We are pleased to announce the promotion of Taylor Dicken to the position of Manager. Taylor has been a dedicated member of the Harris Black team for several years, consistently demonstrating exceptional skill and commitment to client service.
His promotion is a testament to his hard work, expertise, and the trust he has built with both colleagues and clients.
Taylor’s journey at Harris Black has been marked by his proactive approach and innovative solutions, which have significantly contributed to the firm’s success.
Congratulations to Taylor Dicken on this well-deserved promotion!
Meet Jadon, one of the undergraduate accountants here at Harris Black.
Born in Durban, South Africa, Jadon brings a unique mix of enthusiasm, culinary love, and a passion for adventure. If there’s one meal he could eat forever, it’s a teriyaki chicken sushi bowl from Sushi Q410, and his favourite dishes to cook include garlic prawns, beef stroganoff, and banana bread. Aside from cooking, he couldn’t go a day without cold Milo and milk, which also happens to be his favourite drink. Although, if he had to choose one cuisine for life, he’d go with Italian. When it comes to dream dining companions, Jadon would love to sit down with Muhammad Ali, Elon Musk, his grandfather, and Rex Hunt for an unforgettable meal.
Jadon loves the outdoors, with fishing being one of his key hobbies, alongside watching UFC and going to the gym. He’s so passionate about fishing that he could give a 40-minute presentation on barramundi fishing without any prep. If given the chance, he’d like to master not just fishing, but rod building as well.
His life is filled with plans for adventure. If he could live anywhere, he’d choose Cairns, but the most relaxing place he’s ever been is Orchid Beach on Fraser Island (K’gari). Looking ahead, Jadon is excited for his upcoming university holidays and a beach stay at Cabarita before Christmas.
When it comes to fashion, Jadon hopes flat caps make a return. His dream car? A Toyota Landcruiser 70 Series Troopcarrier. And if he were stranded on a deserted island, all he’d need is a fishing rod, a barbecue, and a sleeping bag. Jadon also enjoys watching UFC and rugby union, but he draws the line at The Notebook—a movie he refuses to watch. If he could go back in time, he’d witness the iconic 1995 Rugby World Cup final when the Springboks claimed victory.
We’re excited to have Jadon’s as part of the team and look forward to the enthusiasm and energy he brings!
With the Australian Taxation Office (ATO) cracking down on anti-compliance, their penalties and interest charges continue to be on the stricter side. This article provides an overview of these penalties and the current interest rates.
1. Penalties for Non-Compliance
The ATO imposes administrative penalties for two key reasons:
False or misleading statements
Failure to lodge documents on time
A. False or Misleading Statements
Penalties may apply if a taxpayer makes a false or misleading statement. The term “false and misleading” is hazy, but taxpayers can avoid penalties if they demonstrate adequate care.
Once it can be concluded that the taxpayer has made a false or misleading statement, or they have failed to take reasonable care – the applicable penalties are calculated as follows:
As of July 1, 2024, a penalty unit is valued at $330. Penalties are doubled for significant global entities.
Shortfall amount refers to the additional tax payable after the impact of the false or misleading statement is removed from one’s tax liability calculations.
The taxpayer may be liable for additional penalties if the taxpayer obstructs the ATO or fails to disclose errors after discovering them.
B. Failure to Lodge Documents on Time
Penalties are also applicable on failure to lodge documents, such as Income Tax Returns and Business Activity Statements on time.
Penalty amounts vary by the type of entity.
2. Interest Charges
The ATO imposes interest charges on liabilities in two primary ways:
A. Shortfall Interest Charge (SIC)
SIC applies when a document lodged with the ATO is amended and the amendment results in amounts being payable. It is the base interest rate* plus 3% and calculated on a daily basis for every day between the due date of the original lodgement and the amendment. It is not compounded.
B. General Interest Charge (GIC)
When SIC is not applicable, the GIC is applied. This generally involves amounts which have not been settled by their respective due dates.
GIC is compounded daily and stands to be the base interest rate plus 7%.
*Base interest rate is the average yield on a 90-day bank bill published by the RBA.
date.
How to avoid Penalties and Interest?
To minimize penalties and interest:
Regularly check deadlines and obligations.
If you anticipate issues, contact the ATO proactively
Research tells us there is only a 30% probability your personal or business change initiative will succeed. This is because most people adopt a ‘trial and error’ approach to change incurring a high cost in lost time, reduced confidence, wasted money and poor resource utilisation. But you can dramatically improve this probability of personal change success using the Mindshop
Change Success Diagnostic to identify areas for improvement and implementing strategies to achieve change success.
Developed by Mindshop founder, Dr Chris Mason following an 8-year PhD on the subject, the change success personal model will identify the following:
your personal change potential percentage (an ideal success score being a minimum of 78%); and
which one of the change success factors has the biggest gap between where you are NOW and the maximum WHERE score.
Use this report to guide the implementation of strategies to boost your potential for change success by lifting the scores where you have the greatest gap between NOW and WHERE.
In this workshop, we looked at ‘Working smarter: How to succeed in an ever-changing landscape beyond 2024’.
Attendees learnt practical ways to boost agility, efficiency and impact by tapping into the power of the “second brain“. We assessed readiness for personal change success and found solutions to overcome agility barriers. Attendees were brought up to speed with the latest insights on attracting and keeping top talent while adapting to shifts in workforce dynamics. All then wrapped up and concluded with the attendees tackling day-to-day agility challenges head-on in a problem-solving roundtable, where they collaborate with fellow leaders.
If you are interested in joining our practical and high-value learning sessions, we would like to invite you to join us at the next Harris Black Business Leaders Forum on the 14 November 2024. Click the button below to register your interest.
How can we help you?
Today’s financial environment demands a regular review of strategy and a focus on execution.
