Goods and Services Tax GST Archives - Salisbury Accountants

Director penalty notices

May 16, 2022/in Business Advice /by Salisbury Accountants & Business Advisors

Directors obligations and personal liabilities for PAYG withholding, SG Charge and GST

In March the ATO will be contacting relevant clients via letter to inform them about their potential personal liability for company tax debts under the Director Penalty Notice (DPN) program.

The letter will be sent to directors of companies if the company has […]

NSW small business fees and charges rebate

April 19, 2021/in Grants /by Salisbury Accountants & Business Advisors

Apply for small business fees and charges rebate

Small businesses and not-for-profits in NSW are now able to apply for rebates of up to $1,500 thanks to a new rebate scheme aimed to offset NSW and local government fees.

Launched on 1 April 2021 and lasting until 30 June 2022, the Small Business Fees and […]

JobKeeper 3.0

August 11, 2020/in COVID-19 Resources, Payroll /by Salisbury Accountants & Business Advisors

JobKeeper extension

On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020).

As a result, JKPs would now be made over two separate extension periods, being:

Extension period 1 – which covers […]

Last Minute Tax Minimisation Tips

June 26, 2020/in Tax Planning /by Salisbury Accountants & Business Advisors

6 Final reminders of how to reduce tax for 2020

EOFY Reminders & Action Items

As a business owner, there are many obligations that you need to consider and action just before and after 30 June.

Some of these will help to minimise your tax. Others will reduce your exposure to an ATO tax audit. […]

Tax relief for businesses affected by COVID-19

April 23, 2020/in COVID-19 Resources, Tax Planning /by Salisbury Accountants & Business Advisors

Businesses affected by COVID-19 can now access support from the ATO on managing their tax affairs

The ATO will allow deferrals of payments for 6 months for income tax, activity statements, FBT and excise payments.

Also, affected businesses will be able to apply for remission of interest and penalties.

Affected businesses are being encouraged to […]

Use-of-cash draft rules released

November 18, 2019/in Accounting /by Salisbury Accountants & Business Advisors

Draft rules supporting new currency restriction legislation released by Treasury

The legislation bans the use of cash for some transactions of more than $10,000, and has just been passed by the House of Representatives.

The Currency (Restrictions […]

Low-cost assets and the threshold rule for your small business

August 30, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

The threshold rule allows a business to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets

The rule is meant to help your small business save time because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature […]

Read more

Lifestyle assets under ATO watch

July 19, 2019/in Bookkeeping /by Salisbury Accountants & Business Advisors

Lifestyle assets data matching program protocol

The ATO is conducting a lifestyle assets data matching program to obtain information on insurance policies for marine vessels, enthusiast motor vehicles, thoroughbred races horse, fine art and aircraft.

The ATO will obtain information from data providers for the 2013/14 and 2014/15 financial years, to identify taxpayers who are […]

Important End of Financial Year Actions for You

June 28, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

EOFY reminders – annual tax returns

Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June.

Some of these will help to minimise your tax. Others will reduce your exposure to an ATO tax audit. We have […]

Posts

Directors obligations and personal liabilities for PAYG withholding, SG Charge and GST

In March the ATO will be contacting relevant clients via letter to inform them about their potential personal liability for company tax debts under the Director Penalty Notice (DPN) program.

Apply for small business fees and charges rebate

Small businesses and not-for-profits in NSW are now able to apply for rebates of up to $1,500 thanks to a new rebate scheme aimed to offset NSW and local government fees.

JobKeeper extension

On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020).

EOFY Reminders & Action Items

The ATO will allow deferrals of payments for 6 months for income tax, activity statements, FBT and excise payments.

The legislation bans the use of cash for some transactions of more than $10,000, and has just been passed by the House of Representatives.

The rule is meant to help your small business save time because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature […] Read more

The ATO is conducting a lifestyle assets data matching program to obtain information on insurance policies for marine vessels, enthusiast motor vehicles, thoroughbred races horse, fine art and aircraft.

Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June.

The rule is meant to help your small business save time because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature […]

Read more