From 1 November 2021, if you have new employees start, you may have an extra step to take to comply with choice of fund rules if they don’t choose a super fund. You may now need to request their […]
The ATO is encouraging employers to apply for the amnesty and make payments as early as they can. Any amnesty amounts paid before 7 September 2020 are tax-deductible.
For […]
Business tax changes for a new financial year
From 1 July 2019, if taxpayers don’t meet their PAYG withholding and reporting obligations to the ATO, they will not be able to claim a tax deduction for payments:
of salary, wages, commissions, bonuses or allowances to […]
Lodgement due date for all tax returns denied
However the ATO Deputy Commissioner replied: “We recognise and appreciate your efforts to help your clients meet their […]
Options available to assist businesses impacted by COVID-19
Commissioner of Taxation Chris Jordan is encouraging businesses impacted by the coronavirus to get in touch with the ATO to discuss relief […]
Superannuation guarantee amnesty bill passed by Parliament
This law change provides a number of incentives for employers to pay any unpaid historical superannuation guarantee (SG) amounts relating to the period 1 July 1992 to 31 March […]
ATO receives five more years of policy details from insurers about “lifestyle assets” like yachts, fine art
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Director penalty change strengthens SG rules
But there are also some tax obligations for PAYG withholding and superannuation guarantee charge payments, which are outlined under the ATO’s “director penalty […]
Before You Become a Director
If you become a company director and the company has outstanding PAYG withholding and SGC obligations, you will become personally liable for a penalty equal to these amounts (these are […]
Do you have a legal expense?
When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another […]