Woolworths is the latest company to facing a fallout from the underpayment of staff. In what is believed to be the largest remediation of its kind, Woolworths have stated that they have underpaid 5,700 salaried team members with remediation expected to be in the range of $200m to $300m (befor...
Read MoreAre you paying your staff correctly? Woolworths $200m plus remediation
Friday, November 01, 2019
Can the tax office take money out of your account? Your right to know
Friday, November 01, 2019
You might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that the Australian Tax Office (ATO) can take money from your account without you knowing. The question
is, do you really know what powers the ...
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You might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that the Australian Tax Office (ATO) can take money from your account without you knowing. The question is, do you really know what powers the ...
Read MoreCalculating Super Guarantee: The new rules
Friday, November 01, 2019
From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation
guarantee (SG) paid by the employer.
Under current rules, some employers are paying SG on the salary less any salary sacrificed ...
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From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer. Under current rules, some employers are paying SG on the salary less any salary sacrificed ...
Read MoreVacant land deduction changes hit ‘Mum & Dad’ property developments
Friday, November 01, 2019
Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.
Previously, if you bought vacant land with the intent to build a rental...
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Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land. Previously, if you bought vacant land with the intent to build a rental...
Read MoreCGT and the family home: expats and foreigners targeted again
Friday, November 01, 2019
The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign
residents.
Back in the 2017-18 Federal Budget, the Government announced that it would remove the ability for non-resident taxpayers ...
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The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents. Back in the 2017-18 Federal Budget, the Government announced that it would remove the ability for non-resident taxpayers ...
Read MoreTax alert: Distributions to non-resident beneficiaries
Friday, October 11, 2019
The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.
Two new determinations released by the ATO deal with the complex...
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The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some. Two new determinations released by the ATO deal with the complex...
Read MoreTowards Zero Interest Rates (and what it means to you)
Friday, October 11, 2019
The Reserve Bank of Australia is widely tipped to reduce interest rates again to historic lows. Easton Wealth economist Emmanuel Calligeris explores the impact.
Australia and world volatility
The ongoing trade war between the US and China has dominated financial market movements...
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The Reserve Bank of Australia is widely tipped to reduce interest rates again to historic lows. Easton Wealth economist Emmanuel Calligeris explores the impact. Australia and world volatility The ongoing trade war between the US and China has dominated financial market movements...
Read MoreSuper Guarantee Amnesty Resurrected
Friday, October 11, 2019
The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action.
Origina...
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The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action. Origina...
Read MoreThe $11.1bn small business tax shortfall
Thursday, September 05, 2019
Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’.
These new figures give visibility to tax compliance issues within the small business sector and indicate where we can expect ATO resources to be focussed
n...
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Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector and indicate where we can expect ATO resources to be focussed n...
Read MoreRental property expenses - what you can and can’t claim
Thursday, September 05, 2019
It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties. What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO).
In general, deductions can only be claimed if they wer...
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It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties. What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO). In general, deductions can only be claimed if they wer...
Read More