Hunter Partners are Accountants Tax Agents and Financial Planners

Insolvent trading, know about the new safe harbour defence. Insolvent trading. If you’re a company director you know only too well that those two words are bad news.

Tax debts may be released by ATO to credit agencies. Tax debts could soon affect the credit scores of businesses, with the government’s introduction of draft legislation to allow ATO to share debt details of businesses to credit rating agencies.

Company tax rate. Recent media coverage has been devoted not only to whether or not passive investment companies are eligible for the reduced company tax rate of 27.5%, but also to the consequent loss in value (2.5%) of franking credits by the shareholders of small incorporated businesses that qualify for the tax rate reduction.

Cash is no longer king, moving out of the cash economy. EFTPOS, payWave, Apple Pay, Android Pay, PayPal – electronic payment is increasingly the transactional method of choice. But cash still feels good in the hands, and is seen by many as the “real currency,” particularly in times of financial crisis.

GST applies to sale of low value goods from 1 July 2018. Did you know from 1 July 2018, GST will apply to sales of all goods to Australia. The previous $1,000 low-value threshold will no longer apply and those businesses that meet the $75,000 registration threshold will need to register, charge and remit GST to the ATO.