Epoch News
Get up to speed on the ATO’s FBT ‘Hot Spots’
The Fringe Benefits Tax (FBT) year ends on 31 March. I’ve outlined the key hot spots for employers and employees. Motor Vehicles – using the company car outside of work Just because your business buys a motor vehicle and it is used as a work vehicle, that alone does...
What’s changing in 2018?
1 January 2018 Vacancy fees for foreign acquisitions of residential land - An annual vacancy fee imposed on foreign owners of residential real estate if the property is not occupied or genuinely available on the rental market for at least 183 days in a particular 12...
New data breach laws come into effect
New data breach rules in effect from 22 February 2018 place an onus on business to protect and notify individuals whose personal information is involved in a data breach that is likely to result in serious harm. In October last year, almost 50,000 employee records...
Directors on ‘hit list’ for not paying employee super
Proposed legislation would see the ATO pursue criminal charges against Directors who fail to meet their superannuation guarantee (SG) obligations. An analysis by Industry Super Australia submitted to the Economics References Committee into Wage Theft and...
2022 Business checklist
Here’s our list of the top 10 things to action or keep an eye on in 2022. 1. BUDGET A budget is the most prized weapon in your business arsenal. A well-thought-through budget will capture your expected monthly income and expenses and enable you to track how you’re...
Foreign property owners slapped with fee for vacant property
Australia has followed the international trend of penalising foreign owners of Australian residential property who keep their property vacant for extended periods of time. Last month Parliament approved legislation that imposes an annual vacancy fee on foreign owners...
ACCC gets tough on credit card surcharge
The ACCC has issued a warning to businesses charging excessive credit card fees. One large merchant has already been issued with four infringement notices and has paid $43,200 in penalties. The new rules, which came into effect from 1 September 2017, prevent merchants...
Why property ‘flipping’ is the next ATO target
The tax law does not allow you to ‘flip’ a property tax-free even if you are living in it. Most people think they can move into a property, renovate it, and then sell it without paying tax. The main residence exemption - the exemption protecting your family home from...
Small subsidiaries getting caught in multinational tax net
Entities with a global parent or that are part of a large group of companies are being caught in the multinational tax crackdown regardless of their size in Australia. With effect from 1 July 2016, many smaller entities connected to a larger parent or group are now...
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...