The elephant in the room of SMEs

It now seems that an old elephant in the room – about the misconduct of banks and financial institutions – has been revealed by the Hayne Royal Commission. Bleak as my comment may be, I suspect that if a Hayne were to inquire into many areas of business in Australia he would find the same […]

Ensuring employees’ super gets paid

The term ‘pussyfooting’ comes to mind when looking at the government’s proposed new ‘tough’ approach to employees’ unpaid super contributions by employers.[1] Varying estimates unpaid are from $2.8m to $5.6 and more, and said to be growing annually. The various enforcement and re-education measures in the 6,600 word Treasury Laws Amendment (Taxation and Superannuation Guarantee […]

Black Economy Taskforce: Consultation Paper

The Black Economy Taskforce has released a discussion paper outlining a number of additional policy ideas which draw on its recent public and stakeholder consultations. It asks for responses quickly, by 14 August 2017. The 54 ideas outlined in the Taskforce’s paper are said not to be recommendations, but intended for public comment and reaction. […]

Unpaid super – just rounding up the usual suspects

A Senate Committee has produced yet another typical report that goes round in the usual circles of recommending the implementation of previous recommendations – director identity numbers, more ASIC and ATO exchanges of information, and more “enforcement” and “resources” for the regulators. These are all the familiar and usual suspects in Committee reports, with pliant media in tow.   Reform lies […]

Unpaid super, again; single touch payroll; penalties, and more

The Senate Economics References Committee is conducting another inquiry into the problem of the non-payment of superannuation by employers of their employees’ superannuation.  To state the problem is to prompt a ready answer, that it should not be left up to the employer to pay the super, rather the super should be extracted at source […]

Credit reporting of tax debts – one measure among many

From 1 July 2017, the Government has announced that it will allow the Australian Taxation Office (ATO) to disclose to Credit Reporting Bureaux the tax debt information of businesses that “have not effectively engaged with the ATO to manage these debts”. This was announced in the Mid-Year Economic and Fiscal Outlook (MYEFO) on 17 December […]

Late payers – what to do? and the ATO wants to know as well

An inquiry into late payments to creditors has been commenced by the Australian Small Business and Family Enterprise Ombudsman. A report is due by March 2017. The inquiry aims to establish an accurate picture of the trends in payment terms that have emerged in recent years in commercial arrangements between large and small businesses as […]

Single touch payroll – on its way into law

The Senate Standing Committee on Economics has given a report on the Budget Savings (Omnibus) Bill 2016 and has endorsed the Bill’s provisions for single touch payroll. The Committee reported: 5.35    Single Touch Payroll (STP) reporting is designed to reduce the compliance costs for employers meeting their Pay as you go (PAYG) withholding obligations by using Standard […]

Single touch payroll – disrupting the way things have been done

Single-touch payroll (STP) legislation was introduced into federal parliament on 31 August 2016 through the government’s Budget Savings (Omnibus) Bill 2016.  This law would eventually remove unfair reliance by business on what is often said to be “Australia’s largest bank” – the ATO – and lessen the extent to which the ATO is, as at […]