July 2017’s super reforms introduced a new reporting regime for funds. SMSFs 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 When the fund accepts a structured settlement contribution such as personal…
The ATO is changing the way employers report their tax and super You may need to use Single Touch Payroll from 1 July 2018. You’ll now be able to report this information to the ATO directly from your payroll solution. If you have 20 or more employees, you need to start using Single Touch Payroll-enabled software to…
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 workplace practices and exploitation, underpayments, deception, and superannuation guarantee fraud by employers. The Protecting Vulnerable Workers Bill amends the Fair…
Do your kids really want to take over your business Generational succession – handing your business across to your kids or family – sounds simple enough. But, many families end up in dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely…
For years we’ve been told that consumers prefer businesses that take a stand on social issues – those that are environmentally and socially friendly. But is that always the case? Qantas CEO Alan Joyce had a pie shoved in his face at a business breakfast in May 2017 for Qantas’s proactive position on same sex…
ASIC is in the midst of a concerted campaign targeting private companies that have outgrown the reporting exemptions. ASIC requires companies to prepare and lodge a financial report and a directors’ report each financial year, and have the accounts audited unless the company is exempt. Most small companies are exempt from the compliance requirements as…
What and How To Pay Them The issue of Director’s fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? We answer the common questions for private companies. Can you pay a Director? Directors who work in the company, executive directors, would…
The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties. The ATO’s own risk assessments suggest that between 11% and 20% of employers could be non-compliant with…
Transition timeframes and expectations Generational succession is often a process rather than an event, achieved over an extended period of time. This is quite different to a sale of business where the owner’s active involvement in the business generally ceases shortly after sale. The extended timeframe for the transition requires active management to ensure that there are mutual…
A key component of generational succession is the ability of the parties involved to separate business issues from family relationships. Understandably, this can be problematic and requires a significant amount of discipline by the participants. Leadership in this discipline needs to be provided by the exiting generation. Business tensions and differences in view about the…