The ATO ramps up heat on directors
Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations. These letters are a warning shot and should not be ignored. The director penalty regime ensures that directors are personally liable for […]
What’s changing on 1 July 2022?
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For Business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July […]
Are your contractors really employees?
Two landmark cases that went before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes. Many business owners assume that if they hire independent contractors they will not be responsible for PAYG withholding, superannuation guarantee, payroll tax and workers compensation obligations. However, […]
Congratulations to 28 by Sam Wood!
Here at mi-fi we are thrilled for Australian Life Tech (‘ALT’) who recently announced they had become a part of myDNA Inc. Read the article here: Genomics group myDNA snaps up Sam Wood’s fitness program in $71m deal (afr.com) The milestone is the result of hard work, an amazing team and an obsession by ALT on the use of technology and […]
Expanding access to employee share schemes
In the March 2022 Federal Budget, the Government flagged changes to the Employee Share Scheme (ESS) rules to expand access to schemes so that employees at all levels can directly share in the growth of the business. We first introduced you to Employee Share Schemes (or ESS) in our October 2021 mi-fi mail but for the uninitiated, […]