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 …
Financial Stability Review – September 2024
The Financial Stability Review provides the Bank’s assessment of the current condition of the financial system and potential risks to financial stability. It is issued half-yearly. Source: https://bit.ly/4kphEtJ
Enhancing TPB Sanctions Regime: Consultation
In response to the tax adviser misconduct saga that unfolded during 2023, the government has identified several priority areas for action, including strengthening the regulatory regime and increasing the power of regulators. More details have now been released on its proposal to enhance the Tax Practitioners Board (TPB) sanctions regime, with a consultation paper recently …
Employee vs Contractors: New Rules
Following on from two prominent High Court decisions in Construction, Forestry, Maritime, Mining and Energy Union v Personnel Contracting Pty Ltd [2022] HCA 1 and ZG Operations Australia Pty Ltd v Jamsek [2022] HCA 2, the ATO has issued a Ruling clarifying the issue of whether certain individuals are employees or independent contractors. In brief, …
FBT electric vehicle home charging rate
Since the introduction of EV incentives by various state governments to encourage the uptake of EVs and other zero emissions vehicles, the market share of EVs has significantly increased from around 0.78% in 2022 to 7.2% in 2023. According to the Federal Chamber of Automotive Industries, while EV sales only account for a small proportion …