New Financial Year Updates

Posted by Malcolm Campbell on 02 July 2014

The 2013 – 2014 financial year has now come to an end. However, many responsibilities and opportunities come with this time of year.

If your business is in the Building and Construction Industry, reporting contractor payments via your Taxable Payments Annual Report to the ATO will be due on 21 July.

Superannuation guarantee payments will rise as of 1 July 2014 from 9.25% to 9.5%. The rate of 9.5% will then be maintained until the end of the 2017 – 2018 financial year.  Our previous article on the outcome of the first Abbott government budget sets out the new schedule: Superannuation Guarantee Update.

Whilst we have not had any major changes in the landscape of employment law of late, you may wish to consider if the following areas of your business should be updated:

  • Employment Contracts;
  • Employment Policies; 
  • Business Terms and Conditions; and
  • Employee or Contractor - do you have your employees classified correctly?

Other areas you may require assistance with includes:

  • Debt recovery (if you have significant outstanding amounts owed to you at the end of the financial year you may wish to commence recovery proceedings);
  • Intellectual Property – is you investment in developing unique ideas protected?
  • Tax Debt – don’t ignore the inevitable if you find yourself owing outstanding monies to the ATO. Seek legal advice early to attempt to work out a payment plan;
  • Sale or Purchase of business; or
  • Commercial litigation

If you are concerned you may not be currently up to date with the legal aspects of your day to day business, Dooley and Associates offer a Free Business Health Check. We are able to undertake an analysis of your individual requirements to identify risks and opportunities and suggest solutions for your particular business area to ensure you comply with changed or changing laws. Contact our office on (02) 9890 4755 to speak to one of our team who would be happy to organise your Check.