Latest news - Forvis Mazars

Immediate action required: Changes to Award wages and the employer superannuation rate

On 2 June 2023, The Fair Work Commission (FWC) announced the Annual Wage Review 2022-23 decision which increased the minimum wage and Modern Award rates by 5.75%.

ACNC new related party transactions reporting requirements – for transparency and accountability in charities

For the annual reporting period from 1 July 2023, the Australian Charities and Not-for-profits Commission (ACNC) has mandated that all registered charities (except for Basic Religious Charities) to disclose related party transactions in their annual financial reports. This measure promotes transparency and greater accountability to the communities.

Stay ahead of the curve: Embrace changes to flexible work and unpaid parental leave disputes.

In today’s rapidly evolving work landscape, where the need for work-life balance and gender equality has gained significant traction, several important changes have been implemented to address concerns related to flexible work arrangements and unpaid parental leave disputes.

The impact of rising interest rates on transfer pricing

With rising inflation and multiple key interest rate increases, multinational enterprises should consider reviewing the prices of their intercompany financing transactions, which may no longer align with the arm’s length principle.

Now its India, Japan, Norway and Switzerland – More Refunds of NSW Duty and Land Tax Surcharges

Earlier this year, the NSW Government announced that the NSW residential land foreign person surcharge provisions are inconsistent with international tax treaties entered into by the Federal Government. Now it has been announced that citizens of India, Japan, Norway and Switzerland are relieved from the foreign person surcharges. They join the citizens of New Zealand, Finland, Germany, and South Africa who received their good news in February.

National Minimum Wage and Modern Award rates increase announced

On Friday 2 June 2023, the Fair Work Commission (FWC) handed down the Annual Wage Review 2022-23 decision.

Queensland Zero Emission Vehicle Rebate Scheme

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The Queensland Zero Emission Vehicle (ZEV) Rebate Scheme may be of interest if you're planning to purchase a new electric vehicle.

National Net Zero Authority facilitating Australia's transition towards sustainable energy

On May 5th, 2023, the Climate Change and Energy Minister Chris Bowen from the Albanese Government published a media release on a national Net Zero Authority, which presents further ESG opportunities especially those in Regional Australia.

Victorian Budget – Tax hikes and tax reform

The first lesson one learns in Economics 101 is that “there is no such thing as a free lunch”. The Victorian Treasurer, Tim Pallas, has applied that lesson in dramatic fashion with substantial tax increases announced in the State Budget on 23 May 2023. Faced with a burgeoning interest bill rising to $8 billion a year, Victoria will raise taxes for 10 years to pay off the massive debt accumulated to address Covid.

Dangers in the ‘Do-It-Yourself’ approach when selling your business

You wouldn’t think twice about contacting a real estate agent when selling your house, why is it any different when selling your business? The same principles apply and are magnified during the sale of a business as in most cases, businesses are worth more than real estate.