WFH: FBT consequences for employers
As the 2020-21 FBT year draws to a close, employers that have provided various benefits such as laptops and office equipment to enable employees to work from home during COVID-19 need to be aware that they may be FBT consequences. What the consequences are depends on a number of factors including whether the arrangement is …
End of FBT year fast approaching
With the end of March fast approaching, so too is the end of the FBT year which runs from 1 April 2020 to 31 March 2021. While FBT returns do not need to be lodged until 21 May 2021, for many businesses, now is the time to start getting organised in relation to employee contributions …
Increase in statutory demand threshold for debts?
If you run a small business or any business for that matter, you may be interested in the current government consultation to increase the statutory demand threshold for debts. Currently, the threshold at which a creditor company can make a formal request requiring a debtor company to pay a debt (ie statutory demand) is $2,000. …
STP changes coming for small employers
If you run a small business with payees that include family members in a family business or directors or shareholders of a company, chances are you’re not yet reporting payments through the Single Touch Payroll (STP) regime. Basically, STP works by sending tax and super information from your STP-enabled payroll or accounting software to the …
Tax implications of having more than one job
If you have more than one job, whether it be casual, contract or some other arrangement, you will need to be careful to avoid an end of financial year tax debt. The debt usually arises in situations where individuals with more than one job claim the tax-free threshold in relation to all the employers, resulting …
JobMaker Hiring Credit: is it right for your business?
As the Australian economy gets back on its feet, the government has been very vocal about winding back various JobKeeper and JobSeeker measures. If you’re a business that still needs a little bit of a helping hand with hiring more workers, you can take advantage of the JobMaker Hiring Credit scheme which gives eligible businesses …
Take advantage of your carry forward cap
2021 may have had a subdued start, but a new year brings in new resolutions, perhaps one of your resolutions this year is to boost your super balance so you can enjoy an early retirement. Even if retirement is not on the horizon for you, it is good practice to take any opportunity to grow …
Data-matching program: online selling
Online sellers beware, the ATO has extended its current data-matching program for another 4 years to ensure that businesses and individuals are correctly meeting their registration, lodgment and tax obligations. The current program will affect most sellers on eBay Australia and New Zealand as well as Amazon. It is expected that around 20,000 to 30,000 …
Insolvency changes to help businesses
While the government continues to help businesses through the current pandemic-related recovery with various revenue measures, it is inevitable that some businesses may not make the journey back. To assist those businesses with dealing with insolvency issues, the government has made significant changes to the framework to introduce a new, simplified debt restructuring process. The …