Independent resolution process for small businesses now permanent Small businesses now have another pathway to resolve tax disputes, with the ATO making its independent review service a permanent option for eligible small businesses (those with a turnover of less than $10 million) after a successful multi-year pilot. The service’s original pilot commenced in 2018 and centered […]
NSW Minister for Finance and Small Business Damien Tudehope on Wednesday announced a package of new tax laws which will see fines of $110,000 and imprisonment issued to businesses committing wage theft, and empower Revenue NSW to name and shame offenders. “The new legislation, including harsher penalties and naming taxpayers who have underpaid payroll tax […]
The new dates come as the government looks to introduce the director ID regime to prevent illegal phoenixing by ensuring directors can be traced across companies, while also preventing the use of fictitious identities. The new regime will require all directors to provide a number of documents to establish their identity with the Commonwealth Registrar […]
It’s time to consider FBT If your business has provided any benefits to your employees, you may be liable for fringe benefits tax (FBT). This includes benefits to current, prospective and former employees,as well as their associates. It’s important to keep in mind that this applies no matter what structure your business has – sole […]
It’s time to consider FBT The ATO has issued a worksheet which summarises the FBT rates and thresholds for 2021–2022 (ie 1 April 2021 to 31 March 2022). Most of the rates have been previously announced, but the worksheet helpfully puts the numbers in one place and does include two previously unannounced thresholds. New numbers […]
The ATO estimates that around 280,000 businesses are required to lodge a taxable payments annual report (TPAR) for the 2019–20 year, following the regime’s extension last year to businesses providing road freight services, information technology services, and security, investigation or surveillance services. Businesses providing building and construction, cleaning, or courier services are also required to lodge a […]
Tax implications of having more than one job With insecure, contract and casual work becoming increasingly common, particularly in the current COVID-19 affected economy, it’s no surprise that many young and not-so-young Australians may have income from more than one job. If you are working two or more jobs casually or have overlapping contract work, […]
Tax implications of having more than one job With insecure, contract and casual work becoming increasingly common, particularly in the current COVID-19 affected economy, it’s no surprise that many young and not-so-young Australians may have income from more than one job. Where your clients are working two or more jobs casually or have overlapping contract […]
A legislative instrument issued by the ATO on Wednesday has confirmed that mandatory STP phase 2 reporting will commence from 1 January 2022 — a six-month extension from the previously proposed 1 July 2021 start date. STP phase 2 will require additional payroll information to be reported to the ATO, and subsequently shared with Services Australia and other […]
ATO warning: watch out for tax avoidance schemes Tax planning or tax avoidance – do you know the difference? Tax planning is a legitimate and legal way of arranging your financial affairs to keep your tax to a minimum, provided you make the arrangements within the intent of the law. Any tax minimisation schemes that […]