In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest.
Counting of votes for the recent Federal Election continues with the Coalition likely to win two additional seats in the House of Representatives to secure a majority Government to be led by Scott Morrison.
The election result means that the ALP tax policy agenda will not be proceeding, including the controversial policies around negative gearing and franking credits.
Whilst the election result creates a clearer outlook on the tax policy landscape, the Coalition Government will still be required to contend with a Senate in which the balance of power is held by minor parties and independents. In the past this has presented significant challenges in getting legislation passed.
The first challenge for the Morrison Government will be to deliver on their announced Low & Middle Income Offset (LMITO) which is to have application for the current financial year. For more information, please do not hesitate to get in touch.
2019 Australian Accounting Awards
In April, Sky Accountants were named one of the 10 finalists in the 2019 Australian Accounting Awards in the Innovator of the Year category.
The winners were announced at the Award Night on Friday the 24th of May. Sadly, 2019 was not our year to win top honours.
Notwithstanding, we are proud to have been named a finalist and wholeheartedly congratulate all of the winners and thank the organisers for their efforts to recognise those who are leading our profession.
With the end of financial year now in sight, now is the time to finalise your tax planning and to make preparations for the new year.
It also involves making sure that you are ready to issue payment summaries to employees by the 14th of July, making sure that you are ready for Single Touch Payroll and completing Payroll Tax annual reconciliations.
If you need assistance with your tax planning and/or getting ready for the new financial year, please do not hesitate to get in touch.
Community Clubs Victoria (CCV) Awards
Each year CCV recognises the high performing individuals and clubs that contribute to Victoria’s thriving clubs industry and the communities in which they operate.
This year, the winners were announced at the gala evening on the 4th of May 2019.
Annual Wage Review
The Fair Work Commission is responsible for reviewing and setting minimum wages. Each financial year the Commission’s Expert Panel conducts an annual wage review, and issues a decision and national minimum wage order for employees not covered by an award or agreement.
The decision and order generally come into operation on 1 July.
The annual wage review directly affects employees who are:
- covered by a modern award or a transitional instrument, or
- not covered by either an award or an agreement.
The final consultations were held in Melbourne and Sydney on the 14th and 15th of May with the updated minimum wage and award rates expected to be published in the lead up to EOFY.
Employers should keep an eye on the pay guides on the FWO website to ensure that they apply the correct rates leading into the new financial year.
If you need assistance, please do not hesitate to get in touch.