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Our Blog


5 things that will make or break your business’ Christmas

By Heaney Business Group

The countdown to Christmas is now on and we’re in the midst of the headlong rush to get everything done and capitalise on any remaining opportunities before the Christmas lull. Busy period or not, Christmas causes a period of dislocation and volatility for most businesses. This dislocation and volatility mean that it is not ‘business  … Read more

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Super guarantee opt-out for employees with multiple employers

By Heaney Business Group

Employees with multiple employers can now opt-out of superannuation guarantee from all but one employer. Employers are required to pay 9.5% superannuation guarantee for all eligible employees. But what happens if you are an employee with multiple employers? Until recently, these compulsory payments meant some employees risked unintentionally breaching their concessional contributions caps. New laws,  … Read more

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The Super Guarantee timing trap for employers

By Heaney Business Group

How employers are being caught out by the timing of superannuation guarantee payments. Employers can generally only claim a deduction for superannuation contributions in the income year in which the contribution is made. Super contributions are made when the payments are received by the trustee of a complying superannuation fund. It’s not uncommon for employers  … Read more

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Are You Paying Your Staff Correctly? Woolworths $200m plus Remediation

By Heaney Business Group

Woolworths is the latest company to facing fallout from the underpayment of staff. In what is believed to be the largest remediation of its kind. Woolworths have stated that they have underpaid 5,700 salaried team members with remediation expected to be in the range of $200m to $300m (before tax). The discovery was made as  … Read more

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Calculating Superannuation Guarantee: The New Rules

By Heaney Business Group

From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer. Under current rules, some employers are paying SG on the salary less any salary sacrificed contributions of the employee. Currently, employers must  … Read more

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Tax alert: Distributions to non-resident beneficiaries

By Heaney Business Group

The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some. Two new determinations released by the ATO deal with the complex and technical issues. These arise when a resident discretionary trust makes a distribution of capital  … Read more

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Super Guarantee Amnesty Resurrected

By Heaney Business Group

The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time, however, the incentive of the Super Guarantee Amnesty Resurrected is strengthened by harsh penalties for those that fail to take action. Originally announced in May 2018 and running between 24  … Read more

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Uber Is Not A Taxi Service for Fringe Benefit Tax purposes

By Heaney Business Group

Good News, the outdated FBT rules for Uber Drivers are set for a legislative change. Treasury has released an exposure draft under the Treasury Laws Amendment Bill 2019.  It seeks to replace the word “taxi” and change it to read “a car used for taxi travel (other than a limousine)”. The ATO confirmed that the  … Read more

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Diversity in Self Managed Superannuation Funds (SMSFs)

By Heaney Business Group

Making a deliberate decision to have little diversity in Self Managed Superannuation Funds (SMSFs) is a choice many trustees make. Choosing to do this is acceptable however you must be able to prove this was an active decision and be able to justify your reasoning. The Australian Taxation Office (ATO) has stated: “a lack of  … Read more

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