The last few months have seen tragic loss of lives, properties and wildlife. If you have been affected, here are some resources that may help ease some of your financial worries: The ATO’s bushfire support page offers impacted parties a range of tax assistance including: extra time to pay debts or lodge tax forms help finding lost tax […]
At the end of last year the ATO began cracking down on tax dodgers by demanding information from 30 insurance companies about their wealthy customers during the past five years. Insurers were instructed to provide policy information on assets that met these thresholds: Aircraft: $150,000 Marine vessels: $100,000 Fine art: $100,000 per item Motor vehicles: […]
The new year brings with it a raft of payroll changes, many aimed at reducing wage theft and non-compliance with awards.There are also several changes to superannuation to ensure fairer outcomes for employees. Paying super on gross rate of pay As of 1 January 2020, employers are no longer allowed to pay super only on […]
In August, three tax practitioners had their registrations terminated for five years after breaching the Code of Professional Conduct. Their offences included failure to: act honestly and with integrity, having falsified supplier invoices and personal bank statements lodge a personal income tax return and quarterly activity statements by their respective due dates and pay a […]
As of 1 July 2019, you can no longer claim a tax deduction for a worker payment if you failed to comply with PAYG withholding and reporting obligations. Payments can include: employee salary, wages, commissions, bonuses or allowances directors’ fees labour-hire arrangements contractor services (except supply of goods and real property) where no ABN was […]
There are almost 8 million active Australian Business Number (ABN) holders in Australia. Last month, the Australian Business Register (ABR) began contacting a randomly selected sample in order to measure the ABR’s data quality. If you’re contacted, you will be asked to confirm your business information and discuss your understanding, usage and experience of the […]
Any employer can hire a working holiday maker, especially when they need labour for a short period. Working holiday makers will hold a Working Holiday visa (subclass 417) or Work and Holiday visa (subclass 462). If your new employee has ticked the box on their TFN declaration that they’re a working holiday maker there are three […]
The main difference between cash and accrual (non-cash) accounting is timing. If you record revenue or expenses when you pay and receive money, you’re using cash-basis accounting. This is the simplest method and is suitable for most smaller businesses who handle cash transactions. It can only be used if your aggregated turnover is less than $10 […]
Do you have suppliers who don’t have or provide you with their ABN? In this scenario, you are required to withhold 47% from their payment and send the withheld amount to the ATO. However, some suppliers are not required to quote an ABN and can use a Statement by a Supplier to justify why payment should not […]
A Taxable Payments Annual Report (TPAR) tells the ATO about contractor payments for services. This includes subcontractors, consultants and independent contractors who could be either sole traders (individuals), companies, partnerships or trusts. You may be required to lodge TPAR by 28 August if your business provides: building and construction services cleaning services for contractor payments […]