With the end of financial year approaching we’ve focused on 4 key areas to help you wrap up the current financial year and prepare you for the new one ahead.
Keep reading for a refresher course on:
Single Touch Payroll
Immediate Asset Write-offs
Super Contributions Cap
Have you got superstar employees that have been on the books for a while?
Do you know about your long service leave (LSL) obligation for those superstars and the recent changes that have occurred in regards to long service?
You may not be aware the Victorian Parliament has replaced the old 1992 LSL Act with a new one commencing the 1st November 2018.
Let’s take this opportunity to have a refresher on LSL and look at the changes that have been made in this space.
Are you a director, A.K.A bigwig, VIP, hotshot, chief or head-honcho, of a company?
Whatever terminology floats your boat if you’re leading the pack it’s important to be aware of what’s on the line to walk in those shoes.
For the few bigshots that deliberately set out to defraud the ATO, as always they’ve ruined it for the rest of us, enter the Director Penalty Regime.
So what’s this regime about? Well basically if you’re a Director you can be held personally liable for the shortcomings of the organisation(s) of which you partake in as a Director.
When was the last time you applied for finance?
Do you know your credit score?
Are you comfortable with your score or do you cringe and bury your head in the sand?
Do you know what data is kept in your credit file that might affect your score?
Did you know from 1 July 2018 the Comprehensive Credit Reporting (CCR) came in to effect?
You might have expected from all the data that is available these days, not only on our spending habits and saving habits but a whole range of items, that it would only be a matter of time before this information would become easily accessible to credit bureaus.
Are you a purchaser or vendor of new residential or potential residential land? Maybe you’re a party to development agreements or perhaps you’re a landlord or tenant under long term leases (50 years or more) affected by the GST withholding regime. If you belong to any of these categories it’s important that you’re aware of the new GST treatment that came in to affect as of 1 July 2018.