Bitcoin Part 2, In the bitcoin business. In 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.
Read more: Bitcoin Part 2, In the bitcoin business how are you taxed?
Hosting Christmas parties, what you can claim before FBT hits? The festive season is just around the corner and if you are an employer you may be about to host, or you may already have hosted a Christmas party for staff to celebrate the year’s achievements.
Read more: Hosting Christmas parties, what you can claim befire FBT hits?
Division 7A - think twice or you could be paying more tax. If you own a small private company, perhaps with your spouse, think twice before borrowing money from that company. If the transaction is not recorded correctly you could end up paying tax on any loan thanks to the rules known as Division 7A.
Read more: Division 7A, think twice or you could be paying more tax
Family trusts and the lower bucket company tax rate. If you run a “bucket company” as a beneficiary of a family trust you will be interested to hear that a new Bill has been introduced in Parliament that will exclude companies that fail a “passive income test” from the lower corporate tax rate of 27.5 per cent.
Read more: Family trusts and the lower bucket company tax rate
Cash only businesses, Australia is predicted to become a cashless society by 2020 looks closer to becoming a reality with two developments: the government’s crackdown on cash-only businesses and the imminent launch of instant bank transfers.
Read more: Cash only businesses, Australia predicted to become cashless
GST applies to sale of low value goods from 1 July 2018. Did 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.
Read more: GST applies to sale of low value goods from 1 July 2018
GST payable by developer transferred to new home purchaser. With the real estate market hotting up for another year, many home buyers will turn their thoughts to newly constructed residential premises or subdivisions, but a recent Bill introduced may increase the costs and complexity of such purchases.
Read more: GST payable by developer transferred to new home purchaser
Online shopping is about to get more expensive with GST? Buying online could soon get more expensive. Previously, purchases under the $1,000 low value threshold were exempt from GST.
Read more: Online shopping is about to get more expensive with GST?
GST includes Netflix tax which is operational from 1 July 2017. These bring supplies of intangibles made by non-resident suppliers to Australian consumers within the net of Australia’s goods and services tax (GST) system.
Read more: GST includes Netflix tax which is operational from 1 July 2017
Audit by ATO, your guide to small business benchmarks. The Australian Bureau of Statistics recently estimated that unreported business income totals around $24 billion, or 1.5% of our nation’s gross domestic product.
Business Tax, GST, Personal Tax
Read more: Audit by ATO, your guide to small business benchmarks
Employer sent to prison for contempt over underpayments. A North Queensland tour operator has been sentenced to 12 months in prison for failing to back-pay five backpackers, in “unprecedented” contempt of court action brought by the Fair Work Ombudsman (FWO).
Read more: Employer sent to prison for contempt over underpayments
Business owner fined more than $226,000 for belligerence. A court has penalised a business owner more than $226,000 for their “sheer belligerence” in refusing to take responsibility for underpaying a former employee.
Read more: Business owner fined more than $226,000 for belligerence
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.
Business Finance, Business Tax, HR and Management
Read more: Customers personal information needs to be protected
Worker sacked for sending abusive Snapchats about manager. The Fair Work Commission has upheld the sacking of a long-term Coles employee who racially abused a co-worker and posted abusive and vulgar snapchats about his manager.
Coles sacked Ridwan Ridwan by letter last August for a series of foul-mouthed and aggressive tirades in the workplace. Ridwan had worked at Coles for 21 years.
Read more: Worker sacked for sending abusive Snapchats about manager
Employer to pay worker $139k for unpaid leave over 21 years. An employer has been ordered to pay more than $139,000 to a friend and former employee for 425 days’ unpaid annual leave and entitlements stretching back 21 years.
Read more: Employer to pay worker $139k for unpaid leave over 21 years