Epoch News
Survey: Business keen on PayID
PayID was launched in February this year as part of what’s known as the New Payments Platform. The service is being offered by most banks and allows for virtually instantaneous payments using mobile numbers or emails rather than traditional account details. Earlier...
Will your business be audited?
Ever wondered how the ATO identifies audit targets? The ATO is very upfront when it comes to their compliance activity. Every year they publish small business benchmarks that outline what a typical business ‘looks like’ in different industries. If your business falls...
Property developers and purchasers face big GST changes
If a Bill currently before Parliament passes, from 1 July 2018, purchasers of new residential premises or new residential subdivisions will need to remit the GST on the purchase price directly to the ATO as part of the settlement process. This is a significant change...
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...