Category: Small Business
Penalties will recommence: ATO restarting debt recovery action
Taxpayers defaulting on tax debts and lodgement requirements can soon expect contact from the ATO as it confirms the recommencement of its compliance actions in the wake of JobKeeper concluding.
ATO chases $172bn in undeclared contractor income
The ATO has urged businesses to come clean on $172 billion worth of payments to contractors as it gets tough on non-compliance with the taxable payments reporting system.
Why are some businesses returning JobKeeper?
Companies that received JobKeeper and subsequently paid dividends to shareholders and executive bonuses have come under particular scrutiny, not just by the regulators but by public opinion.
Insolvencies rise by 61% in February
External administrations increased by 61 per cent over the last month, stirring fears that more businesses will need to close their doors once JobKeeper expires at the end of the month.
FBT 2021: Tax & Employee Benefits
Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed.
Winding-up: Simplifying small business insolvency
On 1 January 2021, new laws came into effect that introduce a new, simplified debt restructuring and liquidation framework for small business.
The Final Stage Of JobKeeper And How To Access It
The impact of COVID-19 has been felt very differently from region to region. Fortunes vary wildly between business operators subject to ongoing lockdowns and trading impediments to those benefiting from the “new normal”.
The JobMaker Hiring Credit
JobMaker is a credit available to eligible businesses and non-profit entities that create new jobs. Unlike JobKeeper, JobMaker can apply to new businesses and the business does not need to satisfy a decline in turnover test to receive payments.
JobMaker Hiring Credits: What We Know So Far
We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. Here is what has been announced so far:
Forecasting during a pandemic
Now, more than ever, business operators should have a plan in place to manage during uncertain times. So, how do you plan for uncertainty when every assumption is subject to change?
Has COVID-19 devalued your business?
If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value?
Extended Insolvency Relief
The Australian Government introduced new bankruptcy and insolvency regulations to assist businesses and individuals who have been impacted by COVID-19 was intended to expire on 30 September 2020 but has been extended.