As of 1 July 2019, Taxable Payments Annual Reports (TPAR) will affect the following industries: Road freight IT Security TPARs were first introduced into the building and construction industry from 1 July 2012. Entities with ABNs need to report to the ATO information about the payments that they make to contractors for services. The policy…
There has been a recent spike in the number of scammer cases in relation to the Australian Taxation Office (ATO). Scammers and malicious actors continually adapt their activities and use technological advancements to help them mimic the ATO’s interactions. They have two main objectives, to get you to: pay money divulge personal information or credentials.…
The outcome of this weekend’s Federal election could have serious implications for your business and personal financial future, specifically: The amount of personal income tax and Medicare levy you will pay; The amount of capital gain that will affect your personal tax; Your ability to convert excess franking credits into cash refunds; How trust distributions…
Your accountant is most likely your greatest business asset, and yet one which is often underutilised. As a business owner, you trust your accountant to efficiently prepare your tax and annual statements, tax returns (individual, company and/or SMSF) and BAS. However, if you limit your accountant’s input to tax and compliance services, you could be…
If you are looking to transition to retirement or exit your business in the next few years, you need to start planning now. There are many options for business succession, but ultimately a smooth business exit that achieves maximum value for your business and enhances your personal prosperity, requires professional guidance and the benefit of…
Your dream of flexible hours and time with family may be a distant memory now that the realities of being a business owner have taken over. If you haven’t addressed issues affecting your business for a while or you just know it’s time to seek out proactive advice that extends beyond legal obligations, the beginning…
The very nature of being a business owner or director puts you in a position of risk, and without advice, your personal (and business) assets could be at risk. Even if you have a Company business structure or other entities such as trusts in place, as a director you can still be subject to personal…
There is a worrying trend when it comes to Australian business owners planning for their retirement and personal financial future beyond life as a business owner.
If you have a niggling feeling that your business set up may not be in your best financial interests, it’s probably time to review your structure.
For the best possible outcomes for your business, preparation for tax time should start before the end of the financial year. For the 2017/18 financial year, this means now.