Margin Scheme and GST Withholding Rules for Property Development
I. Margin Scheme The margin scheme is a vital mechanism within Australia’s Goods and Services Tax (GST) framework, specifically aimed at residential property transactions. Introduced under Division 75 of the GST Act, it provides a fair and practical approach to calculating GST, particularly for property developers and suppliers who might otherwise face disproportionately high tax […]
FAIR WORK COMMISSION DECIDED DELIVEROO RIDER AN EMPLOYEE
The Fair Work Commission found on Tuesday that Deliveroo rider Diego Franco was unfairly dismissed, a protection only extended to employees, on the basis that he was more akin to an employee than a contractor before he was dismissed by Deliveroo for “no valid reason”.“In this case, when consideration of all the relevant indicia, has, like the […]
SUPER GUARANTEE RATE RISING 1 JULY
The superannuation guarantee rate will increase from 9.5 per cent to 10 per cent on 1 July 2021.Employers will need to ensure their payroll and accounting systems are updated to incorporate the increase to the super rate. The ATO’s super guarantee contributions calculator is available for employers to work out how much super they need to pay.To determine if […]
PROPERTY MANAGEMENT AND RENTAL BOND DATA: ATO DATA-MATCHING PROGRAMS
The ATO has registered two data-matching notices to acquire: property management data including property owner identification details, rental property details and property manager details for the 2019 to 2023 financial years covering 1.6 million individuals each year rental bond data including landlord and managing agent identification details and rental bond transaction details from 20 September […]
