Miscellaneous

SMSFs must report certain events that affect any member’s transfer balance account (‘TBA’) quarterly using transfer balance account reporting (‘TBAR’). These events must be reported even if the member’s total superannuation balance is less than $1 million. SMSF trustees must report and lodge within 28 days after the end of the quarter in which the […]

Private company clients who receive payments, benefits or loans from their private companies need to ensure compliance with their additional tax obligations (which are often referred to as their  ‘Division 7A’ obligations). There are multiple ways in which business owners may access private company money, such as through salary and wages, dividends, or what are […]

Businesses that pay contractors to provide certain services may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August each year. From 22 March, the ATO will apply penalties to businesses that:        have not lodged their TPAR from 2023 or previous income years;        have received three reminder […]

A developer who conspired to lodge fraudulent business activity statements has been convicted and sentenced to 10 years in jail with a non-parole period of six years and eight months. The developer was involved with two companies that formed part of a group known as the ‘Hightrade Group’ which developed properties such as a hotel […]

The ATO has advised employers that ‘FBT time’ is just around the corner, and they need to stay on top of their fringe benefits tax (FBT) obligations. Employers need to ensure they have attended to the following matters this FBT time:       Identify if they have an FBT liability regarding fringe benefits they […]

The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay. This depends on their business structure, their industry and their aggregated annual turnover. For example, small business owners who have an aggregated annual turnover of less than:       $2 […]