Benchmark Accounting Solutions in Newcastle, New South Wales | Accountant

Benchmark Accounting Solutions

Locality: Newcastle, New South Wales

Phone: +61 458 714 716

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• Business service
• Tax preparation service
• Accountant
• Business consultant

23.01.2022 Tax Cuts "Impractical" While supportive of the corporate tax rate cuts, the head of the Tax Institute has expressed concern that they may prove detrimental to the bigger tax picture in Australia if done in isolation. The institute’s senior tax counsel, Professor Robert Deutsch, has told My Business’ sister publication Accountants Daily that he supports the government’s move to lower the corporate tax rate to 25 per cent, but he has two key reservations about the move and its ...implementation. First, the manner in which this is being done brings with it some complex transitioning provisions that are unnecessary and impractical, [such as] what is passive income and changes to the franking rules, Professor Deutsch said. Secondly, reducing the corporate rate but retaining current personal rates will leave a huge gap between the corporate rate and the top personal rate. This will create an environment rife for tax avoidance with the incentive to utilise the corporate rate becoming almost irresistible. Read more: https://www.mybusiness.com.au//3467-tax-head-attacks-impra

22.01.2022 Beware of Motor Vehicle Claims The ATO have announced further plans to crack-down on work-related deductions, this time focusing on cents per km claims for motor vehicle usage as the legislation provides that written evidence is not required to substantiate the deduction. As always, you must be eligible to claim your motor vehicle expenses, the expense has actually been incurred and you must be able to show how you calculated the claim. There is no 'free pass'!... Read more at: https://www.mybusiness.com.au//3267-popular-tax-deduction-

15.01.2022 Penalty Rates: Union loses court appeal against cuts to public holiday and Sunday pay The Shop, Distributive and Allied Employees Association challenged the validity of the cuts in the Federal Court but today, the Federal Court of Australia struck down the union’s challenge, stating that suggestions the Fair Work Commission had gone beyond its remit by cutting rates were invalid and that the commission met its legal obligations when it handed down its decision to cut Sunday a...nd public holiday penalty rates for full-time and part time workers in February. Australian Small Business and Family Enterprise Ombudsman Kate Carnell welcomed the decision, saying that as small business owners did not have the capacity to negotiate enterprise bargaining agreements, this decision would level the playing field with big-business which used them to trade penalty rates for union membership and higher base rates for employees. She also added "People's lifestyles have changed over the past 20 years. Fewer people go to church and many people want to work and shop on Sundays and public holidays".

08.01.2022 Xmas Shut-downs - what every employer should know Paul Munro 3 October, 2017 Many employers opt to close down their business over the Christmas-New Year period and send workers on annual leave.... The reasons for doing so vary industry custom and practice, operational requirements (clients or suppliers have closed), routine maintenance of plant and equipment or because most staff usually request annual leave during this period as it coincides with school holidays. The right of an employer to send an employee on an annual close-down is subject to the terms of the applicable modern award, enterprise agreement or, in the case of an award/agreement-free employee, the National Employment Standards. Generally, an employer is required to give employees the prescribed period of notice of a close- down. A close-down for annual leave over the Christmas-New Year period will also be affected by several statutory public holidays. See more: http://workplaceinfo.com.au//xmas-shut-downs-what-every-em

05.01.2022 ATO reveals worst excuses for late lodgement The Australian Taxation Office has issued a warning about lodging annual tax returns on time, while simultaneously revealing some of the most creative and outlandish excuses it has received for late lodgement. In issuing its annual warning to individual taxpayers about the impending 31 October deadline to lodge returns, ATO assistant commissioner Kath Anderson released some of the funny, bizarre and downright dishonest justificatio...ns people have used to try and avoid penalties for being late with their tax return. The best one? My accountant has gone to prison. He is working on it, but it’s taking longer than normal because he can’t access a computer. Love it!! See more: https://www.mybusiness.com.au//3465-ato-reveals-worst-excu

02.01.2022 Penalty Rates: Union loses court appeal against cuts to public holiday and Sunday pay The Shop, Distributive and Allied Employees Association challenged the validity of the cuts in the Federal Court but today, the Federal Court of Australia struck down the union’s challenge, stating that suggestions the Fair Work Commission had gone beyond its remit by cutting rates were invalid and that the commission met its legal obligations when it handed down its decision to cut Sunday a...nd public holiday penalty rates for full-time and part time workers in February. Australian Small Business and Family Enterprise Ombudsman Kate Carnell welcomed the decision, saying that as small business owners did not have the capacity to negotiate enterprise bargaining agreements, this decision would level the playing field with big-business which used them to trade penalty rates for union membership and higher base rates for employees. She also added "People's lifestyles have changed over the past 20 years. Fewer people go to church and many people want to work and shop on Sundays and public holidays".