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Taxation Strategy & Compliance

The Impact of the Bushfires on the Aussie GDP and Further Interest Rate Cuts

It seems likely that given the damage caused by the bushfire issues in Australia and their impact on GDP that the RBA will cut interest rates by a further 25 basis points in their February meeting.

The ATO Are Getting Even More Creative in Their Hunt for Tax Evaders

It will come as no surprise that the ATO is data matching with Australian Insurance Companies looking for high valued items such as luxury vehicles, yachts, thoroughbred horses, fine art and aircraft and matching their ownership with ATO records.

Working Together With Your Team To Maintain Safe Work Practices

Workplace Health and Safety (WHS) or OH & S as it is more commonly known is a major issue for management. Full compliance with WHS laws and regulations is essential to avoid significant penalties.

Don’t Put Yourself At Risk With Bad Superannuation Practices

Superannuation Guarantee was introduced by the Federal Government in 1991 initially with a charge of 3% on all eligible wages and subsequently increased in various stages to its current level of 9.5% of ordinary time earnings.

It goes without saying that failure to comply with statutory and other legal obligations will result in either significant fines and penalties, incarceration of office holders and ultimately business failure. Compliance is not only critical it is non-negotiable for any business as the costs of non-compliance are not to be contemplated.
The business environment in Australia is littered with compliance issues including income tax, goods and services tax, payroll tax, superannuation guarantee and occupational health and safety, to name a few.
Management must ensure that they both understand the obligations pursuant to any act and that they fully comply at all times.

Albert Scholten

Senior Advisor, Taxation

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