ATO support for businesses in difficult times
The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship.
All directors required to have a Director Identification Number
Newly enacted legislation requires all directors to apply for a new director identification number. This includes directors of corporate trustees or self-managed super funds (SMSFs) and of family trusts.
Getting your business back on track
Changing business conditions, interruptions and adapting to new ways of working has likely impacted your business. If you feel like you are finally coming up for air, it’s time to be positive and proactive and get your business back on track.
Additional ATO support during COVID-19
The ATO is providing additional support to taxpayers having difficulty meeting their tax and Superannuation Guarantee charge obligations for employees because of COVID-19.
Superannuation Guarantee obligations for September 2021 quarter
Under the Superannuation Guarantee (SG) scheme, employers are required to make quarterly contributions on behalf of their employees, and the due date for the September 2021 quarter is 28 October 2021.
Taxable Payments Annual Reports due 28 August
2021 Taxable Payments Annual Reports (TPARs) are due to be lodged for businesses who have paid contractors to provide the following services: building and construction cleaning courier, delivery or road freight information technology (‘IT’) security, surveillance or investigation
The ‘gigs up’ with a new sharing economy reporting regime
Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The new regime will initially require ride-sharing and short term accommodation online platform operators to report transactions they facilitate directly to the ATO.
Shining the spotlight on personal asset exposure
While adapting business operations and transitioning to new ways of working is paramount for business owners, unprecedented pressure on finances and cashflow can highlight the risks business liabilities can impose on a business owner’s personal affairs. ‘What if’ your personal assets were at risk from potential creditors or litigation? Here we shine the spotlight personal…
Wealth accumulation for business owners
While it’s common for business owners to spend considerable time and effort focusing on business strategies for ongoing viability, it’s also important to make a dedicated effort towards building and protecting your own personal wealth.
ATO sights on work-related expenses
The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns.