
The ATO has announced the commencement of a data-matching program for property investors to acquire residential investment property loan data from authorised financial institutions. Sample audits conducted under the ATO random enquiry program indicate a net tax gap of $9 billion for the 2019–20 income year attributable to incorrect reporting of rental property income and […]

In July 2023, the superannuation guarantee statutory rate will rise to 11%. Annually, the rate is increasing by 0.5% until July 2025 when it will reach the legislated 12%. Prepare Now for the July Rate Rise Review your current superannuation costs for all employees, both hourly and salaried. Review any salary packaging arrangements. Is the […]

Prepare now for your quarterly superannuation guarantee (SG) contribution lodgement and payment. Here’s what you need to review: Have you allocated all payroll related bank transactions to the correct accounts? Have you checked for errors such as duplicate pay runs? Have you checked that all payroll categories used this quarter have had super correctly applied […]

Single Touch Payroll (STP) is a government initiative that requires employers to report their employees’ tax and superannuation information to the Australian Taxation Office each time they run their payroll. Instead of reporting this information at the end of the financial year, employers now need to submit this information to the ATO after each pay […]

If your trust pays adult-child beneficiaries, then you’ll need to know how the new ATO tax guidance rules could alter your beneficiary arrangements. The changes won’t affect every small business operating through a trust arrangement, but it’s important to check that existing provisions meet the new requirements. The ATO is interested in agreements where parents […]

Originally announced in the 2018–19 Federal Budget, and now set out in draft legislation, are newly introduced accountability measures for ABN holders. Once in effect, this will mean you will have to: lodge outstanding income tax returns, and confirm the accuracy of your entity’s details on the Australian Business Registrar annually. Currently, there are no […]

Welcome back to work after what was hopefully a restful and lovely summer break! And welcome to 2023, where we are truly looking forward to working with you and your business this year. In order for you to be across your tax obligations as you get back into the swing of things, below are the […]

Does your business make sales in Australia? You may need to register for Australian goods and services tax. Like many countries, Australia charges a goods and services tax (GST) on most products and services sold within Australia. Australian GST is a tax of 10% added to the price of goods and services. Any business that […]

What are your business goals for the year ahead? The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement. Last year, there were inescapable impacts on businesses, with some […]

Christmas is a great time to acknowledge and reward your employees and other associates by celebrating and giving gifts. But don’t get caught out by entertainment rules! Claiming entertainment and gifts as business expenses is not always straight-forward, as there are implications for GST, income tax and fringe benefits tax (FBT). Is it Entertainment? Entertainment […]