety, and vaccination enforcement.
Super Retail Group - owner of the Supercheap Auto, Rebel, BCF and Macpac brands - handed back $1.7 million in JobKeeper payments in January after releasing a trading update showing sales growth of 23% to December 2020. Toyota announced that it will return $18 million in JobKeeper payments after a record fourth quarter. And, Domino’s Pizza has also handed back $792,000 of JobKeeper payments.