Business Tax

  • 122BusinessTaxEffectOfInsolvencyOnContractsThere was a time when, if a company got into financial difficulty the contracting party could terminate the contract, even if the company had been meeting all its obligations.

  • 099FederalBudget2018SpecialEditionOn Tuesday, 8 May 2018, Treasurer Scott Morrison handed down the 2018–2019 Federal Budget, his third. In what is widely perceived to be an election Budget (and certainly the last full Budget before the next Federal election), the Treasurer forecast a return to a modest deficit of $2.2 billion in 2019–2020 and an increase to surplus in 2020–2021. In the lead-up, the Treasurer signalled the need to “exercise the restraint that has been so important in ensuring that we bring that Budget back to balance”.

  • BUDGET 2019

    PERSONAL TAXATION

    Personal tax cuts: low–mid tax offset increase now; more rate changes from 2022

    In the 2019–2020 Federal Budget, the Coalition Government announced its intention to provide further reductions in tax through the non-refundable low and middle income tax offset (LMITO).

  • ATO ABN PurgeHave you run a small business that has ceased or paused operations? Or perhaps you’ve been hired as an ABN contractor? The ATO is cleaning up the Australian Business Register

  • 127AlternativeDisputeResolutionAlternative dispute resolution (ADR) is not only used to resolve substantive disputes, and can be used to clarify or limit issues, and remove barriers created by relationship issues between you and the ATO.

  • Are you declaring personal use of business trading stock?For business owners in industries such as hospitality and food retail, using small amounts of the business’ trading stock for personal use is a reality of day-to-day operations.

  • Gig Platform ClaimsHave you ever considered joining a site like Airtasker to make some extra cash? If so, you’ll need to keep the ATO happy. Here, we explain the tax issues that arise when you earn money performing “gigs” through Airtasker, or any other online platform

  • 104LowValueGoodsComplianceDid 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. This applies regardless of where the business is based.

  • 079AreYouSignedUpToTheNewSmallBusinessSuperClearingHouseThe small business superannuation clearing house (SBSCH) is a convenient service that allows a small business to make superannuation contributions for its employees in one single payment. It’s important to know that access to the service has recently changed significantly.

  • ATO Business BenchmarksThe ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards

  • 156BlitzOnSharingEconomy 720x454The sharing economy is booming in Australia with a large proportion of the population either making it their full-time job or making a little extra money on the side. However, with the boom comes the all-seeing-eye of the ATO which is now firmly focused on the sharing economy.

  • ATO impersonation scams on the riseThe ATO is warning taxpayers about scammers who impersonate the ATO in order to obtain the taxpayer’s personal information or even to demand payment of a fake tax debt.

  • 009AvoidAnATOAuditYourEssentialGuideToSmallBusinessBenchmarksThe Australian Bureau of Statistics recently estimated that unreported business income totals around $24 billion, or 1.5% of our nation’s gross domestic product. To reduce the amount of money circulating under the radar, the ATO constantly monitors the cash economy to ensure small business owners report all of their income.

  • 066BitcoinPart2InTheBitcoinBusinessIn 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.

  • 076BitcoinPart3CryptocurrencyComplianceBitcoin is “neither money nor a foreign currency” the ATO warns, but it is still an asset that can be treated as income or counted as capital gains. In Part 3 of our series on bitcoin, we look at the compliance implications of operating bitcoin and how the ATO intends to monitor cryptocurrencies in general.

  • 101Budget2018WhatsInItForYouIt’s May, which means it’s Budget time. In the last full Budget before the next Federal election, the Treasurer delivered an election Budget with enough sweeteners for everyone including businesses, income tax relief for individuals, measures to boost superannuation, and help for older Australians.

    The 2018-19 Budget was handed down on 8 May by Treasurer Scott Morrison. In the last full Budget before the next Federal election, ScoMo delivered what was widely perceived to be an election Budget with lots of sweeteners for everyone. So what’s in it for you?

  • BudgetBusinessIncentivesIs your business planning to purchase new assets? Perhaps new tools, a vehicle or computer upgrade? If so, you may be able to take advantage of the Coalition’s expanded “instant asset write-off” incentive.

  • BudgetTaxCutsWith a federal election just around the corner, both major parties have put personal tax breaks front and centre of their Budget plans. Make sure you understand each party’s tax policy as you head to the polls this autumn.

  • 080BusinessCashPaymentsOnATOsRadarCash 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. Third-party data and risk analysis is being used to identify the types of businesses the ATO will visit, which will not be limited to one particular industry this time around.

  • R and D Software Claim AlertIs your company planning to develop software as part of an experimental R&D project? You may qualify for the R&D tax incentive, even if you’re not a software developer

  • 120CashPaymentsLimitsComingSoonThe Government is planning to introduce an economy-wide cash payment limit of $10,000 as a part of its crackdown on the black economy. Any transaction that exceeds $10,000 will need to be made using an electronic system or by cheque.

  • There are two methods of accounting for GST: a cash basis and a non-cash basis (accruals).

    The method you use will affect when you must report GST.

    Businesses with an aggregated turnover (your business's turnover and the turnover of closely associated entities) of less than $10 million, or who use cash accounting for income tax, can use either method. Most larger businesses must use the non-cash method.

  • 121CompensationFromTheATOWith all the media attention around the ATO’s alleged rough treatment of the small business segment. Many of these small business owners may think that they have a case for compensation from the ATO for everything that they have been through.

  • Hunter Partners Corporate Tax Rates There’s finally some certainty about the corporate tax rate(s). Legislation has recently passed Parliament and the fate of other proposed changes has also been finalised. The law is settled, so it’s a good time to remind ourselves what the final state of play is concerning the dual rates of 27.5% and 30%.

  • Dealing with ATOBeing a smart taxpayer means knowing what resources are available to you and understanding how the ATO deals with individuals as tax problems arise. Here are three simple things all individuals can do to help keep their tax affairs as stress-free as possible this tax time.

  • Deemed dividend rules: new 10-year loan model

    003 NewDiv7ALoanModelThe government is acting to simplify the Division 7A rules that govern deemed dividends, proposing a new 10-year loan model for compliant loans. Significantly, companies with existing loans would be forced to transition to the new model

  • Deemed dividends: changes are coming

    Deemed dividends: changes are comingDiv 7A or deemed dividend payments may be familiar to you if you’re the shareholder or associate of a private company. It generally applies to treat a benefit provided by a private company to the shareholder or associate as a deemed dividend, which is then taxed at the recipients’ marginal tax rates.

  • 130FutureTaxReformDirectionsTo be fiscally responsible, a government needs to have enough resources to service its debt obligations. One of the main sources a government uses to service its debts is tax revenue.

  • Director identification numbers coming soon

    Director identification numbers coming soonAs a part of anti-phoenixing measures, the government is seeking to introduce a “director identification number” (DIN), a permanent and unique identifier to track directors’ relationships across companies.

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