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PENALTY RATE REDUCTIONS UPHELD

Monday, 13 November 2017

The Federal Court has upheld the Fair Work Commission’s decision in February reducing weekend penalty rates for employees under the Hospitality, Restaurant, Fast Food, Retail and Pharmacy awards.

The Australian Tax Office has issued new guidance on which expenses Self-Managed Superannuation Funds are eligible to deduct.

The advice provides detail about which expenses are deductible and under what circumstances.

The Australian Tax Office has issued a reminder that tax agents must add new clients to their ATO client list by 31 October 2017 for the clients to be eligible for the agent’s concessional lodgment dates.

New rules limiting the surcharge businesses can charge on credit card transactions took effect on 1 September.

The new rules extend previous surcharge regulation from larger businesses to cover all businesses. The rules applied to large businesses from September 2016.

NEW MINING TAX INCENTIVES

Monday, 13 November 2017

The Government has announced new tax deductions for small miners.

It has announced that under the Junior Mineral Exploration Tax Credit it will commit $100 million to secure additional private investment in vital greenfields mineral exploration “to drive the next wave of mineral discoveries crucial to the resources sector and the Australian economy”.

The Government has published a set of proposed changes to reduce the incidence of ‘phoenixing’ of companies to avoid paying their debts, including a proposed specific ‘phoenixing’ offence in the Companies Act.

Under the proposal directors of a ‘phoenixed’ company or the successor company itself could be sued for losses resulting from the transfer of assets of a company to avoid paying its debts.

The Government has foreshadowed tougher new rules to prevent companies taking improper advantage of the Government’s Fair Entitlements Guarantee, designed to guarantee employees’ wages and other entitlements when a company collapses.

The Government has introduced legislation in federal Parliament to extend crowd-sourced equity funding to proprietary companies.

Treasurer Scott Morrison said that extending the crowdfunding framework built on the Government’s support for the start-up and FinTech sector including the enhancements to the ASIC “regulatory sandbox” and tax incentives for investors in innovative start-ups.

Below are the key messages from the The BAS Agent Association Group (BASAAG) meeting held on Tuesday 29 August 2017.

Small businesses with 19 or fewer employees will be required to transition to ‘Single Touch Payroll’ by 1 July 2019, the Government has announced.

Previously the Government had announced a mandatory start-up date of 1 July 2018 for businesses with 20 or more employees but no mandatory date for smaller businesses.

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