While adapting business operations and transitioning to new ways of working has been paramount for business owners, unprecedented pressure on finances and cashflow has highlighted 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…
With the “new normal” continuing to evolve in Victoria, most business owners are feeling frustrated or concerned by the lack of certainty the future holds. We’re living it too and understand the significant challenges and stress you may be experiencing. Our focus for the next few months is to help and support our clients through…
Many businesses have experienced significant challenges during COVID-19 and many business owners have been personally and financially impacted as a result. There’s no doubt about it, the past few months have been tough. We want you to know we’re here to help with proactive strategies for both you and your business. Read responses to the…
There is a big difference between tax planning and tax return preparation. Tax planning is proactive, and highly recommended as advance planning can make it possible for business owners to effectively minimise their tax obligation, and importantly, pay no more tax than they need to.
Like many business owners, you have spent years fully invested in your business, personally and financially, and as you nudge closer towards retirement, you may be starting to worry about your super and life after business. If you are selling your business, CGT concessions could help you boost your super.
Changes introduced by the ATO and Xero may affect how you conduct your bookkeeping practices. The ATO Business Portal is being updated and from the end of March, AUSkey will no longer be available. Xero is also introducing a new software program included as part of the Starter, Standard and Premium Plan subscriptions.
The ATO can disclose certain business tax debt information to external credit reporting bureaus, following the enactment of legislation in late 2019.
The ATO will automatically defer lodgments and payments for taxpayers living in identified bushfire impacted postcodes, meaning income tax, activity statement, SMSF and FBT lodgments are deferred until 28 May 2020.
Treasury has released its Mid-Year Economic and Fiscal Outlook for 2019/20, forecasting a surplus of approximately $5 billion.Other tax-related measures incude a discretion for taxpayers to undertake a record-keeping course and a new third party reporting regime for businesses operating in the sharing economy, such as Uber and Airbnb.
The ATO data-matching program is seeking policy information from insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles and aircraft.