Debt forgiveness due to love and affection only for natural persons. The rules around Div 7A deemed dividends are complex and may have become more so with the release of a draft taxation determination from the ATO in relation to debts forgiven.
Read more: Debt forgiveness due to love and affection only for natural persons
Non commercial loss rules could apply for business and job, this may prevent you from deducting your business losses against your other income.
Read more: Non commercial loss rules could apply for business and job
Small business CGT concessions, when do I qualify? The small business CGT concessions are a great tool for business owners to transfer wealth into super. Here, we break down the two essential requirements you must first meet in order to access any of the concessions.
Business Tax, Super and Financial Planning
Read more: Small business CGT concessions, when do I qualify?
Business tax losses may benefit your business later. If you’re a sole trader or individual partner, you may be able to apply the loss against other income like salary or investment income, or carry the loss forward to a future year.
Read more: Business tax losses may benefit your business later
Foreign income not disclosed? Make a voluntary disclosure to ATO. If you have any amounts of offshore foreign income you haven’t declared to the ATO – perhaps interest from a foreign bank account? Even if it seems like a small amount, you must declare it.
Read more: Foreign income not disclosed? Make a voluntary disclosure to ATO
Claiming work trips for business owners with some private time? As a business owner you can deduct the cost of work trips you need to take for business. But what happens when you mix business with some hard-earned time for relaxation?
Read more: Claiming work trips for business owners with some private time?
ATO power to report business tax debts to credit agencies. Proposed new ATO powers to disclose business tax debts to credit reporting agencies mean businesses with long-term unpaid tax bills could see their credit rating affected.
Read more: ATO power to report business tax debts to credit agencies
GST on imports, are you optimising your business cashflow? If you import goods as part of your business, you don’t have to pay GST upfront if you’re registered for the ATO’s deferred GST scheme. Instead, you can defer and offset GST amounts in your next activity statement.
Read more: GST on imports, are you optimising your business cashflow?
Tax losses after a change in control, some ATO guidance. Has your company made a tax loss in recent years? If new investors or a major share sale is on the cards, the company may benefit from flexible new rules allowing access to prior losses – the key requirement being that the business carried on, post-equity restructure, is “similar”.
Read more: Tax losses after a change in control, some ATO guidance
Hankering for a hobby farm? Have a penchant for a few shimmering vines, or maybe a cluster of Angus cows on green pastures? Maybe you’re already “farming”. You might see your rural acres as a hobby but your idyllic vision may not be one shared by the ATO if it morphs into a business.
Read more: Hobby or a business? What is the status of your farm?