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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Tax time focus areas for businesses
A recent interview with Tax Commissioner Chris Jordan revealed details of what the ATO will be paying particular attention to this year. Perhaps not surprising, but the ATO will be targeting businesses that deal in cash. As a part of its cash and hidden economy operation, the ATO has compiled “data-maps” of cash-only businesses and […]
