In brief – Employers will need to update employment contracts and HR practices by 1 March 2020 to comply with new modern award changes Are your employees covered by a modern award? If so, your business may soon be affected by the Fair Work Commission’s recent decision to make changes to annualised salary clauses. In the most recent 4 yearly review of modern awards, the Fair Work Commission (FWC) has

Taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles or aircraft should be aware of the ATO’s view of such assets. The ATO has announced that it will be requesting a further five years’ worth of policy information from more than 30 insurance companies about taxpayers who own what it dubs “lifestyle assets” such as those mentioned above. You can try here to find out and

An employee may have a statutory right to volunteer as part of the national response to the bushfire relief effort and there are several types of leave available. Background The nation and the world have watched as Australia grapples with one of the worst natural disasters the country has ever seen. As part of the national relief effort, employers and employees should be aware of entitlements available to those volunteering

The Government has reintroduced legislation to create a new system to register company directors using a unique identification number and to modernise Australia’s broader business registers. The introduction of Director Identification Numbers (DIN) primarily targets phoenix activities, where company controllers shutdown an existing entity and transfer its assets to a new company as a means to avoid debts and liabilities, at significant cost to its creditors, employees and the Australian

Key Performance Indicators (KPIs) are important for any organisation and arguably more so for Not-for-Profit organisations. The main reason for this is that most Not-for-Profit organisations act on behalf of the public and rely on funds received from the public in the form of, for example, donations, subscriptions and membership fees, as well as grants from government organisations and distributions from philanthropic organisations. They are working with other people’s money. Whether you

The ATO recently 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 now and in the future. The tax gap estimates the difference between the tax collected and the amount that would have been collected if everyone

National quantity surveying firm BMT has reported a significant increase in Tax Depreciation Schedules for more than one owner, suggesting that co-ownership is becoming an increasingly popular trend. Owning a property with others can provide improved purchasing power, which can be particularly useful in capital cities and other tight markets, where it can be difficult to break into the property market. It can also balance out the expenses of owning