Tax Tips For Business Owners

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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Changing Business Structures

By Warren Kruger / February 24, 2020 / 0 Comments

| | | Are you outgrowing your current business structure or is your business growing at a rate you cannot keep up with? You may need to consider changing your business structure. Here are the four main business structures. Sole trader Partnership Company Trust Each structure has different reporting requirements. So, it’s imperative you understand […]

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Have You Declared ALL Your Business Income?

By Warren Kruger / February 21, 2020 / 0 Comments

  | | | When it comes to reporting your business income, make sure you are including all your income. If you are lodging through a tax agent, such as Taxwise, make sure you tell us about all your income. It’s crucial to get this right, as you can only claim a deduction for expenses […]

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