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ATO warning regarding annual leave loading and OTE! The ATO has recently warned employers that it considers that annual leave loading should normally be part of ordinary time earnings ('OTE') for superannuation guarantee ('SG') purposes, unless it is referrable to a "lost opportunity to work overtime". If employers have self-assessed on the basis that their annual leave loading is not OTE, and there is a lack of evidence to demonstrate the purpose of the entitlement: there is a risk that they may have SG shortfalls and be liable for the SG charge. However, the ATO acknowledges the uncertainty around this topic - it is difficult to identify the purpose for annual leave loading entitlements. They will apply a concessional compliance approach where certain requirements are met. If this is a concern for your business, please contact our office and we can help with your SG obligations! ... See more
Common errors with new GST withholding rules The ATO has noticed some common errors made in activity statements since the introduction of "GST at settlement" on 1 July 2018. These new laws require purchasers to withhold GST on settlement generally when buying 'new residential premises' from developers. The new "GST at settlement" law doesn't affect a supplier’s obligation to lodge their activity statement and report their GST liabilities on taxable supplies in the activity statement period in which settlement occurred. In addition, suppliers are advised not to report GST that has been withheld by the purchaser. Instead, a credit for the amount the purchaser withheld and paid will appear on the supplier's activity statement account once the activity statement is processed. ... See more
Rare part time role for a senior accountant.....
A Senior Business Services accountant great chance for exciting career growth and partnership opportunity