Super guarantee increases
On 1 July 2013, the first of the proposed incremental increases to superannuation will come into effect. The change will lift the superannuation guarantee rate to 9.25% for the 2013/2014 financial year. So, for an individual on a base salary of $60,000, the change will represent $150 extra compulsoril... |
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You might have heard the advertising about the Personal Property Securities Act (PPS Act) and the national register that opened on 30 January 2012. But with a title like that it’s easy to think that the Act and the register are not something that the majority of us need to worry about.
But, if you intend to: borrow... |
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Draft legislation released last month will see Director’s become personally liable for the superannuation guarantee (SG) payments of employees. The change is part of a suite of reforms designed to target phoenix companies but the reforms, if enacted, will have a much broader impact.
A phoenix company is the deliberate li... |
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Directors are now personally liable for unpaid superannuation guarantee (SG) payments to staff. While initially designed to prevent phoenix company activity, the new laws that apply from 1 July 2012, extend well beyond phoenix company activity.
How does it work?
The new law extends the director penalty and estimates regime beyond PAYG with... |
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Financial ‘house-keeping’
Software
Before rolling over your accounting software for the new financial year, make sure you:
Prepare your financial year end accounts. This way, any problems can be rectified and you have a ‘clean slate’ for the 2012/2013 year. Once rolled over, the software cannot be ... |
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