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.
We want our people to be the best they can be.
The latest innovation to take the world by storm is ChatGPT, and its ability to work with the Australian tax system.
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions.
From 1 January 2023, those 55 and over can make a ‘downsizer’ contribution to superannuation.
The downside of not taking time out for your strategy is that there is a tendency to keep a short-term. Sometimes in the process, this short-term focus undermines longer term value and returns.
SMSF loan is the possibility of getting a better interest rate to save more money. You could save thousands more if you refinance to a lower rate SMSF loan.
Buying your first home can be exciting and overwhelming at the same time. We have provided this guide to assist you in preparing for the home buying journey and we will be here with you, every step of the way.
Our Borrowers Guide to Construction Loan has been designed to assist you gain a better understanding of how the lending process works
for building and construction.
The amount you can borrow will depend on several factors and is another reason why it is important to engage your Mortgage Broker in the
process before you are wanting to buy land or build.
Our Borrowers Guide to Lending has been designed to assist you gain a better understanding of how the lending process works.
The mortgage process can be overwhelming and confusing at times, but when you understand the basic process, you will be much more prepared.
Rebalancing is a clever way to keep your superannuation fund investments in order.
The good news is that you may be able to use some of your home equity to boost your super and help fund your life in retirement.
Falling property prices and rent hikes mean the average income earned from residential property has risen.
ONLINE Webinar
19 January 2023 @ 12:30 - 1:30pm
Phase 2 STP will be the compulsory way to process Xero payroll as of March 2023.
Increasing gross rental yields. Falling property prices combined with rent hikes means the average income earned from residential property, as a percentage of property values, has risen.
Smart Business Solutions chief executive Shannon Smit, winner of SMSF Adviser of the Year award, talks about the evolution of her business and shares her insights on complex SMSF planning issues.
This video offers a Xero how-to on the latest details of the compulsory STP (Single Touch Payroll) Phase 2 rollout including Pay Item Transition.
This video offers a Xero how-to on the latest details of the compulsory STP (Single Touch Payroll) Phase 2 rollout including Leave Transitions.
Changes are coming about how you manage Xero payroll with Single Touch Payroll (STP) Phase 2. This video explains how to manage Employee Transition in STP Phase 2.
Summer is a great time to list and a sell a home as buyers have been thinking about property over the summer.
When new couples start living together one of the first things they need to consider is how they will manage their finances.
A great way to deal with the post-Christmas financial hangover is to look at different ways to consolidate your debts.
Giving peace of mind and a sense of direction and calm is one of the greatest gifts that we feel privileged to offer our clients.
Getting a good grasp of your business’s cash flow situation will help put you in a strong financial position.
Commercial office assets represented 34.2 percent of all commercial property sales during 2022, up from 27.2 percent last year.
The commercial property sector continues to grow. 2023 is shaping up well with a range of opportunities for investors.
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You will be amazed in this race against time to reach the finish line. Welcome to The Amazing Race memoir - Smart Business Solutions 2022 End of Year Team Building and Christmas party.
The Government’s ‘Secure Jobs, Better Pay’ legislation passed Parliament on 2 December 2022.
If you are required to but have not yet applied for your ID, you should seek an extension immediately.
The most effective way of sharing Christmas joy with customers is not necessarily the most tax effective.
In many instances, businesses might need to wait 60 days or more to get paid, which can put a strain on the business's cashflows.
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While conditions for retail tenants have been tough during lockdowns, the luxury end of the market and certain sectors continue to perform strongly.
After a record-setting few years, industrial property has continued to perform strongly throughout 2022.
A car loan is a great way to purchase a vehicle when you don’t have all the money to pay for the car upfront.
Getting your finances organised well in advance is one of the most important stages of the auction procesS.
Many lenders will offer competitive interest rates to new customers as well as other incentives that could save you money.
Purchasing a property is a big decision and it’s important to determine the best location to buy that will give you the best return over time.
When the time comes to sell, if you’ve got the budget to style your property, you might find that it can really help entice buyers.
If your goal is to buy a property in the new year, then it’s important to not let a Christmas splurge get in the way of your real estate dreams.
While we all love giving presents, if you’re looking at potentially applying for a home loan in the new year, it’s important that you don’t do any damage to your chances of getting finance by overspending
Here are the 5 signs you personally should look out for when deciding whether or not you should hire a professional bookkeeper.
Demand for second-hand vehicles and equipment has reached record levels, as supply chain problems have made new products difficult to obtain.
Record low vacancy rates have seen industrial rents jump 30 percent across Sydney and more than 20 percent in Melbourne.
The surge in commercial lending is the largest annual growth since 2009.
17 NOV 2022 @ 3:30-5:00pm
Come and warm our newly extended and renovated office space at Smart Business Solutions in Mornington alongside Bruce Billson, Small
Business and Family Enterprise Ombudsman.
Many are looking at ways to get their repayments down. The best thing to do is speak to a finance broker who can compare your options and find a loan product.
If you’ve owned a home for a number of years, you might be able to access some of the equity to use as a deposit for another home.
With the RBA’s ongoing cash rate hikes, mortgage rates are also continuing to climb.
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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