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Author: Harris Black

Harris Black Celebrations

by Harris Black

We are thrilled to announce that Olivia Beckett and Keziah Sedgwick have been promoted from Associate to Principal.

Over the years, Olivia has not only excelled in her technical proficiency but also in her leadership. Her collaborative approach and ability to mentor younger staff have strengthened the firm’s culture of knowledge-sharing and professional growth. Olivia’s focus on nurturing client relationships and her drive for innovation within the accounting space have been instrumental in positioning the firm as a forward-thinking organization.

Her promotion to Principal is a reflection of her dedication to both her clients and colleagues, and we are excited to see her continue to shape the future of Harris Black in this new role.

Keziah Sedgwick has made a profound impact at Harris Black through her commitment to her clients and the firm. Known for her strategic thinking and problem-solving abilities. Her ability to foster strong relationships with clients, coupled with her deep expertise in accounting and financial advisory, has solidified her reputation as a trusted advisor.

Keziah is not only a standout professional but also a dedicated mentor. Her passion for guiding and developing the next generation of professionals has been a cornerstone of her leadership style. She is a driving force behind team success and is respected for her ability to inspire others to reach their full potential.

Congratulations to Olivia and Keziah on this significant career milestone! We look forward to celebrating many more of their achievements in the years to come.

Harris Black Conquers The WLSQ River To Rooftop Challenge

by Harris Black

Harris Black is proud to announce our successful participation in the Women’s Legal Service Queensland (WLSQ) River to Rooftop challenge. Our team, the Harris Black Excelerators, climbed the 1,040 steps of One One One Eagle Street, all the way from the river to the rooftop, to raise funds for women and children experiencing domestic violence.

The event was a fantastic team-building exercise, bringing together staff members from various departments. Our collective effort paid off, and we are thrilled to have contributed to such a meaningful cause. The funds raised will help WLSQ provide free legal and welfare assistance to those in need.

We extend our heartfelt thanks to our clients, partners, and friends who supported us through donations and encouragement. Your contributions made a significant difference and helped us reach new heights.

Together, we made a positive impact on our community. Thank you for being part of this journey with us!

Meet the Staff – Jack Worboys

by Harris Black

We are excited to introduce Jack Worboys, one of the newest members of the Harris Black team. Jack has joined as an Undergraduate Accountant, gaining valuable industry experience while completing his university studies at QUT.

Jack has classic culinary tastes. If he could only eat one meal for the rest of his life, it would be Chicken Parmi and Chips with aioli. His ideal dinner companions include his Mum, Dad, Kenny G, and Shane Warne. Jack enjoys cooking Buffalo chicken wings, Beef burgers, and his Grandma’s famous Apple pie. He starts his day with a hearty breakfast of 5 Weetbix with full cream milk and yogurt, and he’s a massive fan of chocolate milk, particularly the Oak 2L bottle. If he had to choose one cuisine to eat forever, it would be Italian, thanks to his recent trip to Italy.

Jack’s hobbies include playing the saxophone, soccer, and occasionally reading crime novels. He is passionate about cricket and soccer, both watching and playing, and he’s an avid supporter of the NRL’s Cowboys. Jack aspires to one day master off spin bowling and his dream car is a Suzuki Jimny.

Looking ahead, Jack is excited about an upcoming trip to Thailand. Jack isn’t a fan of reality TV, particularly “Married at First Sight,” and he wishes Hawaiian shirts would make a comeback. He could effortlessly give a 40 minute presentation on “The Office US.”

On a deserted island, he’d bring a water truck, his saxophone, and matches. The most relaxing place he’s visited is Vanuatu’s island of Erakor, and he dreams of living in the outer suburbs of Brisbane. If he could have any superpower, it would be the ability to fast forward through the less exciting moments of life. If it was possible, Jack would love to go back in time and witness the extinction of the dinosaurs.

We are thrilled to have Jack as part of the Harris Black family and look forward to seeing his contributions to our team!

Important Tax Dates

by Harris Black

21 October 2024

  • Pay annual PAYG instalment notice (Form N). Lodge only if you vary the instalment amount or use the rate method to calculate the instalment.
  • Lodge and pay quarter 1, 2024–25 PAYG instalment activity statement for head companies of consolidated groups.
  • Lodge and pay September 2024 monthly business activity statement.

28 October 2024

  • Lodge and pay quarter 1, 2024–25 activity statement if electing to receive and lodge by paper and not an active STP reporter. Pay quarter 1, 2024–25 instalment notice (form R, S, or T). Lodge the notice only if you vary the instalment amount.
  • Lodge and pay annual activity statement for TFN withholding for closely held trusts where a trustee withheld amounts from payments to beneficiaries during the 2023–24 income year.

31 October 2024

  • Lodge tax returns for all entities if one or more prior year returns were outstanding as at 30 June 2024.

21 November 2024

  • Lodge and pay October 2024 monthly business activity statement.

25 November 2024

  • Lodge and pay quarter 1, 2024–25 activity statement if you lodge electronically.

New Financial Year Reminder

by Harris Black

The new financial year has started, and we are still having conversations with business owners regarding some of these changes.  As a reminder, we have included the following changes to ensure you have not overlooked any:

Single Touch Payroll Finalisation

  • Ensure your Single Touch Payroll (STP) finalisation declaration for 2023-24 is correct and has been submitted to the ATO.
  • STP finalisation declarations should be made immediately if not already done (extensions can apply for closely held employees).
  • Include Reportable Fringe Benefits Amounts (RFBA) for employees of more than $2,000 in STP finalisation.
  • Employees will be able to access their Income Statement through their MyGov Account after STP finalisation is complete.

Superannuation Guarantee Rate Increase from 11% to 11.5% effective 1 July 2024

If any wages were paid on or after 1 July 2024 (even if pay period related to pre-30 June 2024) – 11.5% rate applies

June 2024 Quarter Superannuation – due 28 July 2024.

Taxable Payments Annual Report (TPAR) – due 28 August 2024

Ensure you have correctly classified your employee or contractor employment relationships.

Annual Payroll Tax Reconciliation

NSW due 28 July 2024

VIC/QLD/WA/TAS due 22 July 2024

SA due 29 July 2024

If you have any questions, please contact your Harris Black team member.

Section 109R – What Counts And Doesn’t Count Towards Minimum Repayments For Division 7A

by Harris Black

Division 7A, is a measure that prevents tax-free distribution of profits to shareholders or associates of shareholders of a company.  This could be in the form of loans or debts that get “forgiven” or won’t be paid back in the foreseeable future.  Since loans do not meet the definition of a “dividend” – these would essentially be tax-free distributions.

Division 7A does not let this happen by stipulating that such amounts transferred to shareholders or their associates will be treated as dividends.  Alternatively, these payments can be classified as loans as long as they are bound by genuine commercial terms (s109N).  For such a payment to be treated as a loan and not a dividend, there must be a loan agreement in writing.  The loan interest must be in line to a “statutory” interest rate (aka benchmark interest rate) that the ATO updates for each year; the loan must also last for no longer than 7 or 25 years – depending on whether it is secured or unsecured.

Other conditions that must be met for such a loan to be a “Division 7A complying loan” is the condition of an annual minimum repayment.  If say, your minimum repayment amount for the financial year is $30,000 but you only pay back $25,000, the shortfall ($5,000) would be deemed as an unfranked dividend for the financial year.

One may creatively argue that it is okay to repay the loan very conveniently just before the end of the financial year – only to take the same or greater amount of money out of the company at the beginning of the next financial year.  This is where s109R of Div7A comes in.

s109R discredits such schemes and makes sure only certain repayments count towards the annual repayment of a Div7A loan.  In a nutshell, it says that the following scenarios do not count towards a repayment when it is clear for a reasonable person to establish that

payments were made only to be redrawn in the form of a similar or larger loan later on

OR

when a new loan is drawn which is in value similar to or larger than the minimum repayment that is due.

If a new loan undertaken is significantly lower than the minimum repayment, it should not result in the implementation of s109R.

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