COVID-19 Advice for Employers

The COVID-19 local and global situation is changing daily and the impact on business, and particularly employers is now a reality. Employers are facing unprecedented changes to the way of working, and many employers are having to do this with little or no preparation for such adversity. The Fair Work Ombudsman has updated their information […]

Coronavirus stimulus: what’s in it for you

(13/03/2020) In an effort to combat the economic effects of the global coronavirus pandemic, the government has released an $17.6bn stimulus package which is expected to provide direct support for up to 6.5m individuals and 3.5m businesses. The package includes the following: Business investment initiatives – the instant asset write-off threshold will be increased from […]

Super guarantee amnesty for employers

(13/03/2020) The super guarantee amnesty Bill has finally received Royal Assent which means that the amnesty for employers to come forward to declare any super guarantee (SG) shortfalls will run from 24 May 2018 to 7 September 2020. Under the super guarantee amnesty, employers can self-correct SG underpayments with reduced penalties, and the employer can […]

Is the ATO blocking you?

(06/03/2020) Have you tried to contact the ATO and were unable to get through to speak to an officer or was outright blocked? Well, you’re not alone, according to the latest figures released (year to date 31 December 2019), the ATO failed at its target of answering 80% of general calls within 5 minutes, while […]

SMSF annual returns: avoid the top 5 mistakes

(06/03/2020) For anyone with a self-managed super fund (SMSF) at 30 June 2019 or has wound up an SMSF during the last financial year, your SMSF annual return for 2018-19 may be due. This annual return must be lodged with the ATO even if your SMSF does not have a tax liability. This year, there […]

Scam targeting natural disaster victims

(28/02/2020) Victims of the recent natural disasters beware, there is an SMS scam circulating that purports to give you “an 8% bonus” on your 2020 tax return. The scam urges victims to start the process by filling out a form and provides a link to a what looks like the genuine myGov website. According to […]

SMSF investment strategy: diversification requirements

(28/02/2020) The ATO has released further guidance on investment strategy requirements for trustees of self-managed superannuation funds (SMSFs). The guidance comes on the heels of ATO contacting 17,700 SMSFs in late 2019 where the SMSF annual return data indicated that they may be holding 90% or more of their retirement savings in one asset or […]

Policing the tax man

(21/02/2020) Do you know who to turn to when you have a complaint about the way you’ve been treated by the Tax Office? Whether you’re an individual or business, the Inspector-General of Taxation and Taxation Ombudsman (IGTO) should be your first port of call. The department has two distinct, yet intertwined functions. As the Taxation […]