Proposed cash payments limit legislation remains before Parliament
We previously wrote about the Government’s move to limit cash payments from 1 January 2020 to amounts of up to $10,000. This has not yet been legislated. The relevant bill, the Currency (Restrictions on the Use of Cash) Bill 2019, has passed through the House, but remains before the Senate. A report from the Senate Economics Legislation Committee is due on 28 February 2020. read more
Director identification number legislation re-introduced
The new bill contains three key differences to the original scheme: 1 - Timing of director identification number (DIN) applications, 2 - Effective resignation date, 3 - Sole director. read more
Beware ATO actions to recover tax and superannuation debt
The ATO can take various actions to recover debts. The action taken is tailored to each individual situation and based on the circumstances, past behaviour and lodgment and payment history. read more
Move to limit cash payments from 1 January 2020 to amounts of up to $10,000
The Government is proposing that from 1 January 2020, a cash payments limit apply of up to $10,000 per purchase. read more
ATO to further punish non-compliance with PAYG obligations from 1 July 2019
Now, the ATO has added another incentive for PAYG compliance. From 1 July, businesses that fail to comply lose the ability to claim the corresponding payments as a tax deduction. read more
Do you need a permit to employ children in the family business?
Some employers may be unaware that there is legislation that governs the employment of children, which should be considered before they are brought into the workplace. This is relevant even when the children to be employed are relatives of you or your employees. read more
What does Victoria’s new Labour Hire Licensing Scheme mean for businesses in Australia?
The legislation affects individuals and/or entities that make arrangements to hire or host labour hire from Victoria. Labour hire providers are now required to obtain a license and must lodge annual reports on their labour hire activities. read more
Single Touch Payroll (STP) reporting now updated and for all employers
Now legislation has been passed so that businesses with up to 19 employees are legally required to complete STP reporting from 1 July 2019. The new legislation also extends the scope of STP reporting to include some salary sacrificed amounts. read more
Director identification numbers to combat phoenixing
Existing company directors and persons about to be appointed as a director would need to apply for a unique director identification number (DIN). This number remains the same for life. The new numbers then are incorporated into relevant Government agencies and databases with the result that regulators can ... read more
3 New Rules for Gift Cards to apply from 1 November 2019
So what are the 3 new rules for gift cards? All gift cards sold in Australia from 1 November 2019 must meet the following requirements: 1 - They must be valid for a minimum of 3 years from the date of purchase, 2 - The gift card itself must prominently display either the actual expiry date or the the date the card was purchased and a statement about the length of validity, if it doesn't expire it should state words to that effect instead, 3 - No 'post supply' fees can be charged for the use of the card. read more

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