SMSF Residency Rules Relaxed
SMSFs will see residency requirements relaxed, with changes set to be seen in the central management and control test along with the active member test scrapped. Read More – SMSF Residency Rules Relaxed
30AUG
02NOV
The realities of the ‘contractor vs employee’ debate: Where do you stand?
If you ask a worker why they think of themselves as a contractor instead of an employee, you may hear answers such as “I have an ABN”, “I have a special skill” or “Not all my work is for the one guy”.
And what if you asked the business owner or employer why they’re classifying the new person on their team as a contractor rather than an employee? They may tell you “He pays his own superannuation”, “He wants to be a contractor” or even “We always use contractors”.
Now these people may well be acting in good faith rather than deliberately trying to ‘cheat’ the system, but the Australian Taxation Office (ATO) may consider these ‘contractors’ to be employees after all.
And it’s not just the ATO you need to worry about. There are also work cover and payroll tax requirements that you need to keep in mind.
To find out more about the WHY realities in the employee/contractor debate, contact PrimeAdvisory or download the checklist of WHYs you need to address.
14APR
Fringe Benefits Tax ALERT 2016
Fringe Benefits Tax (FBT)
Fringe Benefits Tax (FBT) is a tax that many business owners try to forget until the deadline is upon them, but it is one that can have far reaching implications and costs. The end of year for FBT is 31 March 2016 – with the year running 1 April to 31 March. The Government introduced FBT many years ago to ensure that employees do not receive income disguised in another form and therefore avoid paying income tax. The deadline for lodging a FBT Return is 28 April 2016.
08OCT
Economic Snapshot – Sept-Oct 2015
September – October 2015 In summary
September was another difficult month for the global financial markets as calendar year 2015 reflects an eerie resemblance to 2014 with a strong first quarter, falling away towards the latter part of the year. A combination of concerns about a slowing world economy (connected to China) and uncertainty
about what the US Federal Reserve will do with interest rates drove a general sell-off in risk assets. These two issues appear to be dominating sentiment. However in pragmatic terms, economists continue to argue that the macro environment of the world’s economies is relatively healthy – But in terms of sentiment, markets are extremely sensitive to perceived bad news and they are not linked to economic output.
Financial markets were already nervous after August’s very poor performance and although data in September showing further improvement in the US household sector, other figures showing a slower pace of employment growth and manufacturing activity con tributed to underlying concern about the
US economy heading towards recession. Soft data about the Chinese manufacturing sector added to these fears even though there was more positive news from other parts of the economy.
10JUN
SuperStream
Are you Compliant? 30 June Deadlines-Act NOW!
MySuper reforms have been introduced and we are now moving to the next phase of the Australian Government’s Stronger Super reforms, designed to strengthen our Superannuation industry, known as “SuperStream”. SuperStream represents the streamlining and standardisation of superannuation contributions made by employers. Employers and super funds will transition to sending and receiving super contributions electronically (eCommerce) in accordance with a consistent regulated Superannuation Data and Payment Standard (the Standard). The goal is to improve the efficiency of the superannuation system and improve the timeliness of processing contributions.
NOW is the time to take stock and plan
Your Obligations
For employers of 20 or more employees, transitions to SuperStream have occurred over the 2015 financial year. If you are an employers with 19 or fewer employees you will need to transition to an electronic means of making super contributions and member updates, which comply with the Standard, between 1 July 2015 and 30 June 2016.
If you are a business client using Xero or have an SMSF on Class, you may already find you are compliant.
For all employers, complying with the Superannuation Data and Payment Standard may mean providing your default and/or choice superannuation fund/s with additional information about your employees.
Need assistance? PrimeAccounting are here to discuss options.for your transistion to SuperStream. Call us now or email michelle@tpag.com.au for more details.
Click on the links below for more information regards SuperStream and registering with the ATO via their Small Business Superannuation Clearing House.
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