Rulings & Regulations

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education for BAS agents

TPB Review considers increasing the education requirements of BAS Agents

August 20, 2019

In March the Government announced an independent review of the Tax Practitioners Board (TPB) and the Act and the Regulations covering Tax Agent Services.   This review has recently released its discussion paper before recommendations are made to the Government later in the year.   One of the consultation points is “Should the primary educational […]

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SG and salary sacrifice

Loophole to close around Super Guarantee contributions and salary sacrifice

August 6, 2019

Finally, it looks likely that a loophole that allows employers to count their employees salary sacrifice amount towards employer SG contributions, will be closed.   Currently, employers can reduce their mandated SG contributions by counting an employee’s voluntary super contributions through Salary Sacrifice.   The amendment to the law, which was first introduced in 2017 […]

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casual employees

The Casual Conversion Clause and how it may affect your business

July 10, 2019

Are you aware of the Casual Conversion Clause and how it may affect your business? What is the causal conversion clause? The new casual conversion clause, which came into effect on 1 October 2018, addresses the obligations of employers who have casual staff working on a regular and systematic basis. This clause affects over 80 […]

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Are you ready for the minimum wage increase from 1 July 2019?

July 4, 2019

The national minimum wage increased by 3% from 1 July 2019 to $19.49 an hour which, according to the Fair Work Commission, will affect over 2 million workers.   Who does it apply to? It applies to: all modern awards for employees on minimum wage; and the national minimum wage for award free employees. This […]

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Labor announces planned doubling of penalties for tax avoidance schemes

November 16, 2018

The opposition is proposing a hefty increase in penalties for those found marketing tax avoidance schemes, should they win the next election. In recent years the Australian Taxation Office has begun a crackdown on accountants and lawyers who are found to promote tax avoidance schemes to their clients. Corporate entities can face fines of up […]

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2018 Annual Wage Review decision announced

June 1, 2018

The Fair Work Commission has today announced the decision from its 2018 Annual Wage Review. The commission live-streamed the handing down of the decision on Friday 1 June 2018, announcing the national minimum wage will be increased by 3.5%. The new national minimum wage will be $719.20 per week or $18.93 per hour. The increase […]

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super stream

SuperStream compliance deadline approaching

June 23, 2016

From 30 June 2016 businesses need to ensure they and/or their clients are SuperStream compliant. SuperStream is a standard for electronically processing superannuation information and payments, and must be used by employers, self-managed super funds and APRA-regulated funds. The ATO has announced it will provide compliance flexibility to small businesses that are not yet SuperStream […]

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Changes to Superannuation Guarantee and instant asset write off for small business

September 3, 2014

The Palmer United Party senators have agreed to pass the Mining Tax Repeal Bill (now called Minerals Resource Rent Tax Repeal and Other Measures Bill 2014) and this Bill reduces the instant asset write off for small business. This means: The Superannuation Guarantee will be frozen at 9.5% and won’t reach 10% until 2021, rising […]

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MySuper replaces your default superannuation fund

January 23, 2014

From 1 January 2014, employers need to make super contributions to a fund that offers a MySuper product for employees who haven’t selected a preferred fund. A ‘MySuper product’ is a new super account that will replace existing ‘default funds’ used for employees. A MySuper account has a simple set of product features, regardless of who […]

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Superannuation Contributions Cap 2013 – 2014

June 25, 2013

Superannuation Contribution Cap for 2013 – 2014 has been released by the ATO. We recommend that if you are offering salary sacrifice superannuation to your employees, include a disclaimer in your staff handbook that employees have received professional financial advice and understand the tax implications of what they are requesting the Payroll Officer to do. […]

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