Latest news - Mazars

NSW – A tax choice to assist first home buying

Buyers are more likely to be able to attain their first home as a result of the core proposal in the 2022-23 NSW State Budget. Most first home buyers will have the option of escaping the substantial and growing upfront transfer duty liability and instead pay a much smaller annual property tax.

Queensland State Budget tax snapshot

The Queensland Government issued its 2023-2023 State Budget on 21 June 2022. We have outlined below the key tax changes that may affect our Queensland-based clients.

Fair Work Commission releases National Wage Case decision for 2022

On the 15th June 2022, the Fair Work Commission (FWC) released its National Wage Case decision which increased both the national minimum hourly rate and rates contained in Modern Awards.

Single touch payroll expansion – changes employers need to prepare for

Single Touch Payroll ('STP') reporting has been expanded. This expansion, known as ‘STP Phase 2’, means that employers will need to start reporting extra information to the ATO each time they run their payroll.

What to do in the current interest environment

As of the 7th of June, the Reserve Bank of Australia (RBA) has increased the cash rate by 50 basis points, bringing the current cash rate to 0.85%. This marks the second rate rise in as many months breaking the rate rise drought with the last target cash rate increase back in May 2010. What will happen next?

What you need to know about the Federal Government wage subsidies to assist with engaging and retaining apprentices

The Federal Government introduced the Boosting Apprenticeship Commencements (BAC) scheme to assist employers to engage apprentices in their workplaces.

Mazars announces appointment of new tax partner expanding international tax capabilities

Mazars, the international audit, tax and advisory firm, proudly announces the appointment of new tax Partner, Lauren Whelan as an international tax specialist based in the Mazars Sydney office. The appointment reflects Mazars’ ongoing commitment to deliver high quality bespoke services to clients and further enhances the firm’s comprehensive international tax advisory capabilities.

The Superannuation guarantee will increase from 10% to 10.5% from 1 July 2022

From 1 July 2022, the current superannuation guarantee rate of 10% will increase to 10.5%. This increase is a statutory increase and therefore compliance with the increase is mandatory. The rate of the superannuation guarantee is currently legislated to rise each year by 0.5% each July until it reaches 12%.

10 days paid domestic and family violence leave

In a decision handed down on 16 May 2022, a Full Bench of the Fair Work Commission (FWC) has provisionally approved 10 days of paid domestic and family violence leave for full time and part-time (pro-rata) employees covered by Modern Awards.

Disclosure of business tax debts

The ATO is in the process of writing to taxpayers that may have their tax debts disclosed to credit reporting bureaus (‘CRBs’) so it’s important to find out whether this initiative could impact your business.