Blog

SMSF trustees may soon be fined for breaches by their fund Editor:  In the ATO’s latest edition of its “SMSF News”, it cautions trustees of self-managed superannuation funds (SMSFs)about new penalty provisions that are coming into play on 1 July.…

FBT Rate – 2013/14 & 2014/15 The FBT rate of tax has been increased by half a percent from 1 April 2014.  The new rate of tax and the consequent increased gross-up rates follow: FBT Year Ended Rate of Tax…

Editor:  The ATO has issued a media release in relation to a new small business consultancy panel.  As positions on the panel are paid, some clients may wish to consider applying. The ATO is inviting Australia’s small business owners to…

The ATO has released the June 2014 quarter rates for the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC) as follows: GIC annual rate 9.63% GIC daily rate 0.02638356% SIC annual rate 5.63% SIC daily rate 0.01542466% Also,…

An overtime meals allowance should normally be itemised on your annual payment summary, identified separately (and in addition to) your gross wages. When itemised in this way, it should be declared as income in your tax return, but if you…

Notice of Termination An employer must not terminate an employee’s employment (subject to the exceptions set out below) unless they have given the employee written notice of the day of the termination.  How much to pay and the weeks of…