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 Superannuation Guarantee Non-compliance indicates that employers failed to pay an…
Management of Fringe Benefits Tax The management of Fringe Benefits Tax (FBT) obligations is often seen as an additional compliance task, not as important as other compliance obligations such as income tax, GST and PAYG withholding tax. However, FBT obligations that are not appropriately managed or accounted for can impose significant on-costs for businesses. Over…
Flexible working arrangements are so hot right now. But while the benefits are usually only seen through the employee’s eyes, there may be an even bigger benefit to the employer. Some of the reasons people want or need flexible working arrangements are: Commute times keep on going up, making it a pain to get to…
A light-hearted look at the complexity of Australian tax laws Dear Santa, Thank you for the opportunity to provide tax advice for your operation. We are pleased you have initiated this advice as the Australian Taxation Office (ATO) is looking closely at any business or individual that operates within Australia but has significant transactions or operations…
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, compensation proceedings by creditors or liquidators, and where dishonesty has been involved, up to 5 years in…
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…
The Australian government has pledged to scrap the 457 visa entirely What does this mean if you run a business which relies on them? Details will be fleshed out in the coming weeks, but here’s what we know so far: Current 457 visa holders will not be affected While the government is abolishing the 457…
Payroll is one of the most important parts of running a business. But for many employers, organising everything can be a bit of a struggle – especially in the midst of trying to expand and grow an enterprise. Yet payroll remains a crucial part of the business process, and as a result, entrepreneurs can’t afford…
Businesses that have bought cars and living away from home allowances Data matching has become more sophisticated over the years to the point where there very few transactions you can make without the ATO knowing about it. While the officers at the ATO don’t go through data line by line they do look at anomalies. …
Being picky applies to your other great asset as well, your employees You have an obligation to be picky about whom you hire – an obligation to your company, your customers and your other team members. Membership should be seen as a privilege. Not only does it inspire hard work but it fosters greater retention.…