Stay Informed & Focused! Focus Accounting And Financial Group News

Amendments passed on Long Service Leave legislation in Victoria with imminent effect

The following changes to how Long Service Leave (LSL) is accrued and when and how it can be taken are about to take effect for Victorian employees: read more

Top 7 Questions on the Super Guarantee Amnesty

The Minister for Revenue and Financial Services announced a 12 month Superannuation Guarantee Amnesty on 24 May 2018. This Amnesty is intended to rectify historic Superannuation Guarantee (SG) compliance through offering employers an opportunity to correct any payment shortfalls without the usual hefty penalties involved. Below we answer the top seven questions being asked about the Amnesty. read more

Federal Budget 2018-2019: Highlights for our clients

Federal Treasurer Scott Morrison's third budget has already been dubbed a 'Breadwinners' Budget by some, as it introduces a gradual lowering of income tax rates and temporary tax offsets for low and middle level income earners. read more

Single Touch Payroll: Changes Ahead

Australia's Single Touch Payroll (STP) legislation is about to start impacting business owners, payroll managers and employees across Australia. read more

Safe harbour introduced for Directors promotes rescue rather than closure of struggling companies

A recent reform of Australia’s stringent insolvent trading laws has enabled a safe harbour from personal civil liability for directors who are taking a course of action to keep struggling businesses afloat. read more

Top 5 Fringe Benefits Tax Black Spots

It is not safe to assume that what isn't reported to the Australian Taxation Office (ATO) isn't known or can't be known by the ATO. Their intelligence has been significantly increased with more data matching being done and audits are regularly undertaken. For example - by looking at your odometer readings and matching them to the business work schedule they can ascertain whether a car has been used for private purposes. read more