From 1 July 2019, the whistleblower protections in the Corporations Act will be expanded. Read more
As we farewell another Fringe Benefits Tax (FBT) year we often hear questions around private use of vehicles and whether larger ‘utes’ are exempt from FBT, such as Chevrolet Silverados, Dodge Rams, Ford F150s and the like. Read more
The Long Service Benefits Portability Act 2018 has been passed by Parliament and will come into operation by 1 July 2019. Read more
On the global front, growing concerns about a slowdown in economic growth preoccupied financial markets in March. The US Federal Reserve now forecasts no rate rises in 2019 instead of the two it previously planned. US 10 year government bond yields fell below three month yields on the news. This ‘inverted’ yield curve is viewed by markets as an historical predictor of recession.
In Australia, economic growth slowed to 0.2% in the December quarter, for an annual rate of 2.3%. This was reflected in the more cautious mood of business and consumers. Both the weekly ANZ Roy Morgan consumer confidence rating and the monthly Westpac Melbourne Institute survey of consumer sentiment fell below their long term average in March.
Single Touch Payroll – get ready!
Over the last 18 months we have been bringing information and reminders to you about STP for all employers.
STP is a payday reporting arrangement where employers need to send tax and superannuation information to the ATO from their payroll or accounting software each time they pay their employees.
In less than three months these requirements will be compulsory for all employers, regardless of whether you have one employee or 50 employees. Please don’t hesitate to call us if you have any questions. Ask for Kieren Henderson on 03 5443 0344.
Also in this edition:
- AFS Celebrates business milestone
- Economic update
- Removed assets providing ongoing value for property owners
- Time running out for unpaid superannuation by employers
- ATO mail now sent to myGov inbox
- Access to prior year losses now made easier
- The future of franking credits
- 2019-2020 Federal Budget summary
- Team news including seminars, International Women’s Day, Deakin University Expo.
The 2019-2020 Federal Budget (Budget) has been delivered with Treasurer Josh Frydenburg announcing a ‘back in the black’ Budget, supporting a stronger economy and secure future for Australia. Read more