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Mazars partners with Ocean Impact Organisation
As we continue our commitment to corporate social responsibility, Mazars is pleased to be supporting the Ocean Impact Organisation and their mission to create an abundant and sustainable ocean.
Jobkeeper 2.0 - Implications for flexibility in employment
The recent amendments to the Jobkeeper arrangements have changed more than just the monetary value of the Jobkeeper wage subsidy. Employers need to be aware of the changes to ensure that when managing employees they do not breach the Fair Work Act, 2009 (FWA). From 28 September 2020, there will be three different categories of employers in Australia and employers must understand which category they fall into and what management options are available to them.
Business Survival Package for Victorian Businesses
The Victorian Government has announced further assistance packages to support businesses to survive and adapt on the road to Covid normal. The two assistance packages, valued at $3 billion and $290 million respectively, will include cash grants, tax relief and cashflow support.
Applications for Smart Farms Small Grants now open
The Department of Agriculture, Water and the Environment have released an additional $6.5 million under the Smart Farms Small Grants program. Competitive grants of up to $100,000 will be awarded for eligible projects in Round 4 of the program that are to be completed by 30 June 2023. Applications for this final round of funding close at 10pm (AEST) on 9 October 2020.
Insight into GST compliance
As most Australian companies focus on the health of their customers and staff at this critical time, it is important to not neglect the business side of things, especially GST.
The important role of Family Trust Elections
Trusts are a very popular way for families to hold investments and carry on business because of the clear advantages of asset protection and income management. However the flexible nature of trusts also gives rise to compliance complexities. Family trust elections are an example of a trust compliance complexity. This article provides an overview of family trust elections, including the important impact family trust elections have on the transfer of family assets to the next generation.
Further updates to Jobkeeper 2.0
We have previously reported on the changes to the Jobkeeper wage subsidy, and in particular the movement from the current one rate for eligible employers, to a new two-tiered system. The Government has now provided additional clarification on how this will operate in practice.
Superannuation Work Test Age changes create opportunity
Changes have been made to the Superannuation Industry Supervision (Regulations) to increase the age limit for making superannuation contributions without being required to meet the requirements of the ‘work test’. This was a change announced as part of the 2019-20 Federal Budget.
Technology holds the key to hospitality’s post Covid future
Against a background of economic uncertainty, the hospitality industry, in particular the accommodation sector, is preparing to re-invent itself with recent technological investments and stringent health and safety.
Mazars expands Tax division appointing new Partner
Mazars announces the appointment of Tax Partner, Robert James, expanding its tax consulting division in Melbourne.