Business cash payments have got the ATO’s attention. Cash might be king, but the use of cash by businesses is attracting attention from the ATO. It will begin visits of selected businesses to ensure that all tax obligations are met.
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Trust vesting date, what happens when your trust vests? Vesting of trusts and tax consequences related to such events are complex issues which may end up costing the trust and beneficiaries needless headaches and hip pocket pain.
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Underpayment of workers, can a payroll service be liable? The exploitation of vulnerable workers has been getting a lot of press recently, but did you know that it is not just the company or business involved that may be liable to penalties?
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Bitcoin Part 2, In the bitcoin business. In Part 2 of our series on bitcoin, we examine the tax and GST consequences for business; specifically, those businesses that buy and sell bitcoin or mine bitcoin.
Read more: Bitcoin Part 2, In the bitcoin business how are you taxed?
Hosting Christmas parties, what you can claim before FBT hits? The festive season is just around the corner and if you are an employer you may be about to host, or you may already have hosted a Christmas party for staff to celebrate the year’s achievements.
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Division 7A - think twice or you could be paying more tax. If you own a small private company, perhaps with your spouse, think twice before borrowing money from that company. If the transaction is not recorded correctly you could end up paying tax on any loan thanks to the rules known as Division 7A.
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Family trusts and the lower bucket company tax rate. If you run a “bucket company” as a beneficiary of a family trust you will be interested to hear that a new Bill has been introduced in Parliament that will exclude companies that fail a “passive income test” from the lower corporate tax rate of 27.5 per cent.
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Cash only businesses, Australia is predicted to become a cashless society by 2020 looks closer to becoming a reality with two developments: the government’s crackdown on cash-only businesses and the imminent launch of instant bank transfers.
Read more: Cash only businesses, Australia predicted to become cashless