|
Contractor or employee? We see this issue a lot with our clients, and it is important to have detailed knowledge and understanding about the relationship of your employees and contractors when running a business.  Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns.
Where there is a written contract, the rights and obligations of the contract need to support that an independent contracting relationship exists. The fact that a contractor has an ABN does not necessarily mean that they have genuinely been engaged as a contractor.
0 Comments
Superannuation Contribution Cap increases – changes announced On the 22nd February 2024, the Federal Government announced that for the first time in 3 years, there will be an increase in the standard concessional and non-concessional superannuation contribution caps. This increase is a result of the increase in wages growth data (Average Weekly Ordinary Time Earnings - AWOTE) by the Australian Bureau of Statistics and while expected, is a welcomed announcement alongside Stage 3 Tax Cuts, meaning that all Australians may have additional disposable income to enable them to contribute more into Super.
The Victorian Government is progressively abolishing stamp duty for commercial and industrial (‘C&I’) properties that have contracted and settled from 1 July 2024, with stamp duty to be replaced for these properties by a new Commercial and Industrial Property Tax. Victorian SMSF trustees, in particular, that invest in commercial and industrial property from 1 July 2024 will also need to be aware of how a new tax will work. While it is not yet law, it leaves just only 3 months to plan ahead.
There are approximately 265,000 commercial and industrial properties in Victoria, and the intention is that by removing upfront costs on these types of property purchases will accelerate business growth and boost jobs. Not lodging FBT returns The ATO is concerned that some employers are not lodging FBT returns when required to. If your business employs staff (even closely held staff such as family members), and is not registered for FBT, it’s essential to ensure that the position is reviewed to check whether the business could potentially have an FBT liability.
|
AuthorHansens is a team of accounting professionals that love what we do. The observations and opinions in the articles written here, aim to challenge, inspire and provoke change into making your business better! Archives
February 2025
Categories |
RSS Feed
|
Head Office
Suite 3, 1 Hardner Road, Mount Waverley VIC 3149 Mailing Address PO Box 242 Mount Waverley VIC 3149 (03) 8805 8000 |
(03) 8805 8000
|
“Liability limited by a scheme approved under Professional Standards Legislation”
Site powered by addonsite