Government contracts require Statement of Tax Record (STR). Businesses wanting to participate in the Federal Government’s post-COVID-19 economic recovery projects need to be aware that they may need to obtain a statement of tax record (STR) from the ATO prior to the commencement of any tender process.
Read more: Government contracts require Statement of Tax Record (STR)
Illegal-pheonixing, Governnment introduces measures to combat illegal-phoenixing. 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.
Read more: Illegal-phoenixing, Governnment introduces measures to combat
Car parking fringe benefits scruitiny by ATO, are you complying? 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.
Business Tax, Fringe Benefits Tax (FBT), Car Parking
Read more: Car parking fringe benefits scruitiny by ATO, are you complying?
Tax avoidance taskforce expands to 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.
Read more: Tax avoidance taskforce expands to top 500 private groups
Tax debts able to be disclosed by ATO to credit agencies. ATO is now able to disclose your tax debts to credit agencies. 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.
Read more: Tax debts able to be disclosed by ATO to credit agencies
Debt forgiveness due to love and affection only for natural persons. 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.
Read more: Debt forgiveness due to love and affection only for natural persons
Non commercial loss rules could apply for business and job, this may prevent you from deducting your business losses against your other income.
Read more: Non commercial loss rules could apply for business and job
Small business CGT concessions, when do I qualify? The 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.
Business Tax, Super and Financial Planning
Read more: Small business CGT concessions, when do I qualify?
Business tax losses may benefit your business later. 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.
Read more: Business tax losses may benefit your business later
Foreign income not disclosed? Make a voluntary disclosure to ATO. If you have any amounts of offshore foreign 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.
Read more: Foreign income not disclosed? Make a voluntary disclosure to ATO
Claiming work trips for business owners with some private time? 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?
Read more: Claiming work trips for business owners with some private time?
ATO power to report business tax debts to credit agencies. 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.
Read more: ATO power to report business tax debts to credit agencies
GST on imports, are you optimising your business 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.
Read more: GST on imports, are you optimising your business cashflow?
Tax losses after a change in control, some ATO guidance. Has your company made a tax loss in recent years? If new investors or a major share sale is on the cards, the company may benefit from flexible new rules allowing access to prior losses – the key requirement being that the business carried on, post-equity restructure, is “similar”.
Read more: Tax losses after a change in control, some ATO guidance
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.
Read more: Hobby or a business? What is the status of your farm?