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Posted in Business Planning
#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: Employer Super Contributions to be Paid on Same Day as Pay Received
Posted by G. Dean McKinnon
on 24 November 2023
The Federal Government announced in May, 2023, a proposal for employers to be required to pay their employee super contributions on the day the employee is paid:
The present requirement is for the employer to pay their employee super contributions each financial year quarter (September | December | March | June)
The proposal is currently with Treasury department for consultation, but if adopted the new requirements would commence from 1 July, 2026
Business cashflow will be key to me...
| Posted in:Business PlanningSuperannuationFinancial PlanningBookkeeping | 0 Comments |
#EveryoneNeedsaPlan To Understand Digital Recordkeeping for Their Business
Posted by G. Dean McKinnon
on 24 March 2022
As most businesses transform their recordkeeping from paper-based to digital, it is sometimes difficult to understand what the legal requirements are for recordkeeping.
Luckily, the ATO have kindly provided guidance as to what they require in terms of digital record keeping. What the ATO will accept and ensure that you are complying with their requirements. It is important to understand your requirements so that in the event the ATO need you to prove tax deductions, you will...
Luckily, the ATO have kindly provided guidance as to what they require in terms of digital record keeping. What the ATO will accept and ensure that you are complying with their requirements. It is important to understand your requirements so that in the event the ATO need you to prove tax deductions, you will...
| Posted in:Business PlanningTax | 0 Comments |
#EveryoneNeedsaPlan To Recover Monies Owed
Posted by G. Dean McKinnon
on 23 February 2022
The Australian Consumer Law ('ACL') has a specific requirements for collecting monies owed and protect the consumer from unfair treatment during the process.
Sometimes debt collectors can be quite aggressive and if this is the case, it is worthwhile contacting the Australian Competition and Consumer Commission ('ACCC') to know your rights and report any unfair treatment.
The ACCC recently updated their guide for debt collection (both collectors and creditors) which provides ...
Sometimes debt collectors can be quite aggressive and if this is the case, it is worthwhile contacting the Australian Competition and Consumer Commission ('ACCC') to know your rights and report any unfair treatment.
The ACCC recently updated their guide for debt collection (both collectors and creditors) which provides ...
| Posted in:Business Planning | 0 Comments |
#EveryoneNeedsaPlan to Avoid Money Scams
Posted by G. Dean McKinnon
on 22 February 2022
Money scams are increasing and the most popular is 'false billing'.
The recent ACCC report "Targeting scams: report of the ACCC on scam activity 2020" highlights the increase of criminals using payment redirection scams whereby they pretend to be a supplier of the business and request payment of a fake invoice using the criminal's bank account details.
The criminals usually hack into your email systems, so they know the credible details of your suppliers. The fak...
| Posted in:Business Planning | 0 Comments |
