Reskilling employees: FBT exemption coming soon?
In a bid to encourage employees to provide retraining and reskilling for employees that have been made redundant, the government is proposing to exempt such courses from FBT. Currently, only very limited “work-related counselling” and outplacement services are not subject to FBT. In certain circumstances, FBT could almost double the cost of retraining courses that …
Independent resolution process now permanent
Small businesses now have another pathway to resolve tax disputes with the ATO making its independent review service a permanent option for eligible small businesses (ie those with a turnover of less than $10m). The service was initially conceived as an avenue for small businesses to obtain early and fair resolution in relation to audit …
Benefits of family trusts
Many of you have heard of family trusts, but perhaps don’t know too much about their benefits and how they differ from the usual non-fixed trusts. Essentially, a family trust is a trust where the trustee has made a valid family trust election (FTE) for tax purposes. By becoming a family trust, the trust is …
ATO data-matching: residency
The ATO has announced its new data-matching program with information from the Department of Home Affairs on passenger movements during the 2016-17 to 2022-23 income years. It will use this data to determine whether business entities and individuals are residents and whether they have met their lodgment and registration obligations. The ATO expects personal information …
ATO targeting contractors
The ATO is now data-matching the taxable payments made by businesses, against those reported in the tax returns of contractors. This captures contractors that have performed services including couriering, cleaning, building and construction services, road freight, etc. If you’ve received a letter from the ATO regarding your contracting income or have realised that you have …
Steps to get a deduction for bad debts
As many of the government’s COVID-19 economic supports coming away, economists predict there’ll be many business failures to follow. If your business is unable to obtain payment from a debtor, depending on the accounting method used by your business, you may be able to claim a tax deduction for the unpaid amount. If non-payment from …
Financial Stability Review – April 2021
The Financial Stability Review provides the Bank’s assessment of the current condition of the financial system and potential risks to financial stability. The Review is issued half-yearly. Source: https://www.rba.gov.au/publications/fsr/2021/apr/index.html
JobKeeper: compliance and repayment
With the JobKeeper program officially coming to a close, the payment that has supported more than 3m workers as its height and around 1m in the most recent quarter has been consigned to history. Although it is gone, it should not be forgotten by businesses that claimed the payments as the ATO has signalled that …