Tax Tips For Business Owners

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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Disclosure Of Business Tax Debts – Declaration Made

By Warren Kruger / February 19, 2020 / 0 Comments

  | | | Following the enactment of legislation in late 2019, the ATO can disclose certain business tax debt information to external credit reporting bureaus. This information will primarily be used when issuing external creditworthiness reports in relation to relevant businesses, effectively treating tax debts in a similar manner to other business debts. More […]

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PAYG And Deductions For Payments To Workers

By Warren Kruger / December 17, 2019 / 0 Comments

  | | | The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019. If the PAYG withholding rules require an amount to be withheld, to claim a deduction for most payments to a worker, […]

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STP And Superannuation Guarantee

By Warren Kruger / December 12, 2019 / 0 Comments

  | | | In a presentation at the Australian Institute of Superannuation Trustees Chairs Forum, the ATO’s Deputy Commissioner confirmed that as a result of STP, the ATO now has an “unprecedented level of visibility” of superannuation guarantee information. In particular, the ATO’s examination of Super Guarantee (‘SG’) contributions of some 75 million payment […]

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