An automated penalty is created for directors of a company the end of the day that their obligation is due. A Director Penalty Notice (“DPN”) is issued when no payment has been received for PAYG withholding and/or superannuation (SGC) debts within 3 months of the due date for lodgement.

The new ‘stapling’ rules mean employees will keep their same super account (if they have one) when they change jobs, unless they choose their preferred super fund.

Many Australian retirees find that they want a smaller home, or a home more suited to their empty-nest requirements. For some, selling the family home can be a great way to release built-up equity to pay for retirement living expenses or in-home support that will allow them to stay at home longer. Older Australians are the beneficiaries of the fed...

From July 1, super funds are required to cancel default life insurance policies in funds where members have not made a contribution for 16 months, unless members actively "opt in" to the policy or reactivate the account.

As we approach the inevitable but as yet unannounced 2019 Federal Election, Australians are starting to consider policies of the major parties, and we are particularly interested in the policies related to tax and superannuation.

On a positive note, from 1 July 2017, it is much easier for employees to claim a deduction in their own tax returns for personal superannuation contributions. These are the contributions made in addition to the 9.5% superannuation guarantee and salary sacrifice contributions, made by their employers. The change is a result of removal of the old “10...

SuperStream – the new compulsory electronic regime for payment of employer super contributions and for submitting the related contribution information - commences from 1 July 2015. Additionally, SuperStream measures have implications for Self Managed Superannuation Funds which receive contributions from employers.

As we begin the 2014/15 financial year, a number of tax and compliance changes are coming into effect. Some changes remain announced but unlegislated while the Government is unable to get some measures through the Senate. In particular, the amendments to small business depreciation rules remain in limbo while we wait for the legislation to be reint...

In 2011, the former government announced a raft of changes dubbed ‘Stronger Super’ designed to boost the superannuation system and to encourage people to become more educated and proactive with their super. One of these changes is the introduction of ‘SuperStream’ – the new compulsory electronic process for payment of super contributions and for ...

The Government has released draft legislation which proposes to abolish the Minerals Resource Rent Tax ('MRRT'), and the related tax concessions, introduced by the former Labor Government, as pledged by the Liberal Party at election time. The proposed repeal of the MRRT, which has been passed by the House of Representatives but is yet to pass the ...