New FBT exemption for electric vehicles
On 12 December 2022, the Treasury Laws Amendment (Electric Car Discount) Bill 2022 was legislated to provide an FBT exemption for eligible electric vehicles. This retrospectively applies to eligible car benefits provided from 1 July 2022. The objective of the exemption is to encourage a greater take up of electric cars by making them more affordable and […]
GST on imports: new rules for goods under $1,000
Last month, Parliament passed legislation that will see GST applied to all consumer imports regardless of their value. Currently, imports below $1,000 are excluded from GST.
Wage ‘theft’ may become a crime
The colloquial use of the term ‘wage theft’ has become increasingly popular in the workplace relations landscape. A term first used by unions, ‘wage theft’ is now commonly used to describe a failure to pay workers’ correct wages and entitlements. The Fair Work Ombudsman (FWO) has been clear in its approach to countering alleged ‘systemic […]
What will Australia look like 40 years from now?
The 2023 Australian Intergenerational Report provides a 40-year projection of the outlook of the economy and the Government’s budget to 2062–63. The report forecasts structural trends that will give current generations an insight and encouragement about what we need to be doing now to successfully navigate the future. The report links the continued growth and prosperity of […]
Fair Work Commission announces 5.2% national minimum wage increase
The national minimum wage will increase to $812.60 per week, or $21.38 per hour, after a decision by the Fair Work Commission exceeds the government’s suggested 5.1% increase. The Commission decided to increase modern award minimum wages by 4.6% subject to a minimum increase for adult award classifications of $40 per week (full-time). The increase […]
What is crypto and why is it such a risk?
Crypto-assets (crypto) also known as cryptocurrencies, coins or tokens are digital assets that do not have a physical form. They may not be backed by physical assets. Crypto is a high-risk investment. This is because it is so volatile, often fluctuating by huge amounts within a short period. As with any investment, you must be […]
Important financial changes from 1 July 2020
The first day of July 2020 heralds the start of FY20/21 and after a rocky six months for all Australians, there are many important financial changes business owners need to get across. In this article, we discuss the most substantial legal changes from 1 July impacting businesses of all sizes and industries. Minimum wage increasing […]
What is the Best Interests Duty for mortgage brokers?
The best interests duty for mortgage brokers is a statutory obligation for mortgage brokers to act in the best interests of consumers (best interests duty), and to prioritise consumers’ interest when providing credit assistance (conflict priority rule). These two obligations are collectively referred to as the Best Interests Duty. Based on the Royal Commission’s recommendations, […]
Applications for the new Director ID number open November 2021
Earlier this year, we wrote an article about what you need to know about the new Director ID Number. A director identification number (director ID) is a unique identifier you need to apply for once and will keep forever. It will help prevent the use of false or fraudulent director identities. Let’s recap the new […]
Two important changes to superannuation from 1 July 2022
Two important changes to superannuation will apply from 1 July 2022. As a business owner, it is important that you understand what these are, what they mean for your business and what actions you need to take. Super Guarantee rate will increase from 10% to 10.5% As a business owner, you usually need to pay […]