News & Tax Insights

Super guarantee

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Question: We contracted a person for work. He gave us a tax invoice with ABN, GST etc. He was paid for services. There was no written contract, but we told him verbally that superannuation was included in the hourly rate. Now he wants to be paid super for the period he worked for us. We believe he is not entitled because of our agreement.   The Tax Office rang as he reported us from not paying super. Now we have to pay the super plus late fees, plus 10%. We believe this is not correct. Do you have any answers…

August 2011 – A day in the tax life of …

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... previously on tax life ... Sam was well in control of her responsibilities as executor of her brother Mick’s estate. The family seemed to all be reasonably okay with the estate process thanks largely to the planning and communication that Mick had put in place before his passing. Covenants Sam’s business was up and running with orders in-hand and, despite the bank’s last minute shenanigans, the necessary finance package had been negotiated and bedded down. Powerless!It was time for the quarterly report and calculation of loan covenants for the bank. Although Sam had negotiated hard on the loan security,…

Our View

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In this edition we report the tightening of Chinese money supply (see Could China's tight money crash Australian mines?) and the potential impact on coal and iron ore exports. Is there a real risk to the Australian economy from Chinese contraction? In a report first published in Business Spectator, Karen Maley argues that a rebalancing of the Chinese economy away from exports (and associated significant investment) and towards domestic consumption will also have significant risks for our mineral exports. Maley argues that Chinese exports will inevitably decline with the slowing world economy and further depreciation of the US dollar. She…

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