SME Recovery Loan Scheme extended
The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic.
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.
ATO support for employers with expansion of Single Touch Payroll (STP)
As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will need to report additional payroll information in their STP reports. The ATO will support employers with the move to STP Phase 2 reporting.
Extra superannuation step when hiring new employees
Employers may soon need to do something extra when a new employee starts to work for them.
Changes to Single Touch Payroll (STP) Reporting
Employers should have already been reporting through Single Touch Payroll (‘STP’) unless they only have closely held payees, or they are covered by a deferral or exemption. From 1 July 2021, there have been changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers.
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.
Cryptocurrency under the spotlight this tax time
The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars.
Government proposal to modernise business communications
The Government has committed to modernising certain laws so that they are ‘technology neutral’, to enable easier communication between businesses, individuals and regulators.