Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”. If enacted, in
addition to the criminal offence, a fine will apply.
The fine is three times the underpayment and:
The reforms are not intended to capture unintentional mistakes and a compliance ‘safe harbour’ will be introduced by the Fair Work Ombudsman
for small businesses.
In addition to addressing wage theft, the Bill also seeks to:
What happens when a trust appoints income to a private company beneficiary but does not actually make the payment?
The tax treatment of this unpaid amount was at the centre of a recent case before the Administrative Appeals Tribunal (AAT) that saw a taxpayer successfully challenge the ATO’s long held position (Bendel and Commissioner of Taxation [2023] AATA 3074). For many years, the ATO’s position has been that if a trust appoints income to a private company beneficiary but does not actually make the payment, this unpaid amount can be treated as a loan. Under Division 7A of the tax rules, these loans can be taxed as unfranked dividends unless they are managed using a complying loan agreement with annual principal and interest repayments.
This AAT decision challenges an important ATO position, with the tax outcomes being potentially significant for trust clients that currently owe (or may have owed in the past) unpaid trust entitlements to related private companies.
But this is not the end of this story. On 26 October 2023, the Tax Commissioner lodged a notice of appeal to the Federal Court. There is no guarantee that the Federal Court will reach the same conclusion as the AAT. We will need to wait and see.
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Buyers need to realise that sales agents are there working for the vendor. It’s important that new buyers know how to effectively negotiate with real estate agents.
When purchasing a new car, you’re going to be faced with various financing options for buying the vehicle.
Investment markets have shown a lot of enthusiasm for AI and Chat GPT technology. AI productivity gains could boost economic growth and
share market performance across the world.
A global agreement on halting and reversing biodiversity loss could benefit investors as well as the planet. Here’s what a heightened focus on bio- diversity could mean for your investment portfolio.
1.3 million home loans are expected to move from low fixed rates to high variable rates in 2023 and 2024, with the peak to hit in the second half of this year.
An increasing number of older Australians are starting their own businesses – using their consider- able expertise to create value for their customers and the economy.
The release of resilient economic data and sticky inflation readings indicated that official interest rates might need to be raised further in key regions, or at least remain high for longer than was previously anticipated.
The launch of ChatGPT late last year was greeted with a frenzy of enthusiasm as investors eyed the potential for productivity gains and innovation. We look beneath the hype and consider the implications for your investment portfolio.
Unlike traditional loans, invoice financing offers another way. Borrowing against your invoices means that you can gain access to the money you are owed immediately.
The commercial property market in regional Queensland is experiencing a surge of interest from Melbourne investors, as the state's booming population continues to grow.
What will the Australian community look like in 40 years? We look at the key takeaways from the Intergenerational Report.
As businesses continue trying to woo workers back to the office, demand for high-quality office space continues rising.
A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income.
The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’
The TikTok tax fraud is extensive and has several layers of impact across the 56,000 taxpayers caught up in it.
Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value.
New guidance from the Australian Taxation Office (ATO) walks through the tax impact of small-scale subdivision projects.
The tax refund many Australians expect has dramatically reduced.
With workers headed back into the office, demand for sublease space is rising – especially in the smaller capital cities.
For motorbike enthusiasts who always want the latest models, leasing is an attractive option. Leases allow you to regularly upgrade with the latest features.
One of the biggest advantages for sellers in winter is the lower supply of properties on the market. Sellers have the opportunity to attract a more focused and captive audience of buyers.
ONLINE WEBINAR
9 August 2023 // 4:00 - 5:00p.m.
We invite you join this very special webinar with Jody Fitzgerald, Head of Institutional Portfolio Management at Morningstar, one of the
most well-known and respected investment professionals in Australia, to gain insights into the modern investing landscape.
Business loans are one method you can use to purchase a business or fund the ongoing operations of your current business. The first step is to clearly define the purpose of the loan.
Self-storage units have long been a popular option for investors with demand from the private sector remaining high.
During COVID, listings were tight and demand remained strong. As interest rates started to climb, some of the demand started falling away, however, listings didn’t rise.
With higher interest rates many buyers are looking at creative ways to boost their rental income. One popular strategy is building an extra dwelling – like a granny flat
Despite interest rates rising at a record pace, the number of mortgage holders in arrears remains around the long-term average of 1%.
The move toward mortgage brokers and away from direct lenders by borrowers is continuing to increase.
For most people, a car loan is often the second largest household expense and it’s one that can cost a lot more these days with the high price of new cars.
ONLINE WEBINAR
27 July 2023 // 12:30-1:30pm
(ESG) considerations have become increasingly important for investors as they look to make investment decisions that align with their values
and have a positive impact on the world.
One solution used by many businesses is to lease the equipment. By choosing to lease, businesses can spread out the cost of the equipment over several years through manageable monthly payments
Off-market normally just means that the property is sold without it ever being listed. This can be with the help of an agent, or privately.
When it comes to negotiating, there are some things you can do to make the process more transparent and easier. For the most part, it comes down to being prepared.
On 1 July 2023, award rates of pay and the National Minimum Wage increased by 5.75%.
With inflation still remaining high and continuing to increase the official cash rate, borrowers should consider returning to fixed rate loan products.
Industrial property market has seen the vacancy rate hit another new record low despite projections of a surge in supply.
The digital games and interactive entertainment sector is the largest creative sector in the world and one of the fastest growing industries worldwide.
Office assets were considered a premium commercial investment choice, with high demand from offshore buyers.
The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament.
Investors remained focused on the release of inflation data and how ongoing pricing pressures might affect monetary policy settings in key regions.
Bianca Carroll's dedication and commitment to excellence have culminated in her being recognized as the Emerging Adviser of the Year, a remarkable accomplishment that is a testament to her perseverance.
ONLINE WEBINAR
21 June 2023 // 12:30-1:30pm
Many people believe that if they have a valid Will they also have
an estate plan, but this is not so. While a Will outlines where the deceased individual's assets will be distributed, it does not
include various other documents and directives that are available.
In a recent Harvard Study on the key ingredients to happiness, while extreme wealth won’t buy you happiness, having financial security can help you avoid stress and solve problems faster.
Compounding is an extremely effective investing tool, says Morningstar Investment Management’s Head of Institutional Portfolio Management and Solutions, Jody Fitzgerald, but it’s important to be aware of its inverse power on the downside.
With a few weeks left until the end of the financial year, it's time to optimize our SMSF or other super funds and maximize available strategies.
Young investors in their 20s and 30s possess a valuable asset for investing.
Over the past few years, service stations have been a favoured investment option.
Now's the time to review what strategies you can use to minimise your tax before 30 June.
The Federal Budget, delivered on the night of May 12 2026, was one of the most significant in years. We know you will have questions — and we have put together this document to answer the ones we are hearing most.
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