Tax debts may affect business credit score
If your business has had issues paying your tax debt due to the ongoing effects and uncertainty surrounding the COVID-19 pandemic, remember that the best option is to engage with the ATO to manage those debts. Failure to get in touch with the ATO to come to an arrangement will not only affect the potential …
More powers for the ATO?
The ATO may soon be getting more powers under a consultation paper on electronic surveillance released by the Department of Home Affairs. Among other things, the paper proposes to grant additional powers to agencies such as ATO and AUSTRAC where “a clear and compelling case is made by that agency”. Currently, the TIA Act, Telecommunications …
Need more money in retirement?
If you’re a retiree and the current rise in cost of living and inflationary pressures are starting to bite, don’t turn to high interest loans, if you meet certain eligibility criteria, you may be able to access the Home Equity Access Scheme (previously known as the Pension Loans Scheme) run through Services Australia. The Home …
COVID-19 vaccination rewards: tax implications
With most of Australia and the world still in the grips of the COVID-19 pandemic, many businesses, both public and private, are offering rewards and incentives for their employees to get vaccinated and/or get the booster dose. Depending on the type of reward or incentive offered, and whether it is exclusive to employees or the …
IP insurance in super: beware of offsets
Insurance within super is usually the most cost effective way for an individual to cover themselves in the event of a mishap. Most super funds typically offer three types of insurance for their members consisting of life cover, total and permanent disability (TPD) and income protection insurance (or salary continuance cover). By way of background, …
Changes to the SME recovery loan scheme
As a part of an economic package to help businesses recover from the impacts of the COVID-19 pandemic, the government provided cheap credit to qualifying small and medium enterprises in the form of the SME Recovery Loan Scheme. When it was first introduced, and until 31 December 2021, the government essentially guaranteed 80% of the …