Contaminated land and property transactions

What lies beneath - contamination in the Northern Rivers

This article has been written by Hailey Spry of Easterly Point Environmental. Hailey is a senior environmental scientist who specialises in the assessment and management of contaminated sites.

contaminationContaminated land is usually thought to be associated with heavy industry such as gasworks, refineries, power stations, and the like. While this is justified stereotyping, the ubiquitous and pervasive nature of contaminants means that any piece of land has a potential to be "contaminated". After all, contamination just means something you don't want, or more formally; the presence of a substance above the concentration at which it is normally present, with an associated risk of harm to human health or the environment.

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Foreign income tax offsets

Tax warning on overseas income

Do you earn income overseas? A recent case highlights why you might pay more tax than you thought on foreign income.

tax planningIf you are an Australian resident and earn income from overseas, such as income from investments, sale of assets such as property, distributions from foreign trusts, etc, you will generally need to declare that income in your Australian tax return. If you have paid tax in a foreign country on that income, you might be able to claim a foreign tax offset to reduce your Australian tax liability. 

Sounds simple enough but a recent case highlights where problems can occur and you might end up paying a lot more tax than you thought. 

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Single Touch Payroll from 1 July

Single touch payroll extended to all employers

From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. 

roger tsengWhat employers need to report will also be extended to include certain salary sacrificed amounts. 

Employers with 20 or more employees have been required to use single touch payroll since 1 July 2018. The new rules push all businesses with employees into the single touch payroll system. This includes the situation where payments are made to the owners of the business in the form of salary, wages or directors fees.

The ATO has asked software providers to provide new low-cost payroll options for micro employers (1-4 employees). MYOB and Xero have announced new $10 per month offerings (limited to 4 employees) with other software houses following suit.

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STP for under 20 employees

Under 20 employees? What you need to do.

1 July 2019 is not that far away. If your business does not already use STP compliant software, you may need to upgrade your systems or implement new ones.

payroll wagesSTP requires PAYG withholding and superannuation contribution details to be reported to the ATO as payments are made to employees or superannuation funds.

When it comes to PAYG withholding, employers will report details of salary and wages paid to employees as well as the PAYG withholding amount at the time the payment is made to the employee. Employers have the option of paying the PAYG withholding liability at the same time, although this is not compulsory.

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Northern Rivers Lending Specialist David Seymour

Insights from Northern Rivers Lending Specialist, David Seymour

Northern Rivers Lending Specialist, David Seymour, led an illustrious career with AGC Finance and Westpac, was headhunted by a mortgage fund and then BankWest before setting up shop on his own as a specialist home loan and commercial lender in 2015.

David Seymour (left)During his time in corporate banking David was rated #1 Commercial Manager in NSW, involved in some exciting pilot projects around business development success roadmapping, mentoring and customer management initiatives which live on today.

Originally from Tamworth, David has called the Northern Rivers home since 1980. In all his roles he has enjoyed the challenge of starting small and building a success.

"I'm a people person and I value the importance of relationships," says David. "They help us achieve our goals and aspirations and I get to meet some really good people in the process." 

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