Business Tax

  • 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

  • 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

  • ATO Debts Affect RatingBusinesses with tax debts beware, the ATO will now be able to disclose the details of your tax debts to credit ratings agencies, which could potentially affect the ability of the business to obtain finance or refinance existing debt.

  • Declare Offshore Income

     

    Do you have any amounts of offshore 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.

  • 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

  • Work Claim TripsAs 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?

  • Crowdfunding Taxation ConsequencesCrowdfunding has fast become the go to place for people in need of large amounts of money quickly, but is the money raised considered to be income and therefore taxable?

  • 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.

  • Affection And Debt ForgivenessThe 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. Contrary to previous guidance, the draft determination now indicates only natural persons can forgive debts by reasons of natural love and affection.

  • Expansion of Tax Avoidance TaskforceThe ATO has expanded the tax avoidance taskforce to include top 500 private groups, high wealth private groups, and medium and emerging private groups. Perhaps the most interesting is the inclusion of medium and emerging private groups which cover around 97% of the total private group population.

  • Tax Loss PlanningMade a tax loss? 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.

  • STP Reporting DeadlineHave you sorted out Single Touch Payroll arrangements for your small business? If not, it’s time to get cracking! All businesses must be fully on board with this electronic payroll reporting standard by the end of September

  • Defer GST On ImportsLooking for opportunities to improve 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.

  • Hiring Contractors do you need to pay SuperYour business may be required to make superannuation contributions for some independent contractors, even if they have an Australian Business Number (ABN).

  • Hobby Farm or a BusinessHankering 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.

  • ATO Business TestGot a passive corporate entity that holds an investment property or perhaps plant and equipment? The ATO has confirmed it takes a broad approach to when a company carries on a “business”, which means some company taxpayers may be entitled to business tax concessions they hadn’t previously considered. Find out if your company is affected.

  • ATO Business Debt DisclosureProposed 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.

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  • Non Commercial LossesIf you have a business in addition to your main employment, the non-commercial loss rules could apply to you, which may prevent you from deducting your business losses against your other income.

  • Rental Property Claims0Rental property deductions have many rules, and the ATO is on the lookout for incorrect claims. Some expenses can be deducted immediately, while others will need to be claimed over time. Stay on top of the rules and avoid ATO headaches this tax time.

  • Rental Property Claims1Are you paying off a loan for an investment property you’ve purchased? The ATO says over-claimed interest is a common error made in rental property expense claims.

  • Reportable Tax Position Expansion DelayedThe Reportable Tax Position schedule was first introduced in 2012 as a way for the ATO to keep an eye on contestable or material tax positions taken by public and multinational companies.

  • Single Touch Payroll

  • Small Business CGT Records

    The small business CGT concessions can save businesses some serious tax – and help business owners significantly boost their superannuation – but it’s essential that you keep the right records, particularly for when the time comes to sell.

  • 027 CGT Concessions RulesThe 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.

  • Super funds copmpared: Part 2Insurance and dispute resolution might not be high on your list of things to consider when starting up an SMSF, but these issues do affect SMSFs differently to public offer funds. What will you do if a dispute arises between SMSF members, and what does taking out insurance in an SMSF practically involve?

  • ATO SMSF Investment ReviewOver 17,000 SMSFs that are heavily invested in one asset class will soon receive a “please explain” from the ATO to check whether they can justify their diversification risk.

  • Instant Asset WriteOffYou may have heard about the “instant asset write-off”, but do you understand exactly how it can benefit your business?

  • High earner Super Opt outIf you’re a high income-earner with multiple employers, you may be aware of potential traps with compulsory super contributions that can lead to some hefty and unfair penalty taxes – and until now there’s been little anyone can do to avoid the problem.

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