Treasury Reveals Director ID Deadline

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 […]

ATO on the Hunt for 60,000 TPAR Businesses

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 […]

Industry Pressure Forces ATO’s Hand on STP 1 July 2021 Deadline Extending it till 1 January 2022

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 […]

Coronavirus grants now tax-free

Legislation aimed at ensuring coronavirus small business grants are not subject to income tax has now passed both houses of Parliament. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 passed Parliament late on Thursday. The bill amends income tax law to make certain grant payments received by eligible businesses non-assessable non-exempt income so that these […]

Getting your clients ready for the next phase of recovery

It’s been a year no one really expected: a pandemic shut the economy and the Australian government opened a tap of stimulus worth A$259 billion so far. That government support has helped many small businesses hit hard by restrictions imposed to limit the spread of COVID-19. It’s helped businesses pay employees, access capital via one-off […]