Tax Tips For Business Owners

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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Year End and Other Staff Parties

By Warren Kruger / December 5, 2019 / 0 Comments

  | | | With the well-earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event.  However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. FBT And ‘Entertainment’ […]

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Christmas Gifts

By Warren Kruger / December 2, 2019 / 0 Comments

  | | | With the holiday season approaching, many employers and businesses want to reward their staff and loyal clients/customers/suppliers. Again, it is important to understand how gifts to staff and clients, etc., are handled ‘tax-wise’. Gifts That Are Not Considered to Be Entertainment These generally include a Christmas hamper, a bottle of whisky […]

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Taxpayer Liable For Excess Transfer Balance Tax Despite Commutations

By Warren Kruger / November 23, 2019 / 0 Comments

  | | | A taxpayer has unsuccessfully tried to challenge an excess transfer balance tax liability, despite following the ATO’s instructions. The taxpayer was receiving three pensions in 2017, including two capped defined benefit income streams and one account-based pension. Based on information reported by the super funds, the ATO became aware that the […]

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ATO Recommends You Update Your ABN Details For Disastrous Reasons

By Warren Kruger / November 7, 2019 / 0 Comments

  | | | The ATO has provided a novel, though important, reason for businesses to update their ABN details: to help businesses to manage the coming disaster season. ABN details are used by emergency services and government agencies to help identify and contact businesses during times of emergency and potential disaster. Therefore, to make […]

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