Latest news - Forvis Mazars

Tax time focus on rental property income and deductions

The Australian Taxation Office (ATO) Random Enquiry Program has found that nine out of ten tax returns that reported rental income and deductions contain at least one error. This tax return season the ATO has a special focus on rental properties with the below 4 concerns being their main focus.

10 days paid family and domestic violence leave

The Australian Federal Government has introduced a Bill to provide for 10 days of paid family and domestic violence leave. The Bill when passed, will amend the Fair Work Act, 2009 to add the 10 days of paid leave to the National Employment Standards, which currently provide for 5 days of unpaid Family and Domestic Violence Leave.

Removal of lodgement exemption for large grandfathered proprietary companies

New changes made by the Senate earlier this month will result in the removal of the lodgement exemption previously afforded to large proprietary grandfathered companies. These amendments mean all impacted entities will now need to lodge their financial statements on the public record.

Two ways to increase profits without new business

Often when business owners plan to increase profits, cutting operating costs is the first instinct. It makes perfect sense on paper but the reality in many cases is that costs can only be reduced minimally before the quality of your offering starts to suffer. Subsequently, when value is reduced your customers to lose out.

NSW – A tax choice to assist first home buying

Buyers are more likely to be able to attain their first home as a result of the core proposal in the 2022-23 NSW State Budget. Most first home buyers will have the option of escaping the substantial and growing upfront transfer duty liability and instead pay a much smaller annual property tax.

Queensland State Budget tax snapshot

The Queensland Government issued its 2023-2023 State Budget on 21 June 2022. We have outlined below the key tax changes that may affect our Queensland-based clients.

Fair Work Commission releases national wage case decision for 2022

On the 15th June 2022, the Fair Work Commission (FWC) released its National Wage Case decision which increased both the national minimum hourly rate and rates contained in Modern Awards.

Single touch payroll expansion – changes employers need to prepare for

Single Touch Payroll ('STP') reporting has been expanded. This expansion, known as ‘STP Phase 2’, means that employers will need to start reporting extra information to the ATO each time they run their payroll.

What you need to know about the Federal Government wage subsidies to assist with engaging and retaining apprentices

The Federal Government introduced the Boosting Apprenticeship Commencements (BAC) scheme to assist employers to engage apprentices in their workplaces.