Consultation paper: combating phoenix activities The Federal Government has released a consultation paper proposing company and tax law reforms to combat phoenix activities. Phoenix activities involve stripping assets from a company that’s in debt and transferring them to another company to avoid paying the first company’s liabilities – that is, the new company “rises from […]
Compensation for ATO systems outages After the ATO’s unplanned system outages, it provided lodgment deferrals, and remitted interest and penalties where the outages affected practitioners and their clients’ lodgments. But what about compensation? The ATO has advised that it assesses claims for compensation in two ways: compensation for legal liability (eg negligence)– claims that are […]
Compensation for ATO systems outages After the ATO’s unplanned systems outages, it provided lodgment deferrals, and remitted interest and penalties where the outages affected practitioners and their clients’ lodgments. The ATO has also advised that it assesses claims for compensation in two ways: compensation for legal liability (eg negligence); and compensation under the Compensation for […]
Planning for the post-Christmas slump If you have failed to properly prepare for the post-Christmas slowdown many businesses experience, you may be in for a shock when you return from your well-deserved break. Post-Christmas is a dangerous time for small businesses, especially business to business (B2B) operators. As business starts to slow down for the […]
The federal government has introduced a bill clarifying the tax rate for passive investment companies, after a period of consultation with the industry revealed a series of flaws with its initial approach. The passage of Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 will mean a company will not qualify for the […]
Treasury has released exposure draft legislation that will generally exclude passive investment companies from accessing the lower corporate tax rate from the 2016/17 income year. Currently, the corporate tax rate for qualifying small corporate tax entities has been reduced to 27.5% for small business entities with a turnover threshold of $10m in the 2016/17 income year. From the 2017/18 income year, access to this rate will be […]
Crowd-sourced equity funding is an innovative type of fundraising that allows a large number of individuals to make small financial investments in exchange for an equity stake in the company. Legislation to create a crowd-sourced equity funding regime for public companies will commence on 29 September 2017. Extending the crowd-sourced equity funding framework to proprietary companies will allow these companies to access an alternative form of finance with […]
One in five people in the workplace experience some sort of mental health condition. Stress, depression or anxiety can take a toll on your ability to run your business as well as your overall quality of life. To mark World Mental Health Day on 10th October and National Mental Health week, the Australian Taxation Office […]
This article is reprinted from Acuity Magazine. Under the new super rules, this year’s SMSF returns are going to be very complex and it’s important that practitioners are up to speed. In Brief There’s no such thing as simple super anymore. The changes are the most significant in a decade and all details must be […]
There have been a lot of discussions regarding work related deductions in the present. The ATO has published a guide as follows. When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income. To claim a work-related deduction: you must have spent the […]