News Archives

If you're feeling a bit of whiplash at the speed at which February has arrived, it seems that 2018 is full steam ahead for a lot of business owners. It's also full steam ahead for tax and super changes that you need to be across for compliance.

This month we explore the importance of knowing how to deal with a data breach to ensure you're complying with new legislation; what happens if business don't pay employee super; the credit rating risk for businesses that don't engage the ATO on issues with tax debt; and finally, the importance of understanding how to make appropriate trust distribution resolutions.

As always, if you have any queries, contact our team on 9957 4033.

	New data breach laws come into effect Business owners will be required to protect and notify individuals whose personal information is involved in a data breach as new legislation comes into effect.
	Directors on 'hit list' for not paying employee super Proposed legislation would see the ATO pursue criminal charges against Directors who fail to meet their superannuation guarantee obligations.
	What's changing in 2018? A number of measures are due to come into effect as 2018 gets underway. Here's a list of what we know is changing.
	Exposure draft: ATO's power to disclose tax debts If your business has unpaid tax debts or is failing to engage with the ATO to manage them, then expect that information to be shared with registered credit reporting bureaus.
	SMSF event-based reporting and excess transfer balance determinations The ATO has confirmed that only events that affect an individual member's transfer balance need to be reported.
	How effective are trust distribution resolutions? A recent Federal Court case has thrown the effectiveness of trust distribution resolutions into doubt by not clarifying who should actually pay the tax.

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.