New ATO guidelines: is your passive company running a “business”?
It’s often obvious when a company is carrying on a business. But many clients have companies set up in their family or business groups, whose “business” status may be less clear. Common examples include companies that simply hold assets used by another entity in the group, that receive trust distributions, or that appear to be …
Uber drivers not employees
The Fair Work Ombudsman has completed its investigation relating to Uber Australia Pty Ltd and its engagement of drivers, concluding that the relationship between Uber Australia and the drivers is not an employment relationship.
Focus on the Cash Economy
Continued focus on the cash economy ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country, including up to 500 small businesses in Tasmania. He further said that businesses that advertise as ‘cash only’ and businesses that are operating …
Federal Election Called!!
P r a c t i c e U p d a t e May 2019 Federal Election called! The Federal Election has been called for Saturday 18 May 2019, and the Governor-General has ‘prorogued’ the Parliament from 11 April 2019 until 18 May 2019, and dissolved the House of Representatives. The election will also …
Fast-tracking tax cuts for small and medium businesses
Fast-tracking tax cuts for small and medium businesses The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income …
ATO data regarding Super Guarantee non-compliance
ATO data regarding Super Guarantee non-compliance Lucas and Co: The ATO has provided some information about Superannuation Guarantee (SG) non-compliance in its recent submission to a Senate inquiry into the impact of the non-payment of the Superannuation Guarantee. In addition to marketing and education activities to re-enforce the need for employers to meet their …
ATO’s apps and other online tools
ATO’s apps and other online tools As a result of user feedback, the ATO has improved their ATO Small Business app and it continues to expand in functionality and usability. The most useful features for small business include: ABN Lookup, which verifies business details. Tax withheld calculator, which shows how much tax to …
Further company tax cuts deferred (for now…)
The Government has decided not to put the Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 to a vote in the Senate … for the present point in time (it had already passed the House of Representatives without amendment). The Bill aims to progressively extend the lower 27.5% corporate tax rate to all …