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Barker & Jennings Blog

Trust distributions to minor beneficiaries

June 8, 2012

Does your Family Trust make distributions to minor beneficiaries? Due to recent changes to the laws relating to trusts, you need to ensure you disclose all passive income your children receive, otherwise you may find yourself taxed at the highest marginal rate of 45%! Call us now to allow us to ensure this doesn’t happen…

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Directors penalty notices – are you liable?

June 5, 2012

Are you a director of a company? Do you have employees? Due to the increased power given to the Australian Tax Office, you, as a director of your company, will be held liable for the company’s Pay As You Go (PAYG) Withheld and 9% superannuation obligations if they are not met by your company. Call us…

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Tax changes – effective 1 July 2012

June 4, 2012

Do you have Private Health Cover? Have you contemplated prepaying your Private Health Premium? Due to the impending changes to the tax system, you may be able to save up to $500 by speaking to us on or before 25 June.

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Division 7A loan – what are your obligations?

June 1, 2012

The ATO powers have now been increased, if you have a company loan and you do not make an actual cash payment prior to June 30, you will be in default and penalties will apply. Call us now to find out what your repayment obligations may be and to ensure the ATO do not impose…

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New national business names register

May 23, 2012

A new national business names registration will replace the current state and territory registers so that businesses only need to register their name with a single national register. The new national register will commence on 28 May 2012 and be managed by the Australian Securities and Investment Commission (ASIC). The new ASIC business names register…

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Guide for employers

April 2, 2012

Are you aware of your obligations as an employer? Have you been withholding the right amount of PAYG withholding tax from your employees wages? Are you meeting the superannuation requirements? If you employ or contract workers into your business, either full-time or part-time and including family members or yourself as director, you may have tax and…

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Personal tax changes effective 1 July 2012

April 2, 2012

On 10 July 2011, the Australian Government announced changes to the personal income tax system as part of the plan for a clean energy future. The tax changes will reform the structure of the personal tax system, making it simpler and more transparent. From 1 July 2012, the Government will deliver tax cuts to low…

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ATO Exposure Draft – Reporting Taxable Payments

December 16, 2011

Further to the below blog, please see the here relating to reporting taxable payments in the building and construction industry. Independant Contractors – Reporting The link above is an extract from Pitcher Partners recent newsletter – the Australian Taxation Office (ATO) is clamping down on contractors/subcontractors and for that matter, so is the State Revenue Office…

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Barker & Jennings Update, November 2011

November 24, 2011

Directors Penalty Notices – Employee PAYG and Superannuation proposed legislation before Parliament amending the Directors Penalty Regime was yesterday! The proposed legislation was to include amendments to: allow the ATO to immediately (without first issuing a Director Penalty Notice) commence recovery of all director penalties when the company’s unpaid liability remains unpaid and unreported three…

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Directors now personally liable

September 13, 2011

We have blogged this before – you may recall the liability that a director or directors can face for not lodging and paying BAS’s on time and also for not paying employee compulsory (9%) superannuation on time. The latest sting in the tail for company directors is that the ATO no longer has to issue…

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