May 2021 Newsletter

 

2021-22 Federal Budget

Look out for our Federal Budget update taking you beyond the headlines to what's important to you and your business!


The New Lifetime Director IDs


Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia's business registers.

The top 8 reasons why staff leave

 

Australia is facing a shortage of skilled labour.  When the supply of staff dry up the focus often turns to retention.  But the first step is to understand why people you want to stay, choose to move on?


Tax exemption for 'granny flat' arrangements

 

To protect older Australians, the Government has moved to formalise 'granny flat' arrangements by providing all parties in the arrangement.


Your SMSF: when expenses and investments are not at arm's length

 

We often get questions from clients about what they can and cannot do in their SMSF.  Often the questions relate to related party transactions - that is, interactions between the SMSF, its assets, and its members (or relatives of members).


Wage theft"criminalised in Queensland and Victoria... and similar plans for the rest of Australia


On 14 September 2020 the Queensland Parliament passed the Criminal Code and Other Legislation (Wage Theft) Amendment Act 2020 (Qld), which amends the Queensland Criminal Code to enable wage theft to be treated the same as other forms of stealing, with employers who intentionally underpay their employees now exposed to a criminal penalty of up to ten years’ imprisonment.


Significant changes to parental leave entitlements introduced


On 26 November 2020, the Fair Work Act 2009 was amended to introduce greater flexibility for employees taking unpaid parental leave.


 

The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.