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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.

Clothing deductions, ATO clamping down so be careful. Planning to claim some clothing or laundry expenses this tax time? These deductions are on the ATO’s watch list again this year, and there are many traps for the unwary.

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.

Customers personal information needs to be protected. Did you know that in Australia, any 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.

Deemed dividend rules, governments new 10-year loan model. The government is acting to simplify the Division 7A rules that govern deemed dividends, proposing a new 10-year loan model for compliant loans.

Fair Work Commission finding that Uber is not an employer. Employer groups have been dealt a blow after a Fair Work Commission finding that Uber was not an employer and thus unfair dismissal laws did not apply.

FBT pay attention to motor vehicles, LAHA, car parking. With the FBT lodgement deadline fast approaching, we give you some tips on areas of FBT which may need particular attention, such as motor vehicles, employee contributions, the living-away-from-home allowance, car parking and the employer rebate.

Franking rules, company tax rates and consequences. Reducing the corporate tax rate for small to medium businesses has great benefits, but it may bring some unintended consequences in terms of the franking rules.

Government tenders to require satisfactory tax compliance. Bidding on Commonwealth government tenders could soon be more complex, with the government seeking to exclude businesses that do not have a satisfactory tax record from the tender process.

Government to provide flexibility for company losses. The government plans to give companies greater access to prior year tax losses in a bid to stimulate business innovation.

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.

PAYG withholding, new penalties for non-compliance. Combating the black economy has been a key priority of the government in recent years.

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.