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28th November, 2024Facing 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.
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19th November, 2024If your small or medium business is on a growth trajectory, you may soon hear from the ATO that you’re being included in its medium and emerging program for private groups. This program is specifically designed to engage with businesses and private groups that are expanding rapidly or have substantial turnover, and it’s important to understand how this could impact your tax obligations and management strategies.
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30th October, 2024Now is a great time to make sure your business is ready to meet upcoming business activity statement (BAS) due dates. The BAS applies if you run a business that’s registered for GST. You’ll need to report and pay using a monthly or quarterly BAS, and may report and pay GST annually, depending on your business turnover and other circumstances.
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17th June, 2024As tax time approaches, the ATO has released some pertinent reminders for small businesses in preparing themselves for the end of this financial year and the start of the new financial year. The ATO has also highlighted that free courses are available on its small business online learning platform to help small business owners master their tax and superannuation obligations.
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11th June, 2024From 1 July 2024, non-charitable NFPs (not-for-profits) with an active ABN are required to lodge an annual NFP self-review return to the ATO to confirm their eligibility for income tax exemption.
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4th December, 2023In the most recent employer super guarantee compliance and obligations report from the ATO, most employers seem to be doing the right thing by their employees and complying with super guarantee obligations without intervention. This rate has remained steady from the previous year. Going forward, as a part of the government announced a package to move to “pay day” super, the ATO will have improved SG recovery targets each year which is to commence from the 2026-27 financial year.
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30th November, 2023In the current economic climate, the Commonwealth government remains one of the few still contracting for large projects. Businesses that would like to tender for Commonwealth government contracts over $4m will need to have a satisfactory statement of tax record. This also applies to prime contractors, or suppliers involved in a panel arrangement. Depending on the structure of the business involved, differing requirements apply in relation to the statement of tax record, and some contracts may require updated statements during the life of the contract.
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23rd November, 2023Directors and officeholders should be aware that the ATO is conducting a data-matching program which will not only ascertain whether directors are meeting their obligations to have director IDs but will also link individuals known to the ATO to officeholders and their associated companies as recorded on various registers. In addition, the program would also support the work of the phoenix taskforce. It is estimated that records relating to approximately 11m individuals will be affected.
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3rd November, 2023In an effort to reduce wage theft and prevent losses in retirement income for many Australians, the government is seeking to legislate its payday super measure, as first proposed in the 2023-24 Federal Budget. As the first step, a consultation paper has been released which proposes two models that could be used to implement the measure. Based on the outcomes of the consultation, the government will redesign the super compliance framework to incorporate payday super, which is proposed to commence from 1 July 2026 subject to the passage of legislation.
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1st November, 2023The ATO has recently released a Ruling that clarifies when deductions for losses and outgoings that relate to holding vacant land will be denied in relation to individuals not conducting a business or in primary production. Among other things, it provides guidance on what is considered to be a substantial and permanent structure on the land, under what circumstances the structure is considered to be available for use, and what structures are considered to be independent and not incidental to the purpose of any other structure.
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