Heaney Business Group
The Super Guarantee timing trap for employers
How employers are being caught out by the timing of superannuation guarantee payments. Employers can generally only claim a deduction for superannuation contributions in the income year in which the […]
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Are You Paying Your Staff Correctly? Woolworths $200m plus Remediation
Woolworths is the latest company to facing fallout from the underpayment of staff. In what is believed to be the largest remediation of its kind. Woolworths have stated that they […]
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Vacant Land Deduction Changes Hit ‘Mum & Dad’ Property Developments
Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely […]
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Calculating Super Guarantee: The New Rules
From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid […]
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CGT and The Family Home: Expats and Foreigners Targeted Again
The Government has resurrected its plan to remove access to the main residence exemption for non-residents. A move that will impact on expats and foreign residents. Back in the 2017-18 […]
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Tax alert: Distributions to non-resident beneficiaries
The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some. Two […]
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Super Guarantee Amnesty Resurrected
The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time, however, the incentive of the […]
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Uber Is Not A Taxi Service for Fringe Benefit Tax Purposes
Good News, the outdated FBT rules for Uber Drivers are set for a legislative change. Treasury has released an exposure draft under the Treasury Laws Amendment Bill 2019. It seeks […]
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Diversity in Self Managed Superannuation Funds (SMSFs)
Making a deliberate decision to have little diversity in Self Managed Superannuation Funds (SMSFs) is a choice many trustees make. Choosing to do this is acceptable however you must be […]
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ATO Cracks Down on Foreign Income
The Australian Taxation Office (ATO) has identified under-reporting of foreign income is an issue. 5 years ago, the ATO gave a reprieve for those who should have been penalised for […]
Read MoreDirector Penalty Notices (DPNs)
Director Penalty Notices (DPNs) are a way of the ATO collecting companies outstanding tax liabilities. These penalties make directors legally responsible if their company has any unpaid Superannuation Guarantee (SGC) […]
Read MorePersonal Income Tax Changes Cause Uncertainty for Taxpayers
Taxpayers expecting to receive the recent income tax cut subsidy of $1,080 have been left disappointed and confused when lodging their tax returns. This new tax cut does not entitle […]
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