MESSAGE FROM OUR CEO

ATO WARNING for small business: SmartCompany, June 21, 2017 reported: “On Tuesday Assistant Taxation Commissioner Kath Anderson informed Australians the ATO will continue to use real-time data to compare each individual claim against others in their profession and income bracket to identify higher than normal claims for travel, internet, and self-education expenses.” (Read report below) SCAM ALERTS! : SmartCompany, June …

ATO sounds warning call on work-related tax deductions: Claims for your future dream job “don’t count”

SmartCompany, June 21, 2017 The Australian Taxation Office says it will be vigilant in reviewing work-related deductions this financial year and experts say the taxman will be watching claims closely in this era of flexible work arrangements and ‘wellness’ practices. On Tuesday Assistant Taxation Commissioner Kath Anderson informed Australians the ATO will continue to use real-time data to compare each …

Coles EBA: when a wage deal is a false bargain

The Weekend Australian, June 17, 2017, Grace Collier As ever, the cost of living is rising, but now our pay packets are not keeping pace. Let’s be honest; since Paul Keating conned us into ditching centralised wage fixing we’ve paid each other quite a bit, probably too much. Something had to give. Now, the great reckoning is here. It is …

Senate inquiry into controversial pay deals

The Australian, June 20, 2017 Senior executives from Coles and Woolworths will come under pressure to front a Senate inquiry into controversial pay deals they struck with the ALP’s largest union affiliate, the shop assistants union. The Senate yesterday backed a push by Nick Xenophon for an inquiry into enterprise agreements struck between the union and major employers including the …

Big business to foot big ASIC fees as new funding model passes parliament

SmartCompany, June 16, 2017 It’s been several years in the making, but the Australian Securities and Investments Commission has finally secured a user-pay funding model for its services that will see businesses hit with an annual levy based on their size. On Thursday the senate passed the ASIC Supervisory Cost Recovery legislation without amendment, which is set to raise around …

SMSFs: make the most of super funds with these tax deductions

The Australian, June 16, 2017 If you run your own super fund it is likely you know there are a raft of changes coming after July 1. That all stays the same. The bad news is that, under certain conditions, some individuals who previously paid no tax on their superannuation earnings (ostensibly, those in retirement phase), may have to start …

Banks grab profits from rate cuts

The West Australian, 19 June 2017 Researchers have found banks have discovered more ways to grab profits. The nation’s banks have taken for themselves almost two full percentage points worth of cuts in official interest rates with half going to their bottom lines at the expense of customers. In a sign of what major banks are likely to do with …

Massive Origin Energy scam email sent to a quarter of Australian businesses

SmartCompany, June 22, 2017 An estimated one in four Australian businesses have been sent a scam email purporting to be from Origin Energy this week, with experts labeling it one of the largest email attacks ever seen. Tens of thousands of Australians started receiving the fraudulent messages around lunchtime yesterday, reports email security company MailGuard, with the attack continuing into the …

MESSAGE FROM OUR CEO

SMALL BUSINESS STRESS: The West Australian, 26 May 2017 reported: “More than half of WA’s small businesses experience late payments from larger companies for products and services, according to a survey.” (See the report below) Yes, and the initiatives that have been put in place to alleviate and prevent this from happening seems to be doing little or nothing to …