Epoch News
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...
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,...