Latest news - Forvis Mazars

Employment risk management – what can Owners, Directors and Senior Managers do?

Being a business owner, Director or member of the Senior Management team has never been so challenging. Not only are you required to navigate the impact of the coronavirus, the economic downturn and the continual expectations to pivot and innovate, you must do it all whilst being a good corporate citizen and an employer of choice with an engaged, productive and progressive workforce.

Government extends apprentice subsidy

The Government has extended the period in which the Boosting Apprenticeship Commencements (BAC) wage subsidy will be in operation.

How to plan for successful succession

Succession planning is the strategic process of identifying the future leaders of your business; those who will take over when current leaders step down.

Changes to STP reporting concessions from 1 July 2021

Most employers now report payroll information to the ATO each pay day using Single Touch Payroll (‘STP’) enabled software. However, small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ (related) payees through STP.

New legislation impacting director resignation

With effect from 18 February 2021, new ASIC regulations will apply to prevent single directors resigning from a company in order to avoid responsibilities to creditors and others.

NSW property tax changes – should you delay buying?

In the 2020-21 Budget, the NSW Treasurer announced a far-reaching property tax reform. In substance, land purchasers could elect to be subject to an annual property tax instead of the compulsory existing current transfer duty and land tax regime.

North Queensland Economic Diversification Grants

The federal government backed lender, Queensland Rural Industry Development Authority (QRIDA), have launched their North Queensland Economic Diversification Grants to projects that broaden and diversify economic opportunities in areas impacted by the 2019 North Queensland Monsoon Trough.

Business Loans under phase 2 SME Guarantee Scheme

In October 2020, the Federal Government launched phase 2 of the SME Guarantee Scheme to continue to provide small to medium businesses with better access to additional funding. The scheme enhances lenders’ ability to access additional funding and provide cheaper credit, assisting SMEs to recover from the changing operating conditions and invest for the future.

2020 wage decision is now incorporated in all Awards

On 19 June 2020 the Fair Work Commission (FWC) released its 2020 wage decision. The decision increased all Modern Awards by 1.75%, however for the first time, the implementation of the decision was staggered over 3 implementation dates.

ATO increases focus on international related party loans

The Australian Taxation Office (ATO) is continuing to focus on international related party financing arrangements, related transactions and the compliance obligations associated with such transactions.