Financial Stability Review – April 2025
The Financial Stability Review provides the RBA’s assessment of the current resilience of the financial system and potential risks to financial stability. It is issued half-yearly. Source: https://bit.ly/3GOboNL
ATO Launches its Small Business Focus Areas for 2025
Understanding the ATO’s focus areas for 2025 is essential to ensuring your business remains compliant and successful. The ATO has outlined specific areas of concern to help you avoid common pitfalls and manage your tax obligations effectively. Here’s what you need to know to keep your business on the right track. The ATO’s primary focus …
ATO Warns About GST Refund Fraud: Check Your Arrangements
The ATO-led Serious Financial Crime Taskforce (SFCT) has issued a warning to businesses against trying to cheat the tax and super system by committing GST fraud. While seeking ways to optimise your tax position is legitimate, it’s important to steer clear of arrangements that could lead you into fraudulent territory. The recent warning highlights the …
Managing Your Business’s Tax Debts
Facing a tax bill is a common challenge for many Australian businesses. Whether you’re currently facing a tax debt or anticipating one in the near future, it’s important to remember that proactively engaging with your tax agent and the ATO is the best approach for getting your business back in the black. The ATO has …
Managing Your Business’s Tax Debts
Facing a tax bill is a common challenge for many Australian businesses. Whether you’re currently facing a tax debt or anticipating one in the near future, it’s important to remember that proactively engaging with your tax agent and the ATO is the best approach for getting your business back in the black. The ATO has …
New ATO Resources for GST Food and Health Product Classification
Alongside the ATO’s GST public advice and guidance, the new GST food, beverage and health classification resources can help you work out if your products are taxable or GST-free. Product classification Ensuring your food and health products are correctly classified for GST purposes is critical to ensuring you correctly report your GST. You should review …
Employee Overpayments: What to Do
Once the end of financial year workload abates and payroll staff have time to have a closer look at what occurred in the previous income year, it’s not unusual for unintended overpayments to employees to come to light. If this happens for your business, it’s important to follow ATO guidance and consider all parties’ rights …
Small business restructure rollover: tax relief for genuine business restructures
With the latest statistics showing a significant rise in liquidations and with the ATO’s focused efforts on debt collection, small businesses face significant financial pressures. However, the answer isn’t to evade responsibilities or take shortcuts – business restructuring has to be done properly and in compliance with the relevant laws. The small business restructure rollover …
DGR Reforms and Integrity Measures Now in Place
With the ushering in of the new year, deductible gift recipient (DGR) reforms are now in place. The reforms were originally announced by the previous government in 2017 with legislation finally becoming law in June 2023. From 1 January 2024, the administration of 4 unique DGR categories will transfer to the ATO from other government …