Updates

The Australian Tax Office has made amendments to tax laws that aim to protect employees’ entitlements by holding directors personally liable for unpaid superannuation. Currently an employee of a failed company can try to recover their entitlements through the General

The Corporation’s Amendment (Similar Names) Bill 2012 has been drafted by the Government to curb phoenix activity in Australia. Phoenix activity includes a director of an indebted company intentionally transferring assets at a price below market value to another company that

Businesses are starting to estimate the effect the carbon tax is having on their business, however, business owners need to consider the Competition and Consumer Act 2010 (Cwlth) before blaming the carbon tax for price increases. Within the Act it

In the event that you have accessed any amount from a Self Managed Super Fund before you are eligible, you must declare it as income in your personal individual tax return. This money has to be declared as ‘other income’

The Government has introduced a new system of payment called Low Income Super Contribution (LISC) which has come into effect from 1st July 2012. Individuals who have an adjustable taxable income of not exceeding $37,000 of which 10% or more is

Australian Taxation Office has introduced a new online tool that allows you to monitor the progress of your tax return. The ATO aims to finalize returns filed by individual within 12 business days from receiving it. If the ATO is

New data and payment standards legislation for Superannuation came into effect from 1 July 2012. From 1st July 2015, the new standards will have to be followed when you deposit contributions into superannuation funds, if you employ fewer than 20

The global financial crisis has left people more vulnerable to fraud. It has also left people worried about their savings lasting throughout their retirement, with low investment and superannuation returns. Scam organisers generally target retirees or people nearing retirement age

For people moving from full-time employment to retirement, a transition to retirement pension can be a great way to supplement your income, One of the features of a transition to retirement pension is that it allows you to supplement your

The obligation on company directors to report and remit Pay As You Go withholding tax has been changed as of June 30, 2012. The Director Penalty Regime has also been changed, allowing it to impose obligations and personal liability on