Hot Topics
March 2020 - Government Stimulus Round 2
As your advisers, we will endeavour to ensure that any eligible tax & business oriented assistance offered is communicated to you, but you should also keep in touch with your professional bodies and industry associations.
March 2020 - Government Stimulus Round 1
What we do know is that more needs to be done to help business with their biggest costs, such as wages and rent. Hopefully the next wave of assistance addresses those issues
March 2020 - Government announces stimulus package in response to the Coronavirus
As you may be aware, the Government has just released its stimulus package in response to the Coronavirus outbreak.
In the link below is a summary of the stimulus package prepared by the CPA.
To access the CPA's summary, please click the below link.
March 2020 - Coronavirus resources and tips for small businesses
The outbreak of the coronavirus (COVID-19) poses a major threat to the health and well-being of the global community and a significant challenge for business.
As our governments and health authorities meet daily to assess the latest information, businesses also need to act & put in place procedures to protect their business.
March 2020 - Directors Of Companies Or Trustee Companies Beware
Directors Penalty Regime“Expanded” to GST
In 2012 the laws were changed allowing the ATO to hold directors of companies personally liable for unpaid PAYG withholding and superannuation.
Effective 1st April 2020, this has now been expanded to include GST....
July 2019 - Portable Long Service Leave – Cleaning, Security & Community Services
Are you in the Cleaning, Security or Community Services industries?
If so, then your action is required……
May 2019 - Do you know if you are in the business of supplying or using Labour Hire
……. Well you may just be……So please keep reading
November 2018 - Vacant Residential Land Tax – Does it apply to you?
We thought it timely to inform & remind clients that from 1 January 2018, homes located in 16 specific council areas that are left unoccupied for more than six months of the previous calendar year, attract the Victorian Government’s vacant residential land tax.
March 2018 Single Touch Payroll
Single touch payroll commences from the 1st July 2018 and whilst it only now applies to businesses with 20 or more employees, those with 19 or less employees will be required to adopt Single Touch Reporting by the 1st July 2019.
July 2017 Super Changes
On the 1 July 2017 an array of changes to superannuation are set to apply.
Courtesy of Consultum Financial Advisers, please find attached an information sheet in relation to some opportunities that exist prior to the 01 July 2017.
The are four main business structures including Sole Trader, Partnership of Individuals, Private Company and Discretionary Trusts. Choosing the right business structure is an important factor for business success. There are pros and cons for each type.
New Director’s Penalty Regime
Companies are often used as a vehicle by clients to conduct their businesses and have historically speaking, provided a level of protection for the director’s personal assets. The level of protection afforded to Company directors has been known as the “Corporate Veil” and would often protect directors from claims in relation to debts incurred by the Company in the normal course of conducting its trading activities.
Reportable payments - Building & Construction
From the 1st July 2012, all businesses in the Building & Construction industry, will on a yearly basis need to report to the ATO, the total payments they make to ‘each’ contractor. It’s more red tape from a government that promised to cut red tape for small business. All clients need to ensure that their record keeping systems are able to produce the reports the ATO require.
Contractors V Employee
If you engage or intend to engage subcontractors in your business, then what we have provided below is essential reading, which in most circumstances will require some action to be taken sooner rather than later. There has been more scrutiny from the Tax Office in recent months to make a distinction between ‘independent contractors’ and ‘employees.’ Employers who incorrectly treat a worker as an independent contractor risk facing severe enalties should in fact they be deemed an employee.