As we approach the midpoint of 2024, we once again find ourselves heading into budget season.  A pivotal time when the Federal and State governments unveil their plans for the upcoming year.  Federal Budget The Federal budget will be handed down at 7.30pm AEST on Tuesday 14 May 2024. The Federal budget is always the centrepiece of budget season. In the lead-up to budget night, we can look forward to all of the usual speculation, leaks and pre-emptive announcements. Citing China’s continuing economic slow-down and escalating geo-political issues in the Middle East (& elsewhere), T ..read more

We have previously written about the 2022 Federal Budget announcement that not-for-profit entities that self-assess as income tax exempt, will be required to lodge an annual ‘NFP self-review return’ with the ATO. The purpose of the new reporting regime is to ensure that NFPs actively assess their situation and correctly access the exemptions in Division 50 of the Income Tax Assessment Act 1997 (ITAA97).  The first annual self-review form will become available in July 2024 and must be completed by 31 October 2024. This regime covers all not-for-profits, other than chari ..read more

The Efficiency Grants for Small and Medium Sized Enterprises Round 2  is aimed at supporting businesses to upgrade or replace inefficient equipment in order to improve their energy efficiency in support of the Government’s target of a 43% reduction in emissions by 2030. The open dates for applications are as follows: Victoria (VIC): Thursday, February 22, 2024, 12:00 pm AEDT Northern Territory (NT): Friday, February 23, 2024, 12:00 pm ACST South Australia (SA): Friday, February 23, 2024, 12:00 pm ACDT New South Wales (NSW): Monday, February 26, 2024, 12:00 pm AEDT Western Austr ..read more

Australia’s superannuation landscape has been undergoing a progression of significant change, with recent amendments to the National Employment Standards (NES), the slated introduction of payday super, and ongoing measures to address non-compliance with the Superannuation Guarantee (SG) rules. In this article, we provide a snap-shot of these developments to help you keep abreast of what is happening in the superannuation space. NES Amendments: A Right to Superannuation The Fair Work Legislation Amendment (Protecting Worker Entitlements) Act 2023 enshrines the right to superannuation ..read more

We recently wrote about the proposed changes to the Stage 3 tax cuts and also provided an update on the Sky Accountants Podcast. To recap, the Stage 3 tax cuts had previously been legislated and were due to commence on the 1st of July 2024.  Those tax rate changes favored higher income earners and had been the subject to ongoing debate that culminated with Prime Minister Anthony Albanese announcing changes to more broadly distribute the benefits of the tax cuts. Objectively, this announcement represented a clear breach of the promise made during the most rece ..read more

Fringe Benefits Tax (FBT) is a tax payable by employers on non-cash benefits provided to employees. This is essentially any benefit provided to employees beyond their normal salary and superannuation. Common examples of Fringe Benefits are: Private use of vehicles; Car parking; Provision of entertainment; Payment/reimbursement of private expenses; Provision of loans; Provision of goods/services from the business; and Living Away From Home Allowances (LAFHA). Where an employer provides Fringe Benefits to employees, those benefits must be valued in accordance with the legislation, and the empl ..read more

As the global and domestic business landscape continues to evolve, innovation has never been more critical. Recognizing the importance of fostering research and development (R&D), governments around the world have implemented various incentives to encourage businesses to invest in innovation. In Australia, the Research & Development Tax Incentive (RDTI) stands as the central mechanism to support companies to innovate. Understanding the R&D Tax Incentive The R&D Tax Incentive is a program designed to stimulate R&D activities in Australia by providing tax offsets for eligible ..read more

The landscape of employment laws is constantly evolving, and staying abreast of these changes is crucial for both employers and employees alike. In particular the ‘Closing the Loopholes’ legislation ushers in a significant number of changes to be across. One of the changes that will have far reaching implications is the amendment to the definition of ‘casual employment’ in the Fair Work Act 2009. This amendment is contained in the Fair Work Legislation Amendment (Closing Loopholes No. 2) Act 2024 which received Royal Assent on the 26th of February 2024 and has applicat ..read more

On the 18th of March, the Senate passed the Paid Parental Leave Amendment (More Support for Working Families) Bill 2023, marking a significant stride towards the 2022/23 Federal Budget commitment to provide greater support for new parents across the country. The cornerstone of the Bill is the expansion of the Paid Parental Leave scheme to provide an entitlement to 26 weeks of parental leave pay. The legislative amendments introduced by the Bill include several key provisions: Incremental Extension: Starting from 1 July 2024, the scheme will be progressively extended by two weeks eac ..read more

The Australian Securities and Investments Commission (ASIC) has initiated its first prosecution action against a director for non-compliance with the obligation to possess a Director Identification Number (Director ID). Background: The Director ID regime, introduced in November 2021, mandates that all company directors obtain a unique 15-digit Director ID. The timelines for compliance vary based on appointment dates: – Directors appointed before 1st November 2021 were required to apply by 30th November 2022. – New directors appointed between 1st November 2021 and 4th April 2022 had 2 ..read more