nazim@societealliance.com.au

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So far Nazim has created 106 blog entries.

Dealing with Property? Check for GST registration obligation.

Even not in business, if your turnover from a property transaction and other transactions are greater than the minimum threshold and your other activities are regarded as an 'enterprise' then you are required to register for GST. In case of only a recipient of residential rent there is no requirement for GST registration. If you do not register you may have to pay GST on [...]

2018-04-20T06:19:36+00:00 April 20th, 2018|Categories: Tax|0 Comments

Notice period after resignation – options for an employer

When an employee tenders his/her notice of resignation, the employers have couple of options to choose from: Option No 1 Ask the employee to continue his or her duties during the notice period till the last working day of notice period. Option NO 2 The second option available for an employer is to pay the employee in lieu of their notice period, effective on the [...]

2018-04-20T06:41:30+00:00 April 20th, 2018|Categories: Compliance, Legal|Tags: , |0 Comments

Aramco in $10B deal with US Oil & Gas firms.

Aramco has signed a Memoranda in New York with US drilling services companies Baker Hughes, Halliburton and Schlumberger. An agreement was also signed with ‘Raytheon’ for cybersecurity. Aramco further announced joint research projects with the Center for Strategic and International Studies Aramco President and CEO Amin Nasser said partnerships with U.S. companies is part of our Vision 2030. Aim of Vision 2030 is to boost [...]

2018-04-17T06:18:45+00:00 April 17th, 2018|Categories: International|Tags: |0 Comments

Merger of Sun Super with Kinetic Super is on horizon……

Sun Super and Kinetic Super both are expected to complete the proposed merger before the start of next financial year i.e. 1st July 2018. Sun Super’s CEO Scott Hartley said that members of both the Super funds would benefit from combined cost savings of $30 million per annum. He also said that both Sun Super and Kinetic Super had decades of experience in supporting the [...]

2018-04-09T04:15:33+00:00 April 9th, 2018|Categories: SUPERANNUATION|Tags: |0 Comments

“Stop Bullying Orders” by FWC – What does the Law say?

An employee bullied at workplace has the right to lodge an application with the Fair Work Commission. The Commission must start proceedings within 14 days of the lodgment of such application. The FWC can make any order it considers appropriate to prevent a worker from being bullied at work. However, a risk of continued bullying continues for the Fair Work Commission to make an order [...]

2018-03-27T06:11:12+00:00 March 12th, 2018|Categories: Legal|Tags: |0 Comments

What are the parental leave rights and obligations?

New Zealand Prime Minister Jacinta Arden’s pregnancy announcement last week made headlines across the globe with Arden set to be the second Prime Minister to give birth whilst in office after Pakistan late Prime Minister Benazir Bhutto. The Prime Minister set a clear plan of how she would take 6 weeks off and upon return to work her partner will be the full-time caregiver of [...]

2018-03-27T06:11:28+00:00 February 24th, 2018|Categories: Compliance|Tags: |0 Comments

IFRS 17 – A Brief Intro by SOCIETE ALLIANCE

IFRS 17 - Insurance Contracts was issued by the International Accounting Standards Board (IASB) on 18 May 2017 and shall be applicable with effective date of annual periods beginning on or after 1 January 2021. ALL ABOUT IFRS 17 IFRS 17 is the first IFRS Standard for insurance contracts. IFRS 17 will replace IFRS 4 that was on Insurance Contracts, introduced in 2004. As an interim [...]

2018-02-01T01:20:48+00:00 February 1st, 2018|Categories: Compliance|Tags: |0 Comments

Qantas’ globe-spanning plans and alliance with Emirates Ariline.

A reshuffling in Qantas-Emirates airline alliance has raised many questions in the industry and Emirates management is no exception. With the advent of no-stop, globe-spanning flights by Qantas, relationship between both the airline will now be challenging; said Tim Clark (Emirates President). The new arrangement is limiting Dubai stopovers by Qantas while adding Singapore for its London bound routes The two airlines signed a new [...]

2018-01-31T03:05:34+00:00 January 31st, 2018|Categories: International|Tags: |0 Comments

IASB makes amendment in IFRS 9 and IAS 28

International Financial Reporting Standards (IFRS): Prepayment Features with Negative Compensation The International Accounting Standards Board (IASB) has amended International Financial Reporting Standards (IFRS): Prepayment Features with Negative Compensation - Amendments to IFRS 9; and Long-term Interests in Associates and Joint Ventures - Amendments to IAS 28. These documents will now amend IFRS 9, Financial Instruments, and International Accounting Standards (IAS) 28, Investments in Associates and Joint [...]

2018-03-27T06:11:53+00:00 December 22nd, 2017|Categories: Accounting|Tags: |0 Comments

Primary duty of care – Consequences under sec 19 WHS Act

Primary duty of care is the requirement of Section 19 of Work health & Safety Act 2011. PCBUs not satisfying their primary duty of care may face heavy penalties and other fines. Given below are number of recent examples of WHS prosecutions that illustrate that point of fines and jail punishments sentence. A waste management company was prosecuted and fined $650,000 because one of its employee [...]

2018-03-27T06:12:20+00:00 November 17th, 2017|Categories: Legal|Tags: |0 Comments