#EveryoneNeedsAPlan: Director Penalty Notice for Employee Entitlements

Posted by Dean McKinnon on 23 February 2024
The ATO has the ability to make company directors personally liable for company debts including employee entitlements such as superannuation If your business is structured as a company and you are the director you will be personally liable for unpaid employee entitlements, including superannuation The ATO may issue a Director Penalty Notice (DPN) for unpaid employee entitlements and if you as a director of your company receive one, then you need to take immediate action Th...
Posted in:Business PlanningTaxSuperannuationLegal   0 Comments

#EveryoneNeedsAPlan: Stage 3 Income Tax Rate Changes from 2025 FY

Posted by Dean McKinnon on 16 February 2024
The federal government recently announced that they would propose changes to the legislated income tax rates, commencing in the 2024-2025 FY The proposed tax rate (legislated by the previous government) was to commence 1 July 2024 and included abolishing the 37% Marginal Tax Rate, with a new 30% rate on taxable income between $45,000 and $200,000 The current government intends to not proceed with the legislated tax rates and introduce their own tax brackets including a...
Posted in:Tax   0 Comments

#EveryoneNeedsAPlan: ATO Scam Protection - Hyperlinks Removed from Text Messages

Posted by Dean McKinnon on 9 February 2024
In an effort to increase protection from scams the ATO recently announced they would be removing hyperlinks from text messages they send to taxpayers Often criminals will send text messages that appear to be from the ATO and include a hyperlink with instructions for the recipient to click on the link The hyperlink may even open up a website that appears to be legitimate but it is in fact a fake and designed to illicit information about the user which can then be used to steal th...
Posted in:Tax   0 Comments

#EveryoneNeedsAPlan: Government Assistance for Help to Buy a Home

Posted by Dean McKinnon on 31 January 2024
The federal government has introduced a law into the parliament that would provide assistance to eligible persons to buy a home It's not law yet so exact details can't be confirmed It's likely there will be an eligibility criteria but what that will be has not been confirmed The government proposes to contribute 30% of the purchase price for existing homes and 40% for new homes The buyer will likely need to have 2% cash savings to contribute to the purchase There will likel...
Posted in:Property   0 Comments

#EveryoneNeedsaPlan: Small Business Have Consumer Rights Regarding Refunds and Returns

Posted by Dean McKinnon on 25 January 2024
Just because your business is the purchaser of goods or services does not necessarily mean it does not have legal rights as a 'consumer' The Australian Consumer Laws protect small business purchases of goods or services if any one of the following conditions are met the cost of the product or service is under $100,000 the product or service commonly bought for personal, domestic or household use it is a vehicle or trailer eligible to be used on public roads The follow...
Posted in:Legal   0 Comments
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