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 which directly show in their paycheck stub. In the most recent 4 yearly review of modern
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
20
Jan 2020
Bushfire relief and volunteer entitlements
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. At shakespearecomms.com
10
Jan 2020
THE $11.1BN SMALL BUSINESS TAX SHORTFALL
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
08
Jan 2020
Split reports help accelerate deductions
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
From Senate inquiries to proposed legislation, below is a summary of some of the major changes that happened in the business environment in 2019 including the new trend of indoor signs as many big companies used to do already.. January: Senate Inquiry into Credit and financial services targeted at Australians at risk of financial hardship The inquiry focused on payday business loan, consumer leases and buy-now-pay-later providers and how these
27
Dec 2019
Your DIRECTOR PENALTY NOTICE explained
DPNs can be scary and confusing! They also have hidden tricks and traps that many people will not recognise or understand, so we’ve provided below an infographic to help you understand your DPN. If you’ve received a DPN and would like to talk to someone, call our friendly staff on 4922 6128.
Informal workplace complaints are unfortunately something that managers have to handle on a regular basis: whether it’s an employee letting off steam and having a whinge about their colleagues or something more serious such as an employee requesting an anti-fatigue mat to stand on from someplace like this great Matting for Sale. Given the very nature of informal workplace complaints (the fact that they are usually verbal, aren’t made in