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Get ready for a 3% minimum wage increase next week

The Fair Work Commission recently announced its decision to increase minimum wages by 3%. The new national minimum wage, which will take effect after this weekend on 1 July, will be $740.80 per week or $19.49 per hour. This is an increase of $21.60 per week up from...

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Faulty Towers making a comeback to a screen near you!

As at the time of writing this article, most of you have probably already heard of the problems being faced by the owners of units within the Mascot Towers complex. The residents of the towers were evacuated from their building and were only able to take the...

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Uber drivers not employees

Australia’s most popular rideshare app, Uber, has now been cleared of suspected breaches of workplace laws after the Fair Work Ombudsman completed an investigation into the company, finding their driver-partners are genuine independent contractors. The Ombudsman’s...

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Expanding accelerated depreciation for small businesses

Small businesses can claim an immediate deduction for most depreciating assets purchased after 12 May 2015 and first used or installed ready for use for a business purpose: from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020, if they cost less than $30,000 each from...

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What happens if you don’t pay GST you owe the ATO?

Businesses that collect GST are required to pay it (less any credits) to the ATO either monthly, quarterly or annually depending on their turnover.  Where the payment has not been made, the ATO will contact you. Interest, currently 8.96% p.a. calculated on a daily...

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Cooperate or Pay the Price

A Melbourne toy shop is facing massive penalties in the Fair Work Ombudsman’s (FWO) first case using new legislation designed to protect vulnerable workers and penalise businesses for ‘serious contraventions’. The operator of the toy shop is accused of underpaying...

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Income tax updates

As we're getting closer to the end of the financial year, Associate Director of Tax And accounting Andrew Patrick outlines some changes to this financial year's income tax.  Increased income tax thresholds The 2018-19 financial year has seen an increase of the 32.5%...

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Tools for keeping your business on track

Are you a tradie running your own business? Did you know it’s important to keep records of your finances? Good record keeping will help you stay on top of your tax and super, and track how your business is going. You need to hang on to your records for five years, so...

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Company Director’s Personal Liability to the ATO

If you are a director, you can become personally liable for the company’s unpaid pay-as-you-go (PAYG) withholding, superannuation guarantee (SG) and superannuation guarantee charge (GC) payments to the ATO under its “director penalty regime”. Since 2015 the failure to...

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New Workplace Laws Enforced For The First Time

The Federal Government’s amendment to the Fair Work Act through the Protecting Vulnerable Workers Act 2017, now requires employers disprove wage claims made in a court if they don’t meet their record-keeping or pay slip obligations and cannot give a reasonable excuse....

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Single Touch Payroll Reporting – Are you ready?

As a small business employer you would have by now heard of Single Touch Payroll (STP) reporting and perhaps haven’t really had to pay much attention until now….. Single Touch Payroll is the next step in streamlining your payroll reporting. It will change the way you...

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Exciting changes affecting 2019 Tax Time

  Effective 29 January 2019 The small business instant write off threshold increases to $25,000!! Plus has been extended up to 30 June 2020 – great news for small business operators   Effective 1 July 2019 SMSF maximum allowable members has increased from 4...

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