Blog

Super guarantee opt-out for high income earners

Under the superannuation guarantee framework, employers are required to contribute a minimum percentage (currently 9.5%) of their employee’s ordinary time earnings into superannuation. Employers that fail to do so will be liable to a penalty called the superannuation guarantee charge, payable to the ATO. If you’re a high-income earner with multiple employers, this requirement has the...
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Debt forgiveness due to love and affection

Private companies that pay amounts of money, make loans, or forgives debts of shareholders or associates of shareholders, may be subject to Div 7A rules which are designed to ensure that income is not inappropriately sheltered at the corporate tax rate. Generally, these rules deem certain moneys and/or benefits (eg loans and forgiven debts) obtained from...
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Modern Slavery Act – Compliance

In case you haven’t noticed, Australia now have two modern slavery acts. One for NSW (which was passed first) and one for Commonwealth. Slavery has been illegal for many years, so why do we need these new pieces of legislation? The answer is that there are more slaves now than at any other time in history. It...
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Small business CGT concessions: when do I qualify?

Have you considered the powerful tax and superannuation planning opportunities that the small business CGT concessions can offer your business? They allow you to reduce – or sometimes, completely eliminate – the capital gain from the sale of a business asset, whether it’s held directly by your business entity or in another related structure. The concessions...
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