Epoch News
Cleaners and couriers: latest black economy target
The detail of the Government’s crackdown on cleaning and courier companies was revealed late last month. From 1 July 2018, the taxable payments reporting system will extend beyond the building industry to cleaning and courier businesses. This means that these...
New legislation restricts access to the reduced company tax rate
Legislation restricting access to the small business company tax rate reduction entered Parliament last month. The changes specifically preclude companies with passive investments such as rental property income from qualifying for the small business entity tax rate of...
Alert: What you need to tell the ATO about your SMSF
The 1 July 2017 superannuation reforms introduced a new reporting regime for funds. Funds now need to advise the ATO of key events within the fund that impact on retirement income streams (pensions): When you start a pension When you stop a pension or take a lump sum...
New laws hold franchisors responsible for vulnerable workers
Franchisors and holding companies could be held responsible if their franchisees or subsidiaries don’t follow workplace laws. The Government has stepped in to protect workers following months of controversial headlines uncovering poor record keeping, questionable...
Safe harbour for directors of struggling companies
Australia’s insolvent trading laws impose harsh penalties on directors of companies that trade where there are reasonable grounds to suspect that the company is insolvent. Criminal and civil penalties can apply personally including penalties of up to $200,000,...
Director’s fees: What and how to pay them
The issue of Director’s fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? I answer the common questions for private companies. Can you pay a Director? Directors who work in the company, executive directors, would...
Super guarantee: What happens when you get it wrong
The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties. The ATO’s own risk...
ASIC targets growing companies in audit crackdown
ASIC is in the midst of a concerted campaign targeting private companies that have outgrown the reporting exemptions. ASIC requires companies to prepare and lodge a financial report and a directors’ report each financial year, and have the accounts audited unless the...
Main residence exemption removed for non-residents
The Federal Budget announced that non-residents will no longer be able to access the main residence exemption for Capital Gains Tax (CGT) purposes from 9 May 2017 (Budget night). Now that the draft legislation has been released, more details are available about how...
Super concessions for first home savers and downsizers
Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. I explore what’s on offer and the...