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Brentnalls Conference – March 2025

In March, the Directors and Managers attended the 56th Brentnalls Affiliation bi-annual conference, held in the historic city of Hobart.

The conference commenced with a Women in Brentnalls high tea, during which they announced their charity partner, Dress for Success. This organization provides unemployed and underemployed women with opportunities to achieve economic independence through no-fee programs, professional development tools, and professional attire to help them thrive in their work and personal lives.

The next two days featured a jam-packed lineup of speakers covering a range of topics:

  • The Hardiness Advantage Workshop with Paul Taylor: An exploration of how hardiness cultivates sustained leadership by enhancing adaptability, commitment, and control for long-term success.
  • Port Arthur Historic Site Management Authority CEO Will Flamsteed: A presentation showcasing the challenges and successes of leading an organisation that manages three world heritage-listed sites into the future.
  • Harnessing Artificial Intelligence with Leon Furze: A cutting-edge presentation on the inner workings, offerings and threats of AI technology.

The firms presented updates from the previous six months, covering operational areas including estate planning, systems and processes, and human resources. These sessions provided great discussions and an invaluable learning experience for all attendees.

The conference concluded with an unforgettable 80’s-themed cruise along the Derwent River, transforming the final evening into a vibrant celebration of team spirit and nostalgia.

The Brentnalls Affiliation continues to exemplify the power of unity and collaboration, empowering its members to strive for collective greatness while supporting individual journeys to excellence.

Important Tax Dates

31 March 2025

  • Lodge tax return for companies and super funds with total income of more than $2 million in the latest year lodged (excluding large and medium taxpayers), unless the return was due earlier.
  • Lodge tax return for the head company of a consolidated group (excluding large and medium), with a member who had a total income in excess of $2 million in their latest year lodged, unless the return was due earlier.
  • Lodge tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more, excluding large and medium trusts.

21 April 2025

  • Lodge and pay quarter 3, 2024–25 PAYG instalment activity statement for head companies of consolidated groups.
  • Lodge and pay March 2024 monthly business activity statement.

28 April 2025

  • Lodge and pay quarter 3, 2024–25 activity statement if electing to receive and lodge by paper and not an active STP reporter.

Paying Employees Correctly

From 1 January 2025, Australia has enacted reforms criminalising the deliberate underpayment of employees.  This legislative change aims to enhance protections for workers and hold employers accountable for intentional underpayment of wages and entitlements.

Key Provisions of the New Legislation

  • Criminal Offence: Employers who intentionally underpay employees are now committing a criminal offence under the Fair Work Act 2009. This includes deliberate failures to pay wages, superannuation contributions, or other entitlements owed to employees.
  • Penalties1: Individuals found guilty of deliberate wage theft may face up to 10 years in prison. The penalties can also be quite significant:

It isn’t just the employers who can be prosecuted.  Payroll managers and accountants – where their conduct contributed to the underpayment – may also be held accountable.

  • Scope: The offence targets intentional underpayments, excluding honest mistakes or inadvertent errors. For example, accidental underpayment due to a banking error would not be considered wage theft under this provision.

What should we do?

Employers are now required to implement robust payroll systems and conduct regular audits to ensure compliance with wage and entitlement obligations. The Fair Work Ombudsman has outlined that businesses can avoid criminal prosecution by adhering to the Voluntary Small Business Wage Compliance Code, which provides guidelines for demonstrating compliance.

Some of the key action items include:

  • Check the correct pay rates and entitlements for relevant enterprise agreements
  • Assure employees are correctly identified under their award/enterprise agreement
  • Update factors that could affect pay rate including age, location, hours of work
  • Pay all relevant entitlements including minimum hourly rates, loadings, penalty rates, other identifiable amounts
  • Follow payslip or record keeping requirements – providing pay slips within one working day, including all required information on the payslips
  • Get help where needed – seek advice from your accountant, industrial professionals, or the Fair Work Commission

Cooperation Agreements

An employer who voluntarily comes forward about their conduct that could be a criminal offence can enter a written cooperation agreement with Fair Work. This will prevent application of criminal prosecution on conduct specified in the agreement.

Nonetheless, civil enforcement options may still be undertaken.

1 A guide to paying employees correctly and the Voluntary Small Business Wage Compliance Code

Essential Reads for Thriving in 2025: Insights from Business Leaders

What does it take to succeed in 2025? According to Thriving in 2025 – Business Leaders Global Trend Report, business advisors and leaders must sharpen their strategic thinking, embrace technology, and develop high-performance habits. But where should you start?

The report, based on insights from over 200 leaders across 13 countries, not only highlights key business trends but also reveals the top six books that today’s top leaders consider essential reading for leadership and business success in 2025:

Good to Great – Jim Collins | Learn what separates truly great companies from the rest.

Dare to Lead – Brené Brown | Master the art of courageous, empathetic leadership.

Atomic Habits – James Clear | Build powerful habits that drive success.

Traction – Gino Wickman | Implement a proven framework to scale your business.

Thinking, Fast and Slow – Daniel Kahneman | Understand how decision-making shapes success.

Building a Second Brain – Tiago Forte | Organize your knowledge for maximum productivity.

As you plan for the year ahead, these books offer invaluable lessons on strategy, resilience, and leadership.

Harris Black Business Leaders Forum – March 2025

We’re excited to invite you to our next HB Business Leaders Forum on 6 March 2025 focusing on “Empowering Leadership: Navigating Key Performance Trends in 2025”. 

In a rapidly changing business environment, leaders must be equipped to adapt, innovate, and drive high performance. Join us for an interactive workshop designed to help you navigate the key trends shaping 2025. From leveraging AI for productivity gains to fine-tuning your strategy for market challenges, this session will provide you with actionable insights and tools to lead effectively in the year ahead.

You’ll connect with peers, explore new leadership resources, and engage in hands-on exercises that challenge you to rethink your approach to leadership and performance in 2025.

For more information on this workshop and to purchase your ticket please click the button below.

Audit Shield Service

Harris Black clients would have received a letter inviting them to participate in our Audit Shield Service. While we take every precaution to ensure the accuracy of your financial accounts and tax returns, government authorities may still initiate a review or audit.

The Audit Shield Service provides financial protection for clients facing audits, enquiries, investigations, or reviews by the Australian Taxation Office or other government revenue agencies. As your registered tax agent, we offer this service as an optional safeguard.

For more information or to opt in, please contact your Harris Black team member.

How can we help you?

Today’s financial environment demands a regular review of strategy and a focus on execution.