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November 2019   |  Newsletter

 

Modern Slavery Act

Compliance

The Modern Day Slavery Act took effect in Australia on 1 January 2019. Business and other organisations with consolidated revenue above $100 million are required to report annually on the risks of modern slavery in their supply chains and operations. The report needs to address the assessments of risks of modern slavery, how the risks are addressed and the effectiveness of the responses. The statements are to be approved by the board of directors.
 
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Debt forgiveness due to love and affection

The rules around Div 7A are complex and may have become more so with the release of a draft taxation determination from the ATO in relation to debts forgiven. Contrary to previous guidance, the draft determination now indicates only natural persons can forgive debts by reasons of natural love and affection. Therefore, private companies will no longer be able to use this exemption on debts forgiven. If your private company has previously used this exemption, beware as the Tax Office has indicated that it will apply this new view in any litigation matters.
 
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Super guarantee opt-out for high income earners

If you’re a high-income earner with multiple employers, there is a good chance that you may unintentionally exceed the super concessional contributions cap in any year, which may cause excess contribution issues. To remedy this, laws have recently been passed to allow you to opt-out of super guarantee. All you have to do is apply to the ATO, but it’s a good idea to speak to your employers first as it may impact relevant awards or workplace agreements that you have in place
 
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