Latest News

ARE YOU INDIVIDUAL TRUSTEES OF YOUR SELF-MANAGED SUPERANNUATION FUND?

If your answer is yes, then consider changing to a corporate trustee by the end of this financial year. WHY CHANGE TO A CORPORATE TRUSTEE? There are several key reasons why a corporate trustee is a more efficient, cost-effective and administratively easier option for your family’s SMSF and estate plan:  DEATH/INCAPACITY OF AN INDIVIDUAL TRUSTEE When […]

Super news – What SMSF trustees need to know about the ATO’s new guidance about the application of administrative penalties

On 15 October 2020, the Australian Taxation Office (ATO) released Practice Statement Law Administration PSLA 2020/3 to guide its staff on how to apply administrative penalties imposed on Self Managed Superannuation Fund (SMSF) trustees under subsection 166(1) of the Superannuation Industry (Supervision) Act 1993 (SIS Act). While the guideline is for ATO staff, SMSF trustees […]

Update to Corporate Insolvency Reforms and Simplified Debt Restructuring for Small Business

As a result of the impacts of the COVID-19 pandemic on commercial enterprise within Australia, the federal government introduced temporary relief for financially distressed companies to assist them to navigate this crisis. Among other things, this included: temporary relief to company directors from personal liability for insolvent trading claims; and increase the thresholds relevant to […]

Directors’ obligations post-pandemic

2020 has proven to be a whirlwind for Australian businesses, with many struggling to cope with the financial implications and fallout of COVID-19, shining a spotlight on the obligations of company directors. Those with large workforces — and particularly businesses involved in aged care and disability — have had to manage the increased costs associated with managing […]

Payroll tax audit activity surges as a result of data matching

We have recently seen a surge in payroll tax audit activity as the state revenue authorities have received data from other sources, including the ATO and ASIC. Here are some traps to look out for. If you receive an audit letter for your business or a client, it is important to review the payroll tax […]

Flashy cars, low income: ATO eyes tax-dodging red flag

Black economy participants and tax dodgers driving luxury cars will continue to come under ATO scrutiny as it looks to extend its motor vehicle data-matching program for a further three years. The extension of the data-matching program will see the ATO continue to collect records from eight state and territory motor vehicle registries for the 2019–20, […]

Do You Need a Company Power of Attorney

In today’s fast paced business environment, it makes smart business sense to appoint a company power of attorney. A company power of attorney may be better described by distinguishing it from an individual power of attorney. In simple terms, a power of attorney is an instrument that gives authority to another person to act on behalf […]

JOB KEEPER 2.0

  Hello everyone, Just an urgent update for those that qualify for this round of Job Keeper 2.0. Eligible employers have until 31 October 2020 to make gross wage payments to eligible employees for the fortnights ending 11 October 2020 and 25 October 2020. The minimum fortnightly gross payments are either $1,200 for employees. (Tier […]

JobKeeper 2.0 & Other Measures – the future of JobKeeper

The Government today announced the future of JobKeeper and JobSeeker along with other income support measures. We’ve created a client update to help with the changes. For JobKeeper, current arrangements will generally remain the same until 27 September 2020. From this date onwards, employers seeking to claim JobKeeper payments will need to reassess their eligibility […]

Rede Accountants Covid-19 Update

Rede Accountants Covid-19 Update Following the recent opening of the State border, Rede Accountants has taken measures to manage the risks of exposure to COVID-19 within our work environment. These include increased hygiene measures and physical distancing. During the COVID-19 pandemic we are taking additional steps to make sure everyone can stay healthy and safe […]

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