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Unpacking the 2024 Federal Budget: What you need to know

When Treasurer Jim Chalmers handed down the 2024-25 Federal Budget on 14 May 2024, it was clear that the government had a diverse range of objectives. From offering tax cuts to supporting vulnerable groups, the budget is packed with measures aimed at stimulating economic growth and providing relief. Let’s unpack the key points from this […]

Those impacted by drought set for government assistance

With all that has happened surrounding COVID-19 since 2020, it’s easy to forget what came before. Bushfires in Australia were a devastating result of the drought that continues to plague some of us. The result of this is increased financial pressures – but if you’re an eligible small business, the ATO may be able to […]

Early superannuation withdrawals

Early withdrawals of superannuation funds have been fairly uncommon in the past, but with many anxious about the security of their jobs and income, the Australian Taxation Office has seen an increase like never before. Currently under review by the ATO are approximately 1,900 applications for early Super access, of which around 1,700 are flawed. […]

ATO services over the holiday period

The Australian Tax Office, like many of us, are preparing to take some time off during the festive period. Their offices, social media channels, and contact centres will all share the following closure times: CLOSED FROM: 12 noon, Thursday 24 December 2020 OPEN FROM: 8 am, Monday 4 January 2021 For any tax-related information you may […]

Understanding public holidays

Understanding what public holidays mean for you if you’re an employer or an employee can be a little bit confusing. Often they vary from state to state, and the entitlements can become a bit unclear. The Fair Work Ombudsman has released a comprehensive guide to public holidays, including a list of public holidays, and what working or not working […]

Changes to bankruptcy law

Sole traders and businesses operating as a partnership are being offered temporary protection during the COVID-19 pandemic. To reduce the financial stress, the Australian Government has temporarily changed bankruptcy laws to protect people who are facing unmanageable debts to help them stay afloat in this difficult period, rather than face insolvency or mandatory closure. This […]

STP exemption period extended for closely held payees

The ATO has moved the exemption cut-off date for Single-Touch Payroll (STP) reporting back a full year to 1 July 2021 in light of the COVID crisis. This applies to businesses with less than 20 employees. The ATO defines closely held payees as those directly related to the entity from which they receive payments, including family members directors or shareholders […]

If you pay annual salaries, the law has just changed

With close to 100% of Australian businesses paying annualised salaries under 22 modern awards, it’s very likely you’ve been impacted by the changes implemented by the Fair Work Commission on 1 March 2020. Prior to this date, you were obligated to pay salaried employees under all Awards at least the same gross amount they would […]

Time to make amends under the Superannuation Guarantee Amnesty

There are several reasons a business may have underpaid the Super Guarantee (SG) to one or more employees, such as accounting mistakes, cash-flow issues or simply a knock-on effect from the myriad of disasters throughout this summer. If you believe your organisation may have incorrectly paid SG to your staff, you can now rectify it during an SG […]

Financial support for those affected by bushfires

The last few months have seen tragic loss of lives, properties and wildlife. If you have been affected, here are some resources that may help ease some of your financial worries: The ATO’s bushfire support page offers impacted parties a range of tax assistance including: extra time to pay debts or lodge tax forms help finding lost tax […]

Superannuation and payroll changes to watch out for in 2020

The new year brings with it a raft of payroll changes, many aimed at reducing wage theft and non-compliance with awards.There are also several changes to superannuation to ensure fairer outcomes for employees. Paying super on gross rate of pay As of 1 January 2020, employers are no longer allowed to pay super only on […]

Tax Practitioners Board bans three agents who falsified records

In August, three tax practitioners had their registrations terminated for five years after breaching the Code of Professional Conduct. Their offences included failure to: act honestly and with integrity, having falsified supplier invoices and personal bank statements lodge a personal income tax return and quarterly activity statements by their respective due dates and pay a […]

Tax deductions now disallowed for non-compliant payments

As of 1 July 2019, you can no longer claim a tax deduction for a worker payment if you failed to comply with PAYG withholding and reporting obligations. Payments can include: employee salary, wages, commissions, bonuses or allowances directors’ fees labour-hire arrangements contractor services (except supply of goods and real property) where no ABN was […]