ATO to Optimise Self-Service Offerings
    Speaking at the 2021 Institute of Public Accountants National Congress, Chris Jordan said as part of the ATO’s 2024 aspirations it will continue its focus on digital transformation as a way to both become more streamlined, integrated and data-driven, while building trust and confidence at the same time. “These aspirations drive our […]
  • cryptocurrency
    Tax and the Normalisation of Cryptocurrency
    In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal. But cryptocurrency is only one part of […]
  • directors id
    How to Set Up Your Director ID
    What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name, or move overseas. The introduction of the Director Identification Number (DIN) is part […]
  • scotpac
    ScotPac Launches $100m SME Fund
    The ScotPac SME Bounce Back Fund will allow business owners to access up to $1 million capital, with the first three months being interest-free. ScotPac CEO Jon Sutton said the initiative will operate on a “first-come” basis from today until April 2022 or until funds are dispersed.This initiative will give […]
  • More Cryptocurrency Guidance
    The ATO has released some additional (but brief) guidance on some of the key issues that tax practitioners should consider when clients are engaged in cryptocurrency investment or mining activities. Many of the issues covered were asked during Knowledge Shop’s Cryptocurrency Forum.   The ATO makes the comment that most […]
  • child care subsidy
    Increased Child Care Support Brought Forward
    Around 250,000 Australian families will now benefit from increased Child Care Subsidy (CCS) from 7 March 2022, four months earlier than first expected. On average, these families will be more than $2,200 a year better off. The additional subsidies for families with two or more children in care were due to start on […]
12 October 2015

Minimizing Taxes on Severance Pay

If you’re facing redundancy, it could pay to be aware of your workplace and legal entitlements to help ensure you don’t miss out on receiving the correct redundancy payout. A genuine redundancy payment is one received by an employee aged less than 65 years who is dismissed from employment because […]
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