Division 7A or deemed dividend payments may be familiar to you if you’re the shareholder or their associate of a private company. It generally applies to treat a benefit provided by a private company … [Read more...]
ATO’s use of real-time data for super guarantee compliance
The ATO is currently undertaking a project to move towards real-time data or event-based reporting to enhance compliance around super guarantee entitlements. This is an area the ATO is actively … [Read more...]
FBT on work Christmas parties and gifts
The festive season is just around the corner and if you are an employer you may be about to host – or you may have already hosted – a Christmas party for staff to celebrate the year’s achievements. If … [Read more...]
Tax return lodgment due soon
The deadline of 31 October for lodging your tax return is fast approaching. Before you rush off to gather all the documents for your tax return, beware of some changes in this year’s return, … [Read more...]
ATO continues its blitz on the sharing economy
The sharing economy is booming in Australia with a large proportion of the population either making it their full-time job or making a little extra money on the side. However, with the boom comes the … [Read more...]
Reportable payments system to be extended
The black economy is a significant growing economic and social issue in Australia. By some estimates, the size of the black economy is around 3% of GDP or around $50 billion. In response, the … [Read more...]
Improvements to GST risk assessment
Are you a business that has had a GST refund held up as a part of the ATO’s risk assessment program to verify GST refunds? The Inspector-General of Taxation (IGT) has recently completed and released … [Read more...]
Corporate tax rates: recent changes give certainty
There’s finally some certainty about the corporate tax rates. Legislation has recently passed Parliament and the fate of other proposed changes has also been finalised. The law is settled, so it’s a … [Read more...]
Are you an Australian tax resident?
Tax residency is a complex area where the decision is made based on individual circumstances. As the world becomes more global and interconnected, there seem to be more cases where people who have … [Read more...]
Reform of the ABN system
The Australian Business Number (ABN) system was originally introduced as a simple way to provide businesses with a unique identifier when dealing with the government. It has since become a de facto … [Read more...]
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