The ATO has warned taxpayers to be vigilant on a range of claims that they will be paying greater attention to during tax time. These claims include work-related expenses, cryptocurrency gains and rental income and deductions. The ATO has stated the areas in high focus are where most mistakes are made…
As business advisers, tax planning is a great opportunity for us to help you be proactive with your business, provide valuable input around your projected earnings and tax position and show you how the business is performing as opposed to how you think it’s performing. This planning can be extremely important for both the short and long term success of your business.
The media release outlined that the ATO has sent more than 80,000 awareness letters regarding outstanding debt. This gives some context to the recommencement of ATO debt collection activities. The ATO’s collection activities were publicly acknowledged in a Senate Economics committee meeting in February 2022.
With the collapse of several businesses in the housing and construction industry recently—due to COVID impacts and supply chain shortages—with more tipped to collapse over the coming months, there has been increased demand for business restructuring information and advice.
A draft ruling was issued in February 2022 where the ATO has targeted common transactions many trustees might have entered into in the past. This ruling seeks to stop commonly used trust distributions to family members.
The ATO is encouraging businesses to take precautions and review their cyber security measures in the wake of increased technological adaption and reports of scams and breaches.
From 1 July 2022, the $450-per-month threshold for super guarantee will be removed. Due to this change, by 1 July 2022, you will also need to ensure that employees who are under 18 years of age who work 30 hours or more per week in your business are paid super.
A DIN is a 15-digit identification number used to verify the identity of a Director of a company. A DIN will be used for life and does not need to be re-applied for if they change companies, stop being a Director, change their name or move overseas…
In December, the ATO published new guidelines regarding how Professional Firms must allocate their profit. Professional Firms include legal, medical, engineering, architecture, management consulting and financial service practices…
Help your business minimise the rate of inflation: Evaluate Your Supply Chain Risks A few key vulnerabilities to look out for regarding supply chain risk during times of inflation include…