Tax Tips For Business Owners
| | | The government recently passed new legislation designed to strengthen laws to “crack down on illegal phoenixing activity by dodgy business operators who try to avoid their obligations to their customers, employees and creditors.” In particular, the changes allow the ATO to collect estimates of anticipated GST liabilities, and make company directors […]
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| | | The ATO has welcomed the decision of the High Court to basically uphold the decision of the Full Federal Court in a case which the ATO won, in relation to foreign income tax offsets (‘FITO’). An Australian tax resident had sold some US investments and paid US tax on the gains. […]
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In an indication of the far-reaching changes that Single Touch Payroll (‘STP’) will be bringing, Treasury has recently finished consulting on draft legislation that expands the data that may be collected through STP by the ATO (as announced in the 2019/20 Budget). The legislation, if enacted, will broaden the amounts that employers can voluntarily […]
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| | | Are you outgrowing your current business structure or is your business growing at a rate you cannot keep up with? You may need to consider changing your business structure. Here are the four main business structures. Sole trader Partnership Company Trust Each structure has different reporting requirements. So, it’s imperative you understand […]
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When it comes to reporting your business income, make sure you are including all your income. If you are lodging through a tax agent, such as Taxwise, make sure you tell us about all your income. It’s crucial to get this right, as you can only claim a deduction for expenses that are related to […]
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| | | Following the enactment of legislation in late 2019, the ATO can disclose certain business tax debt information to external credit reporting bureaus. This information will primarily be used when issuing external creditworthiness reports in relation to relevant businesses, effectively treating tax debts in a similar manner to other business debts. More […]
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