Rulings & Regulations

View Category:

All Posts

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 […]

Read More

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 […]

Read More
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 […]

Read More

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 […]

Read More

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 […]

Read More

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. […]

Read More

Tax-free threshold with more than one payer

April 2, 2013

If you have more than one payer at the same time, the ATO generally require that you only claim the tax-free threshold from the payer who usually pays the highest salary or wage (this is known as the primary source of income). If you earn additional income (for example, from a second job or a […]

Read More

Payslip reporting of superannuation contributions

March 27, 2013

As of 22 February, 2013, the ATO is waiting on a further announcement by the Government to confirm requirements of the Super Reform measure that will change the way super contributions are reported on an employee’s payslip. In late June 2012 legislation was passed for this change, however details of the change and commencement date […]

Read More

Major changes to ETP PAYG payment summary

February 5, 2013

The ATO has released the new PAYG payment summary for Employment Termination Payments (ETPs). We recommend you download the latest payment summary, as you now need to include reason codes on your ETP. The ATO has introduced a new ‘whole-of-income cap’. Prior to 1st July 2012 the concessional treatment of an employment termination payment (ETP) […]

Read More