Tax Tips For Business Owners

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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Measuring The Integrity Of The ABR

By Warren Kruger / October 23, 2019 / 0 Comments

  | | | From September, the Australian Business Register (‘ABR’) will contact a random sample of ABN holders across all entity types to: confirm their business information; discuss how they use the ABN, and check their understanding of how ABNs are used; find out about their registration experience and ask for suggestions for how […]

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Federal Court Provides Clarification On The PSI Rules

By Warren Kruger / October 5, 2019 / 0 Comments

  | | | The Federal Court recently handed down two decisions relating to the personal services income (‘PSI’) rules. Income is classified as PSI when more than 50% of the income received under a contract is for a taxpayer’s labour, skills or expertise. The PSI rules are integrity provisions which ensure individuals cannot reduce […]

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$30,000 Instant Asset Write-Off

By Warren Kruger / October 1, 2019 / 0 Comments

  | | | The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off. This now applies to assets […]

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The ATO Hits the Road

By Warren Kruger / September 13, 2019 / 0 Comments

| | | The ATO plans to visit almost 10,000 businesses this financial year in all States and Territories, across a variety of industries, as part of their strategy to deal with the black economy (they visited nearly 9,000 businesses in the 2018/19 financial year). According to Assistant Commissioner Peter Holt, there are a number […]

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Motor Vehicle Registries Data Matching Program Protocol

By Warren Kruger / September 10, 2019 / 0 Comments

  | | | The ATO will match the data provided by the State and Territory motor vehicle registering authorities against the ATO’s taxpayer records with the objective of identifying those who may not be meeting their registration, reporting, lodgment and payment obligations. Details will be requested where records indicate a vehicle has been transferred […]

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