Legislation

Arabon Accountants Intergenerational Report

What will Australia look like 40 years from now?

The 2023 Australian Intergenerational Report provides a 40-year projection of the outlook of the economy and the Government’s budget to 2062–63. The report forecasts structural trends that will give current generations an insight and encouragement about what we need to be doing now to successfully navigate the future.  The report links the continued growth and prosperity of […]

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Arabon Accountants proposed industrial relations reforms

Proposed Industrial Relations reforms and what they mean for business

The Federal Government has received final submissions for a raft of proposed industrial relations reforms it hopes to introduce to parliament later in the year.  So, what do we know about the possible changes and how could they affect employers? Five key areas of change Information released by the Department of Employment and Workplace Relations

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Arabon Accountants Federal Budget

Australian Federal Budget 2023/24: the wins for small business

On Tuesday evening, Federal Treasurer Jim Chalmers handed down the 2023-24 federal budget.  A surplus of $4.2 billion is forecast in 2022-23, but an underlying cash deficit of $13.9 billion is expected in 2023-24 (and a $35.1 billion deficit for 2024-25). The budget papers note that the global economic outlook has deteriorated and is highly

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Arabon Accountants FBT electric vehicles

New FBT exemption for electric vehicles

On 12 December 2022, the Treasury Laws Amendment (Electric Car Discount) Bill 2022 was legislated to provide an FBT exemption for eligible electric vehicles. This retrospectively applies to eligible car benefits provided from 1 July 2022. The objective of the exemption is to encourage a greater take up of electric cars by making them more affordable and

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Arabon Accountants national minimum wage increase

Fair Work Commission announces 5.2% national minimum wage increase

The national minimum wage will increase to $812.60 per week, or $21.38 per hour, after a decision by the Fair Work Commission exceeds the government’s suggested 5.1% increase. The Commission decided to increase modern award minimum wages by 4.6% subject to a minimum increase for adult award classifications of $40 per week (full-time). The increase

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Arabon Accountants changes to superannuation

Two important changes to superannuation from 1 July 2022

Two important changes to superannuation will apply from 1 July 2022. As a business owner, it is important that you understand what these are, what they mean for your business and what actions you need to take. Super Guarantee rate will increase from 10% to 10.5% As a business owner, you usually need to pay

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Arabon Accountants apply for new director ID number

Applications for the new Director ID number open November 2021

Earlier this year, we wrote an article about what you need to know about the new Director ID Number.  A director identification number (director ID) is a unique identifier you need to apply for once and will keep forever. It will help prevent the use of false or fraudulent director identities. Let’s recap the new

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Arabon Accountants Best Interests Duty

What is the Best Interests Duty for mortgage brokers?

The best interests duty for mortgage brokers is a statutory obligation for mortgage brokers to act in the best interests of consumers (best interests duty), and to prioritise consumers’ interest when providing credit assistance (conflict priority rule). These two obligations are collectively referred to as the Best Interests Duty. Based on the Royal Commission’s recommendations,

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