We all get bombarded with information from every source possible and frankly, it's too much. Even if you haven't already flicked it into spam you probably don't have time to read it. We call it Information Overload. So, on this page we've selected big picture news items we think are relevant and of interest to our clients.
From 1 July 2013 the following changes came into effect:
With the new financial year upon us, people are gathering their information for preparation of their tax returns for 2012. With changes to taxation levels and less availability for making super contributions for those over 50, paying more tax seems to be a reality.
On 29 June 2012 the government passed legislation to amend the director penalty regime to make company directors personally liable for unpaid superannuation contributions. While the changes are important for making the payment of employee superannuation and PAYG a primary consideration, the changes impose more onerous personal obligations on directors. Directors of companies experiencing a cash flow crisis need to be aware of the changes and take steps to mitigate their potential personal liability.
Recorded: 31st May 2012
At its meeting today, the Board decided to lower the cash rate by 50 basis points to 3.75 per cent, effective 2 May 2012. This decision is based on information received over the past few months that suggests that economic conditions have been somewhat weaker than expected, while inflation has moderated.