Small business tax concessions
Businesses that satisfy a certain turnover threshold may qualify as a small business entity. The advantages of being a small business entity includes access to a range of tax concessions including lower tax rates, capital allowance concession, trading stock concession, as well as FBT and GST concessions. If you think your business is a small […]
Alternative dispute resolution process
Alternative dispute resolution (ADR) is not only used to resolve substantive disputes, and can be used to clarify or limit issues, and remove barriers created by relationship issues between you and the ATO. Usually, if your dispute is not very complex, in-house facilitation may be used. More complex issues will usually be outsourced to an […]
R&D incentive overhaul
In simple terms, the Research and Development (R&D) tax incentive provides a tax offset to eligible companies that conduct certain R&D activities that are likely to benefit Australia’s wider economy. As a response to various reviews which indicated that the incentive was not meeting its policy objective, the government has introduced draft legislation to overhaul […]
Cash payments limit coming soon
As a part of the crackdown on black economy, a cash payment limit of $10,000 has been proposed. Any transaction that exceeds $10,000 will need to be made using an electronic system or by cheque. The cash transaction limit will only be imposed for payments (for goods and services) to entities holding an ABN. It […]
Independent ATO review for small businesses
A 12-month pilot program for independent ATO review for small business disputes has started in response to the recent negative media attention it has received. While the pilot only encompasses income tax audits in two States (Victoria and South Australia), the ATO will have the option to expand the program to all areas of tax […]
Tax return lodgement due soon
The deadline for lodging your tax return is fast approaching. Before you rush off to gather all the documents for your tax return, beware of some changes in this year’s return, particularly in the areas of rental properties and superannuation. In addition to the changes in the tax return, the ATO has also outlined the […]
Beware of clothing deductions this tax time
Beware of work-related clothing and laundry expense claims this tax time, the ATO is cracking down on individuals making unsubstantiated and exaggerated claims. It has reminded taxpayers that only uniform, protective or occupation-specific clothing that you are required to wear to earn your income can be claimed as work-related clothing. In addition, laundry expenses can […]
It follows: higher education debts
It might seem like a horror movie cliché, a monster that follows you wherever you go, but did you know that your higher education debts under the Higher Education Loan program (HELP), Trade Support Loan (TSL) or the Higher Education Contribution Scheme (HECS) debts follow you wherever you go in the world? Prior to 2017, […]
Cash payments limit coming soon
As a part of the crackdown on black economy, the Government is planning to introduce an economy-wide cash payment limit of $10,000. Any payments made to businesses for goods and services from 1 July 2019 would be captured, and if the transaction exceeds $10,000, payment will need to be made using an electronic system or […]
Are you signed up to the new small business super clearing house?
The small business superannuation clearing house (SBSCH) is a convenient service that allows small businesses to make superannuation contributions for employees in one single payment. Importantly, access to the service has recently changed. In this article we explain the steps you need to take to ensure your business can continue using the service. Although the […]
