Tax Tips For Business Owners

Superannuation Guarantee Rate Increase Update

By Warren Kruger / September 8, 2020 / 0 Comments

  | | | Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (‘SG’) have continued to be tossed around! The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund. The rate of SG has been frozen at 9.5% of an employee’s […]

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Treasury Laws Amendment – Extending The Instant Asset Write-Off

By Warren Kruger / July 7, 2020 / 0 Comments

| | | Treasury Laws Amendment (2020 Measures No 3) Bill 2020 has passed both Houses of Parliament and is now law. Extending the Instant Asset Write-Off This legislation amends the income tax law to allow a business with an aggregated turnover for the income year of less than $500 million to immediately deduct the […]

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New Super Guarantee Amnesty

By Warren Kruger / April 14, 2020 / 0 Comments

  | | | On 6 March 2020, the government introduced a superannuation guarantee (‘SG’) amnesty. This amnesty allows employers to disclose and pay previously unpaid super guarantee charge (‘SGC’), including nominal interest, that they owe their employees, for quarter(s) starting from 1 July 1992 to 31 March 2018, without incurring the administration component ($20 […]

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New Laws Can Make Directors Personally Liable For GST

By Warren Kruger / April 7, 2020 / 0 Comments

  | | | The government recently passed new legislation designed to strengthen laws to “crack down on illegal phoenixing activity by dodgy business operators who try to avoid their obligations to their customers, employees and creditors.” In particular, the changes allow the ATO to collect estimates of anticipated GST liabilities, and make company directors […]

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Court Confirms ATO’s Position On Foreign Income Tax Offsets

By Warren Kruger / March 27, 2020 / 0 Comments

  | | | The ATO has welcomed the decision of the High Court to basically uphold the decision of the Full Federal Court in a case which the ATO won, in relation to foreign income tax offsets (‘FITO’). An Australian tax resident had sold some US investments and paid US tax on the gains. […]

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Further STP Developments

By Warren Kruger / March 25, 2020 / 0 Comments

  | | | In an indication of the far-reaching changes that Single Touch Payroll (‘STP’) will be bringing, Treasury has recently finished consulting on draft legislation that expands the data that may be collected through STP by the ATO (as announced in the 2019/20 Budget). The legislation, if enacted, will broaden the amounts that […]

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