Category: Tax
Recruiting new employees? The 1 November superannuation rule changes
From 1 November 2021, where an employee does not identify a superannuation fund, the employer is required to contact the ATO and request details of the employee’s existing superannuation fund or ‘stapled’ fund (the fund stapled to them).
How Do I Declare My Income As An Influencer?
As an Influencer, it’s important that you declare your assessable income from all sources that it has obtained from which includes income made through endorsements, sponsorships and non-cash benefits. If income is not correctly reported, this can become an issue that may trigger ATO audits.
Did your super fund receive a compensation payment?
Is a financial services compensation payment to your superannuation fund a contribution? Of late, there have been several compensation payments made by financial services providers to customers that were inappropriately charged or overcharged for insurance premiums or services they did not receive.
Mental Health Support for Business Owners
Running a business can be an isolating experience. And, with COVID-19 lockdowns and disruptions to trade, the pressure can be intense.
ATO update on tax claims for NANE COVID-19 payments
According to new guidelines issued by the Australian Taxation Office, small businesses that pay accountants or bookkeepers to apply for tax-exempt COVID-19 grants on their behalf will not be able to claim tax relief for the service.
Growing your business value
Over the next decade, as the baby boomer bubble of small and medium sized business owners roll through the system, Australia will experience one the largest transfers of business wealth in its history.
Lockdown Support Update
The support available to individuals and business has been constantly evolving and changing. Here’s a summary of where support stands around the country.
The ATO examines property investors as deduction issues increase
The ATO has issued a warning to property investors this tax time following rental income and deduction errors found in over 70 per cent of tax returns audited last financial year.
COVID-19 Government Grants and Payments to be Tax-Free Under Law Change
The COVID-19 support payments received by individuals and businesses are set to be regarded as non-assessable non-exempt income after the introduction of a new legislation into Parliament.
Business in a post pandemic environment
Countries that have experienced the worst of the pandemic give Australian businesses an insight into what to expect in a post-lockdown environment.
No more dodging tax: New share economy reporting rule set to begin
The individuals who participate in the share economy such as Uber, Deliveroo & Airbnb will no longer be able to escape their tax obligations as the government determines the implementation of a legislation for a new compulsory reporting regime.
The ATO have extended the STP finalisation due date
Businesses have been given extra time to submit their Single Touch Payroll finalisation declaration this year as the ATO acknowledges the continuing impacts of COVID-19.