With the new Minimum Financial Requirements (MFR) laws that came into effect earlier in the year we saw some significant changes in the building and construction industry, namely the introduction of mandatory Annual Reporting to the QBCC. One of the other major changes was to Self-Certifying Licences falling under Category SC2 whose revenue threshold raised […]
New penalties introduced for PAYG Withholding
New penalties for business’s pay-as-you-go (PAYG) withholding and reporting obligations are to be introduced as a result of legislation commencing 1 July 2019. The law will now prevent businesses from claiming deductions for payments to employees and certain contractors if they fail to comply. The following payments that may be impacted are: Salary, wages, commissions, […]
Tips to paying off your tax debt
Having a tax debt is stressful and quite often we see people put the matter in the too hard basket until the ATO eventually catches up with them. But did you know that if you can’t pay your tax debt upfront you can enter into an agreement with the ATO to pay off your debt […]
Are you at risk with your Contractors?
Announced in the federal budget, the government will provide $9.2 million over four years from 2019–20 to establish a dedicated sham contracting crackdown unit within the Fair Work Ombudsman to address sham contracting behaviour. A sham contract is when an employer deliberately disguises an employment relationship as an independent contracting arrangement, instead of engaging the […]
Jail time & Hefty Fines for Directors for Unpaid Superannuation under new laws
The government has passed legislation through parliament that gives the Australian Taxation Office (ATO) the power to enforce up to 12 months jail time or hefty fines for directors of companies that do not to pay their employee superannuation entitlements. With the introduction of Single Touch Payroll from 1 July, the ATO will have up […]
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