Have 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

Have 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

In 2018, the ATO issued a controversial draft ruling which took a very strict stance on the four-year time limit for claiming input tax credits and fuel tax credits. The ruling had been used by the ATO to deny input tax credits and fuel tax credits where the Commissioner makes a decision on an objection or amendment request outside the 4-year period.

As bushfires continue to rage across the country, support for devastated communities are coming from all sides and the ATO is no exception. It has announced automatic deferrals for lodgement and payments for taxpayers in impacted postcodes in the states of NSW, Victoria, Queensland and South Australia.

Businesses 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.

Do you provide car parking to your employees on your business premises? If the parking meets certain conditions you may have to pay fringe benefits tax (FBT) on those and other benefits you provide to your employees.

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.

A scam targeting vulnerable disaster victims has reared its ugly head. If you receive a SMS that supposedly gives you an 8% bonus on your tax return, the best course of action is to delete it.

Is 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

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?

Crowdfunding 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?

Being 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.

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

Deemed dividends: changes are coming

Div 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.

The 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.

Made 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.

Have 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

Looking 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.

Your business may be required to make superannuation contributions for some independent contractors, even if they have an Australian Business Number (ABN).

Australia has been battered by a combination of fire and flooding in the past few months, it is little wonder then the topic insurance payouts are on everyone’s lips. What is perhaps most concerning is that not everyone knows insurance payments may have tax consequences.

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.

Got 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.

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.

New laws are now in place to target illegal phoenixing of companies which by some estimates costs businesses, employees and governments more than $2bn a year. At its core, illegal phoenixing is the use of serial deliberate insolvency as a business model to avoid paying company debts.

If 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.

Anyone that has had a bad experience after navigating the maze of bureaucracy that is the Tax Office may be reminded of an old Latin phase “quis custodiet ipsos custodes” which loosely translates into “who watches the watchers?”.

Hunter Partners have recorded some presentations that cover areas of interest of many of our clients. If you have any queries relating to these presentations, call us on (07) 4723 1223.

Running a business and ensuring your employees are paid the correct super can be difficult and inadvertent mistakes can be made from time to time.