ATO reviews to limit small business disputes
In response to the media attention around ATO’s alleged harsh treatment of small businesses, the ATO has started a 12-month pilot limited to small business disputes involving income tax audits in Victoria and South Australia. Small businesses in other states and territories will have to wait for the outcome of the pilot to see whether […]
First Home Super Saver Scheme: building on the foundations
We start the new year with headlines of “falling house prices”, but even if prices are set to come down and you keep a close eye on your finances, saving a deposit to buy your first home can be difficult. The First Home Super Saver Scheme (FHSSS) – now passed by Parliament – means that […]
Paying company debts by instalments
If your business has gotten into a bit of trouble lately and you suddenly find yourself faced with a tax debt. Don’t panic. Despite what has been reported in the media recently, the ATO won’t bankrupt your business if you make early contact and make a genuine attempt to either pay or work out a […]
Clothing deductions – Beware this tax time
If you have previously claimed work-related clothing expenses and laundry expenses in your tax return, you should beware this tax time because the ATO is cracking down on these claims. According to the ATO, clothing claims went up nearly 20% over the last 5 years and last year around 6 million people claimed expenses totalling […]
Single touch payroll: are you ready?
If you run a business, you’ve probably heard a lot about Single Touch Payroll (STP) recently, so what is it and how does it affect you? Basically, STP aligns your reporting obligations to the ATO to your payroll processes. Each pay cycle you send information to the ATO including employees’ salaries and wages, allowances, deductions, […]
Vested in trusts
Have you looked at your trust deed recently? If you have a trust, chances are it was set up by your accountant or solicitor. Look closely at your deed and you’ll notice that it will specify a date on which the interests in the trust vest and contain a clause which specifies the consequences of […]
Protecting your customers’ data
Any Australian organisation that handles personal information could be captured under the notifiable data breaches scheme which requires organisations to notify individuals whose personal information is involved in a data breach that is likely to result in serious harm. This scheme usually applies to larger businesses, but could capture sole traders, individuals, trusts and partnerships […]
Super guaranteed
Are you paying the right amount of super for your employees? It’s that time of the year again, where the Australian Bureau of Statistics (ABS) release the indexation factors that are critical in determining various superannuation thresholds. While the super guarantee is still frozen at 9.5%, the maximum contribution base will increase to $54,030 per […]
Tax time focus areas for individuals
It’s tax time again, as you gather your receipts and other assorted tax documents, you should also turn you mind to what the ATO is paying close attention to this year. This year, the ATO is focusing on taxpayers who claim “other” work-related expense deductions at label D5 on individual tax returns. According to the […]
Stricter tests for directors seeking safe harbour protection
Until recently if you were a director of an insolvent company and it continued to do business and incur debts then your future was not bright. Civil penalties of up to $200,000 and criminal prosecution face company directors found to be guilty of insolvent trading. That law has not changed. What has changed is that […]
