HFB will keep you up-to-date as information unfolds…
The ‘Backpacker Tax’ and the High Court
The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact. Since 2017, the ‘backpacker tax’ has taxed the first dollar of income a backpacker earns in Australia - regardless of their residency status - at the working holiday maker tax...
The top Christmas Tax Questions
Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our top issues: Staff gifts The key to Christmas presents for your team is to keep the gift: spontaneous, ad hoc, and from a tax perspective, below $300 per...
Directors Identification Number (DIN) – Foreign Directors of Australian Companies
All foreign directors of Australian companies are required to apply for their director ID using the paper form. Application form The Director identification application form is accessible here:...
Are you a Director of an Australian Company?
Are you a Director of an Australian Company? From 1 November 2021 you will need to apply for a unique director identification number (DIN), which verifies your identity. Non-compliance will result in hefty fines. The director ID will be attached to a director...
National licence recognition for Tradies
Draft legislation expected to start from 1 July 2021.Builders, electricians, plumbers, architects, real estate agents, security guards and other workers who hold an occupational licence in their home state or territory and who want to do the same work in another state...
Did your super fund receive a compensation payment?
Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or...
Divorce & Superannuation
New legislation will help prevent superannuation assets from being hidden during divorce proceedings.From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court. The...
Superannuation equalisation
Where couples have significantly different superannuation account values but are of a similar age, there are options available that assist in ‘evening out the gap’. Where one spouse is close to or likely to reach their transfer balance cap (between $1.6m and $1.7m),...
Mental Health Support for Business Owners
Owners Running a business can be an isolating experience. And, with COVID-19 lockdowns and disruptions to trade, the pressure can be intense.NewAccess for Small Business Owners is a free and confidential mental health program developed by Beyond Blue to give small...
What now? Unwinding the Pandemic
Australia’s two largest states and the ACT are in lockdown as the Delta strain of COVID-19 takes its toll while others are standing firm on a policy of eradication. The result is a country at a policy impasse and divided by border restrictions. And - it is not just...
