New Wage Theft Laws: What You Need to Know
As of January 1, 2025, new laws have come into effect to criminalise wage theft. These laws aim to protect employees and...
The instant asset write off has again been extended with the value of the depreciable asset able to be written off increased to $30,000. Additionally the turnover eligibility threshold increased to those businesses turning over up to $50 million.
Originally the plan was to change all 7 year and 25 year associate loans from private companies and some trusts to a 10 year loan at an increased interest rate as of 1st July 2019. However due to significant concerns from practitioners and taxpayers, particularly around how existing and quarantined arrangements would be brought into the new regime, the government has decided to delay any changes to 1st July 2020. They have also stated they will conduct another consultation period after criticisms the previous timeframe was much too brief for changes with such wide ranging financial impact.
ABN holders will be required to keep their income tax lodgements up to date in order to keep their ABN from 1st July 2021.
Additionally they will need to confirm their Australian Business Register details on an annual basis from 1st July 2022.
For a business that does not withhold an amount of PAYG when it is required to, then that amount is considered a ‘non-compliant payment’ and you will be unable to claim a tax deduction.
Check out our 2019 budget summaries:
Individual
There is no better advertisement campaign that is low cost and also successful at the same time.
As of January 1, 2025, new laws have come into effect to criminalise wage theft. These laws aim to protect employees and...
I recently had a wonderful two weeks of annual leave, completely unplugged from modern society (no mobile phone receptio...
While the deficit for this year is expected to be $4.2bn, the Treasurer announced return to surplus of some $7.1bn estim...