Are you declaring your “odd jobs” income from gig economy sites?
“Gig economy” platforms like Airtasker are allowing Australians to earn some extra cash by completing a huge range of odd jobs – from gardening to data entry and even standing in line for concert tickets! But you must declare the gross income from these “gig economy” platforms in your tax return and keep records of […]
Getting your small business ready for STP reporting
Have you sorted out Single Touch Payroll (STP) arrangements for your small business? If not, it’s time to get cracking! From 1 July 2019, STP reporting will become mandatory for all employers, including small businesses (ie those with fewer than 20 employees) that have previously been exempt. 1 July and 30 September for you to […]
ATO benchmarks – a handy business check-up
The ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and prompt new thinking about ways to improve your profit margins. This data is available for over […]
ATO continues its blitz on the sharing economy
The sharing economy has become a big disrupter in the Australian market. It seems like everyone is getting in on the action of making a little extra money on the side whether it be renting out a spare room, driving for a ride sharing service, or even sharing their cars. It is no surprise then […]
Deemed dividends: changes are coming
Div 7A or deemed dividend payments may be familiar to you if you’re the shareholder or associate of a private company. It generally applies to treat a benefit provided by a private company to the shareholder or associate as a deemed dividend, which is then taxed at the recipients’ marginal tax rates. The government has […]
ATO blitz on the sharing economy continues
The sharing economy is booming in Australia with a large proportion of the population either making it their full-time job or making a little extra money on the side. However, with the boom comes the all-seeing-eye of the ATO which is now firmly focused on the sharing economy. Its latest target are those people who […]
Reportable payments system to be extended
The black economy is a significant growing economic and social issue in Australia. By some estimates, the size of the black economy is around 3% of GDP or around $50 billion. In response, the government will be extending the existing Taxable Payments Reporting System (TPRS) which currently only applies to the building and construction industry […]
Reform of the ABN system
The ABN system was originally introduced as a simple way to provide businesses with unique identifier when dealing with the government. It has since become a de facto licence to do business despite no substantial changes in the application process in the intervening two decades. The government is now seeking to reform the ABN system […]
Garnishee orders may bring home the bacon
A garnish is an enhancer, something to dress up a plate – think of a sprig of parsley. A garnishee is something entirely different, although it can enhance an otherwise dire situation for a creditor and bring home the bacon. It’s a third party who is ordered by the court to release money to remedy […]
Direction of future tax reform
To be fiscally responsible, a government needs to have enough resources to service its debt obligations. One of the main sources a government uses to service its debts is tax revenue. A recent report by the Parliamentary Budget Office examined broad trends within the tax system and identified a number of risks to the sustainability […]
