60,000 businesses non-compliant with 2019/20 tax lodgment
The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgment requirements under the taxable payments reporting system (‘TPRS’) for 2019/20.
Got that nagging feeling you’re not getting the most from your accountant?
Your accountant should be planning strategies to improve your business, tax and personal outcomes months in advance, not just doing your tax return. Even if ‘you’re not their biggest client’ your accountant should be working proactively for you. Tax savings are made through planning, not hoping. If you don’t have a handle on your tax…
TEN reasons why a little planning can save a lot of tax
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.
CGT concessions and selling your business
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.
Disclosure of business tax debts
The ATO can disclose certain business tax debt information to external credit reporting bureaus, following the enactment of legislation in late 2019.
The ATO’s Bushfire crisis response
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.
Mid-Year Economic and Fiscal Outlook (MYEFO) 2019/20
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.
Lifestyle assets continue to be an ATO audit target
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.
It’s time to change the way you think about tax
If you want to make the most of tax efficiencies or avoid an unexpected tax bill you might need to change the way you think about tax – Tax planning should start in July. Business owners commonly pay more tax than they need to by leaving their tax planning until the last minute. You can…
Unlocking business potential, tax efficiencies and personal rewards – What are you missing out on?
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.