Latest News

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the key hot spots for employers and employees. Motor Vehicles – using the company car outside of work Just because your business buys a motor vehicle and it is used as a work vehicle, that alone does not mean that the car is ex...

The due date for lodgement of all self-managed superannuation fund annual returns for the 2016/17 income year has been extended to 2 July 2018. The announcement by the Commissioner of Taxation is in regards to the commencement of the transfer balance cap regime which commences on 1 July ...

What’s changing in 2018? 1 January 2018 • Vacancy fees for foreign acquisitions of residential land - An annual vacancy fee imposed on foreign owners of residential real estate if the property is not occupied or genuinely available on the rental market for at least 183 days in...

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-comp...

New data breach rules in effect from 22 February 2018 place an onus on business to protect and notify individuals whose personal information is involved in a data breach that is likely to result in serious harm. In October last year, almost 50,000 employee records from Australian Governme...

ASIC penalties ‘the cost of doing business’ The Australian Securities and Investment Commission (ASIC) is set to increase penalties for corporate and financial sector misconduct to deter the fines being seen as the cost of doing business. The impact of the proposed changes would be to expand the ...

The detail of the Government’s crackdown on cleaning and courier companies was revealed late last month. From 1 July 2018, the taxable payments reporting system will extend beyond the building industry to cleaning and courier businesses. This means that these businesses will need to repor...

Legislation restricting access to the small business company tax rate reduction entered Parliament last month. The changes specifically preclude companies with passive investments such as rental property income from qualifying for the small business entity tax rate of 27.5%. For the 2017 inc...

Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in Australia. New legislation passed by Parliament last month seeks to change all of that by removing ...

Entities with a global parent or that are part of a large group of companies are being caught in the multinational tax crackdown regardless of their size in Australia.      With effect from 1 July 2016, many smaller entities connected to a larger parent or group ar...