Legal Insights
Impending Changes to Long Service Leave in Victoria
On 15 May 2018 the Long Service Leave Act 2018 (Vic) (the Act) received Royal Assent with an effective date of 1 November 2018. The Act repeals and replaces the Long Service Leave Act 1992 (Vic), provides increased benefits for various classes of employees, including in particular parents and carers, and will apply to all employees in Victoria unless explicitly excluded.
Accounting firm found liable by Federal Court for client’s underpayment of employees
The Full Federal Court handed down a significant decision on 20 August 2018, finding that accessorial liability extends to advisors involved in underpayments. The matter of Ezy Accounting 123 Pty Ltd v Fair Work Ombudsman [2018] FCAFC 134 involved an appeal by Ezy Accounting (Ezy) against penalties imposed by the Federal Circuit Court for failure to advise their client of contraventions of the Fair Work Act (Act).
Just sign here.... FWC warns against using false CFMMEU templates in enterprise agreement approval process.
Two Fair Work Commission in the last five weeks warn of the serious consequences of signing a false statutory declaration when applying for approval of an enterprise agreement.
Unpaid Family And Domestic Violence Leave
In a decision handed down by the Fair Work Commission on 6 July 2018, the content of the model term providing an entitlement for unpaid family and domestic violence leave was finalised. According to the decision, the model term will be inserted into modern awards with industry and occupational coverage as part of the 4 yearly review of modern awards and will be effective from 1 August 2018.
Does the world stop spinning for the World Cup?
Last month, France claimed its second World Cup since its inception by defeating the fairytale story of the tournament, Croatia, 4-2 in an action-packed final. The match was filled with drama, with an own-goal, pitch invaders and heavy rain, but the outstanding display of sporting brilliance shone through.
Cryptocurrencies – keep your records
In light of the ATO’s current position that income from cryptocurrency sales will generally be taxed under capital gains tax (CGT) provisions and increased scrutiny on cryptocurrency transactions, taxpayers should ensure they keep accurate records of cryptocurrency transactions.
Cryptos, CGT and the Personal Use Asset Exemption
Did you or do you currently hold cryptocurrencies? Did you sell any cryptocurrencies before finding out that the Australian Tax Office (ATO) would vigilantly tax cryptocurrency sales? Are you left scratching your head after reading the ATO’s guidance? If so, you are one of many Australians currently finding themselves in an uncertain tax situation.
Be careful with credit card surcharges
This week Cruisin Motorhomes paid a $12,600 penalty following an infringement notice from the ACCC alleging a breach of the excessive payment surcharge laws as outlined in the Competition and Consumer Act 2010. The ban on excessive surcharge payments has been in place since September 2017.
The Return of a King
LeBron to LABron – in the biggest off-season news in the NBA, the league’s pre-eminent player, ‘King James’, last week announced that he had agreed to a lucrative deal to play for its most famous franchise, the Los Angeles Lakers.
Corporate tax residency – who controls your foreign entities?
Foreign companies that may be controlled by an Australian entity should review their decision-making based on the Australian Taxation Office (ATO) Taxation Ruling, TR 2018/5 (TR 2018/5). It is timely for Australian groups with foreign-incorporated subsidiaries to consider whether they are appropriately managing tax residency risk by re-visiting and/or implementing tax residency protocols and ensuring that they can be applied practically.
Government To Consider Individual Tax Residency Rules
This week the government released the Board of Taxation report on a new tax residency model for individuals with a position that further analysis and consideration on the key recommendations is required before the Government takes a position.
Automated processes: When does the Commissioner of Taxation make a ‘decision'?
The recent Federal Court decision of Pintarich v Deputy Commissioner of Taxation [2018] FCAFC 79 considered whether from the Australian Taxation Office (ATO) purportedly remitting the taxpayer’s amounted to a ‘decision’ by the Commissioner of Taxation (Commissioner).
Labour Hire Licencing Bill 2017 (Vic) passed in the Legislative Council
The Legislative Council have this week passed legislation to regulate labour hire in Victoria. The Labour Hire Licencing Bill 2017 (Vic) was passed by 21 votes to 19, with minor amendments to be returned to the Legislative Assembly for endorsement.
Which tax rate? Five things corporate beneficiaries should be doing
As 30 June rapidly approaches, taxpayers and their advisors face not knowing whether a 30% or 27.5% tax rate applies to certain companies for the 2018 income year.
ACCC Franchising Submission
The new Franchising Code of Conduct (FCC) regime commenced on 1 January 2015 with the aim of updating franchising laws in Australia, including assisting franchisees in positions of weaker bargaining power.
New Requirements for Land Sales and Developers
The new financial year will bring in a number of changes to the property industry. Developers need to plan for these changes to ensure compliance and avoid any delays or other adverse implications once the amendments take effect.
Minimum wage increase from 1 July 2018
The Fair Work Commission (Commission) have today determined that it is appropriate to increase modern award minimum wages by 3.5 per cent, raising the national minimum wage to $24.30 a week. The new changes come into effect from 1 July 2018.
Lessons From Stojic: It Is Better To Under Promise And Over Deliver When Negotiating Payment Arrangements With The ATO
The Commissioner of Taxation (Commissioner) has power pursuant to section 255-15(1) of Schedule 1 to the Taxation Administration Act 1953 (TAA) to permit a taxpayer to pay off its tax debts by instalments in accordance with a payment arrangement. The recent Federal Court decision of Stojic v Deputy Commissioner of Taxation [2018] FCA 483 (Stojic), which dismissed an application by the sole director and shareholder of the taxpayer company to review a decision by the Commissioner to decline to exercise that power, provides two important lessons.
Standards shake-up for Financial Advisors
Amongst the tidal wave of criticism of the financial planning industry in the wake of the royal commission, education and ethical standards is one area a new amendment to the Corporations Act will seek to address from 1 January 2019.
GST Withholding: Draft ATO Guidance At Odds With Explanatory Memorandum
On 29 March 2018 the Treasury Laws Amendment (2018 Measures No. 1) Act amending the Taxation Administration Act 1953 (the Act) received Royal Assent.