Finance EoFY Wrap-up

Finance Market It has been an interesting year for the finance market with a lot of uncertainty which was highlighted in the way of a royal commission. The BIG4 banks were put under the microscope but tried their best to shift the spotlight to every other part of their world. This meant that the mortgage broking industry and others had the spotlight put on them. This wasn’t and is never…  Read more

REMINDER: Tax Returns must be lodged by 30 June 2019 for lump sum claims for family assistance and for balancing family tax benefit payments

The Dept of Human Services allows a period of one year to submit a lump sum claim for family assistance and confirm your income for that year. If you wish to submit a lump sum claim for the 2018 financial year for the following: Family Tax Benefit (FTB); Child Care Benefit (CCB); or Single Income Family Supplement (SIFS) if you do not receive FTB for the whole year; you and…  Read more

Prepare your business for a 3% increase to the national minimum wage

The 2019 Annual Wage Review has resulted in a decision by the Fair Work Commission to increase the national minimum wage by 3%. This also results in a 3% increase to the minimum pay rates in the modern awards.  The new national minimum wage, which applies to all full-time and part-time employees who aren’t covered by an award or agreement, will be $740.80 per week or $19.49 per hour.  Casual employees must be paid an additional 25% of the minimum hourly rate as a casual loading.  When does the change come into effect? The increase applies from…  Read more

Important Information for Clients with a Discretionary Trust

Decisions Regarding Distribution of Income If you have a Discretionary Trust, the decisions about the distribution of the income of your Trust must be made and evidenced by 30 June 2019. Under the terms of most Trust Deeds it is not necessary for formal minutes to be prepared prior to 30 June as these can be prepared and signed at a later date.  It is only necessary for the decision…  Read more

Changes to Insurance inside Superannuation

The Federal Government recently passed the “Protecting Your Super” (PYS) legislation package. This is designed to provide better outcomes for superannuation members by preventing inactive superannuation accounts being eroded by insurance premiums. From 1 July 2019, Super Funds are required to cancel insurance cover for any members whose accounts are deemed “inactive” for a continuous 16 month period and where the member has not elected to maintain insurance. Broadly, a…  Read more

What the Coalition win means to your Superannuation

After taking a policy of stability for superannuation to the election, the Coalition Government has been re-elected in the 2019 Federal Election, with a small majority of seats in the House of Representatives. After the introduction of the significant legislative changes which came into effect on 1 July 2017, you may be relieved to hear that for at least the next three years we hope to have sustained stability for…  Read more

Allan Hall named finalist in numerous firm-wide categories, including the Australian Accounting Awards 2019

Allan Hall Business Advisors continues to impress with individual, network and firm-wide awards and accolades, with our latest nomination as finalists in 6 categories of the Australian Accounting Awards 2019, Women in Finance Awards and HR Manager of the Year. For further details and a full list of our recent awards, click below.

Global alliance focussed on business excellence

Allan Hall is the Sydney member of Alliott Group, an award winning, growing, global alliance of 160+ accounting, law and consulting firms in 60+ countries.