Practical strategies for business owners The hits just keep on coming… ongoing effects from COVID, the great resignation, inflation, wage rises and general business uncertainty. But it’s not all bad news, in fact there’s lots you can do to help your business adapt. In this article we outline positive and proactive approaches for running your…
A recent court ruling shines the spotlight on superannuation entitlements for contractors and the need for employment relationships to be considered carefully for superannuation guarantee purposes.
The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result of a default beneficiary clause being triggered.
The Taxable payments annual report (TPAR) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.
To assist taxpayers who continue to be affected by COVID-19, the ATO has stated that it will not apply penalties or interest on varied instalments for the 2021/22 income year for excessive variations when the fund has taken reasonable care to estimate its end of year tax.
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.
The ATO is providing additional support to taxpayers having difficulty meeting their tax and Superannuation Guarantee charge obligations for employees because of COVID-19.
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…
Announcements from the 2021-22 Federal Government Budget, handed down on May 11, focus on recovery and investment to support jobs creation to drive economic growth. Our Budget Summary highlights the top announcements which, if implemented, may affect your business decision making and planning for your personal financial goals.
The ATO is using its compliance resources to maintain the integrity of the JobKeeper measure.