Tag: Economy

Backpacker Tax Ruled to Be Discriminatory

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Some foreign travellers are likely to benefit from a recent ruling by Australia’s High Court that found the backpacker tax to be discriminatory.  Following the filing of a case by a British woman who claimed she was unfairly taxed during the time she worked as a waitress in Sydney in…

New Superannuation Law Takes Effect

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As part of Super Reforms, the Treasury has confirmed that from November 1, Australian workers can expect their superannuation account to follow them when they change jobs. With hundreds of thousands of Australians changing employers every year, it has become common practice for new superannuation accounts to be opened. According…

Employers Risk Prosecution for Underpayment of Workers

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The Fair Work Commission (FWC) has found that workers have been underpaid to the tune of over $148 million in the 2020-2021 period. This is 20% more than was reported from the previous year. The investigations found that this record breaking amount of unpaid wages and entitlements applied to 69,735…
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NSW Offers $66M Stimulus to Support Alfresco Dining

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In a bid to boost the state’s hospitality industry, the New South Wales government has launched a $66 million stimulus package dubbed the “Alfresco Restart”. This stimulus is aimed at helping businesses, including restaurants, cafes, and bars, revamp and expand into outdoor dining as lockdown measures are expected to ease…

ATO’s Examines Pandora Papers

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The Pandora Papers was a leak of millions of documents that released previously hidden away tax information. The Australian Tax Office (ATO) has been working since the release to examine every piece of information to check on Australians. The ATO examines and investigate tax evasion throughout the year but the…

ASIC Offers Relief to Companies Under External Administration

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The Australian Securities and Investment Commission (ASIC) has announced plans to provide regulatory relief for businesses in external administration. This move will see much red tape cut when it comes to fulfilling financial reporting and annual general meeting (AGM) obligations. Companies that are in external administration are still expected to…

New Regulations to Look Out for with The Incoming Better Advice Bill

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The government has submitted for consultation exposure draft regulations for the Better Advice Bill. The bill was passed in the House in early August and is expected to go into effect on 1 January 2022. Amongst its proposed changes are plans to transfer functions from the Financial Adviser Standards and…
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ATO Highlights Need to Report Gig Economy Incomes

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The Australian Tax Office (ATO) has noted a growing number of people have taken up side hustles during the pandemic. This has led to a growing number earning extra income that often goes undeclared at tax time. Amongst the highlighted online gig and share economy platforms that people are using…

Unemployment Rate Falls

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The Covid-19 pandemic has impacted the economy and jobs from every industry. This global pandemic has made previously easily trackable data more complex in these challenging times. Unemployment statistics have fallen according to the Australian Bureau of Statistics (ABS). Statistics show that it has dropped to 4.5% which might have…