Family businesses could face nasty surprise on COVID-19 loans

Financial Review, 8 July 2020 Family businesses are being warned that loans made during the COVID-19 pandemic could be counted as dividends by the Tax Office, a potentially nasty surprise from the crisis. After changes announced in late June, some loans that are not compliant with requirements under division 7A of the Income Tax Assessment Act could be treated as …

Brendan O’Connor: The government must decide if it will help small businesses to be paid on time or not

SmartCompany, July 7, 2020 Shadow Minister for Employment, Industry and Small Business Brendan O’Connor. Source: AAP Image/James Ross Ask any small business owner and they will tell you cashflow and prompt payment terms are critical to their success. COVID-19 has only heightened the fragility of the small business operation when larger business refuse to pay their smaller suppliers in reasonable …

Two-thirds of charges dropped against ATO staffer who blew the whistle on small business garnishee notices

SmartCompany. July 7, 2020 Richard Boyle. Source: AAP Image/Kelly Barnes The Commonwealth Director of Public Prosecutions has dropped 42 of the 66 charges against ATO whistleblower Richard Boyle. The former Australian Taxation Office staffer blew the whistle in 2017 after his employer allegedly directed him to issue indebted taxpayers with garnishees. Boyle also alleged the ATO offered him a payout …

Paying the price for Facebook’s ‘free’ speech

John Davidson, Columnist, Financial Review, Jul 6, 2020 The latest efforts to limit the extent to which Facebook profits from hate speech and racially motivated violence appear to have got stuck on the same question that has vexed every other effort to bring big tech to heel. How do you convince someone like Mark Zuckerberg that some prices are indeed …

Tax office gives SMSFs a break to leverage assets for a property foothold

The Australian Taxation Office has seen fit to give the industry a new lending approach in the form of an ‘intermediary LRBA’. Picture: iStock By Jeff Song, The Australian, July 6, 2020 Despite all the criticism around the existence of borrowing arrangements in self-managed super funds, the Australian Taxation Office has seen fit to give the industry a new lending …

Rent relief: Morrison considers extra support for retail tenants as September cliff-edge looms

SmartCompany, July 6, 2020 Australian Retailers Association (ARA) executive director Paul Zahra. AAP/Dave Hunt. The Morrison government is considering whether to ask states and territories to extend commercial rent relief measures past September, amid fears of a spate of defaults heading into the crucial Spring/Summer trading period. Australian Retailers Association (ARA) executive director Paul Zahra is pressing the case with …

What you need to know about casual loading after landmark ruling

Employsure SmartCompany, June 29, 2020 A May 20 landmark decision in the Federal Court found that casual staff with regular and systematic shifts may not be considered ‘casuals’ regardless of what their contracts state, and they could be eligible for paid leave, and not eligible for casual loading. Millions of casual workers who fall into that category could be in …

Job ads skyrocket 42pc as economy emerges from pandemic, ANZ data reveals

AAP/The West Australian, 6 July 2020 But the rise in new COVID-19 cases in Melbourne and return to lockdowns in several postcodes pose a risk to the pace and timing of the recovery. Credit: istock Australian job advertisements jumped a record 42 per cent in June as much of the economy re-opened from coronavirus lockdowns, but remained sharply lower from …