Tax Tips For Business Owners

Managing Business Cash Flow

By Warren Kruger / December 17, 2021 / 0 Comments

| | | The ATO has issued a reminder to businesses that paying regular attention to their record-keeping and reporting tasks will help them better manage their cash flow and allow them to plan for the future. The best way to make sure a business has enough cash available to meet its tax and other […]

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ABN Intent To Cancel Program

By Warren Kruger / December 7, 2021 / 0 Comments

| | | The ATO is reviewing Australian business numbers (‘ABNs’) to identify potentially inactive ABNs for cancellation, and it has introduced a new automated process to allow taxpayers (or their tax agents) to confirm if their ABN is still required via a secure voice response system. An ABN may be selected if the taxpayer […]

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Varying PAYG Instalments Due To COVID-19

By Warren Kruger / November 30, 2021 / 0 Comments

| | | Varying PAYG instalments throughout the year is now an option for taxpayers if they think they will pay too much, compared with their estimated tax for the year. 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 […]

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Permanent Changes To AGMs And Electronic Communications

By Warren Kruger / November 23, 2021 / 0 Comments

| | | The Government has introduced into Parliament a Bill to permanently allow companies to use technology to meet their regulatory requirements, and ensure that companies can continue to meet their obligations amid the uncertainty of the COVID‑19 pandemic. These reforms build on the recently renewed temporary relief, which we reported in September 2021, […]

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AUSTRAC Transaction Report Information Data-Matching Program

By Warren Kruger / November 16, 2021 / 0 Comments

| | | The ATO will acquire transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30 June 2027. AUSTRAC (the Australian Transaction Reports and Analysis Centre) is the Australian Government agency responsible for “detecting, deterring and disrupting criminal abuse of the financial system to protect the community from […]

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Preparing For The New Director ID Regime

By Warren Kruger / November 9, 2021 / 0 Comments

| | | As part of its Digital Business Plan, the Government announced the full implementation of the ‘Modernising Business Registers’ program. This included recently enacted legislation introducing the new director identification number (‘director ID’) regime. The director ID is a unique identifier that a director will need to apply for once and will keep […]

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