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Carbon tax repealed

The Abbott government has delivered on its long-standing election promise to repeal the carbon tax, effective from July 1, 2014. A condition of the repeal receiving crucial crossbench support from the Palmer United Party (PUP) was that savings be directly passed on to consumers and small businesses. As a result, the ACCC (Australian Competition and Consumer Commission) has been given extended powers to fine parties failing to do so.

Initially this stipulation created anxiety amongst the business community, as the government failed to clarify whether or not all businesses would be required to provide proof of passing on savings. However, it has now been established that the ACCC is only required to ensure that electricity, natural gas and refrigerant gas companies pass on their carbon tax savings.

The repeal has been largely welcomed by the business community, with predictions indicating that electricity prices will fall by approximately 9%, and gas prices by 7%. However, energy providers have indicated that there may be other factors that are contributing to rising prices, including increased electricity infrastructure spending and new legislation allowing the international sale of Australian gas. This means that the energy savings from the carbon tax repeal may not be as significant as originally thought.

Businesses operating in other industries have indicated that their capacity to pass savings on to consumers will be largely dependent upon the savings that they incur from their suppliers. Some small business owners, in particular providers of luxury goods, have expressed the hope that they will experience a boost in business as consumers experience an increase in their disposable incomes. Whether or not this eventuates will depend largely on whether or not there is, in fact, a significant decrease in energy costs, as well as the fate of the tax breaks and cash handouts implemented by the Gillard government to counteract the costs of the carbon tax for households.

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What to do with your Lost Super

March 19, 2021

After COVID 19’s impact on the world, an influx of employees who had lost their jobs fell into the job market. Many of these came from companies that couldn’t afford to continue their employment. As a result, many individuals had to seek alternative employment, or draw from their super. Some individuals took on multiple jobs to pay bills, and others drew from the super that they had accumulated in the government’s early release scheme specifically for coronavirus related income loss.

Super is held by superannuation funds, and accumulates as a result of how much super an employer pays to the employees’ funds. Many Australians may find that they actually possess multiple super accounts as a result of having “lost” their super accounts during changeovers. It can also happen as a result of changing names, moving addresses, living overseas or changing jobs.

Australians can use the ATO’s online tools to:

As superannuation funds often have fees associated with their upkeep, as well as insurances that may be tied into it (such as life, total and permanent disability and income protection), it’s important to consult with providers before accounts are consolidated.

https://www.ato.gov.au/Individuals/Super/Growing-your-super/Keeping-track-of-your-super/#Lostsuper