How to get your payroll right


Super guarantee amnesty

Now is the time to get payroll right

payrollA series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus.

Complex award and enterprise agreements can complicate payroll obligations, in terms of both regular salary and wages and the ongoing need to pay employee superannuation. On top of that, from 1 March 2020, changes commence for annualised wage arrangements that will increase the compliance burden on some businesses.

The new rules impact on full time employees paid an annual wage under one of 16 Awards (see the full list here). Under the rules, an employee's annual wage can't be less than what they would've been paid over the year if they were paid all of their award entitlements for their work. If you pay your team above the award entitlements, then you can continue to pay an annualised salary without using the annual wage arrangements. If you have team members on a minimum wage however, there are additional obligations.

Read more…

FBT hot spots

Fringe Benefit Tax 2020

With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position.

car parkingThe ATO's top FBT problem areas
  1. Motor vehicle fringe benefits - failing to report motor vehicle fringe benefits, incorrectly applying exemptions for vehicles or incorrectly claiming reductions for these benefits
  2. FBT and income tax mismatch - mismatches between the amount reported as an employee contribution on an FBT return compared to the income amounts on an employer's tax return 
  3. Entertainment claimed as a deduction but not recognised as FBT - claiming entertainment expenses as a deduction but not correctly reporting them as a fringe benefit, or incorrectly classifying entertainment expenses as sponsorship or advertising
  4. Car parking fringe benefits - incorrectly calculating car parking fringe benefits due to:  Read more…

Bushfire support and assistance


10M hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs

For many, returning life to normal is a long way off this summer. We summarise the help available to those impacted by the bushfires.

bushfiresWhat we can do for you
If you are impacted by bushfires, we can help. Many will need to lodge economic loss claims to ensure that the true value of what they have lost is recognised. 

We will help with these claims pro-bono. And, of course, to work with the Australian Tax Office (ATO) on disaster relief requirements.  Read more…

Expats and foreigners excluded from tax exemption


CGT and the family home

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. 

CGT and the family homeThe retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact.

Key points

  • Non-residents for tax purposes excluded from the main residence exemption from 9 May 2017
  • Transitional rules allow non-residents to sell their property and access the main residence exemption under the previous rules (if they held the property continuously from 9 May 2017)
  • An exclusion applies where the taxpayer has been a non-resident for 6 years or less and a 'life event' occurs, such as death  Read more…

ATO targets lifestyle assets

Review of assets not previously disclosed or underreporting of income

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses and fine arts.

family boatThe review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. 

"If a taxpayer is reporting a taxable income of $70,000 to us but we know they own a three million dollar yacht then this is likely to raise some red flags," Deputy Commissioner Deborah Jenkins said.

The ATO is looking for:  Read more…

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