Many clients looking to increase the size of their business look to make bolt on acquisitions. Likewise, on retirement or in another phase of a career as a self-employed business owner others look to sell the business and build up a nest egg from the years of hard work. One area often over looked is […]
Director’s Personal Liability for Unpaid Company Tax
Hidden Dangers of Unpaid or Unreported PAYG withholding or SGC Charges If you are a director or are about to become a director of a company, you should make immediate inquiries to ascertain if there are any unpaid and unreported Pay As You Go (PAYG) withholding or Superannuation Guarantee Charge (SGC) amounts. Directors of a […]
Deductability of Client Gifts
Tax Determination 2016/14, effectively replaces ATO ID 2004/427 (now withdrawn), and confirms that a taxpayer carrying on business is generally entitled to a deduction for an outgoing incurred on a gift made to a former or current client, if the gift is characterised as being made for the purpose of producing future assessable income. However, […]
Independent Contractor OR Deemed Employee
Recent co-ordinated audit activity from the ATO, State revenue offices and workcover authorities have highlighted the importance of making the correct distinction between a legitimate contractor and a deemed employee. The costs of getting it wrong can be significant, particularly to small businesses. Often businesses are looking to reduce the red-tape and administrative hassle of […]
Claiming Mobile Phone, Internet and Home Phone Expenses
The Australian Taxation Office has recently issued a fact sheet entitled “Claiming mobile phone, internet and home phone expenses”, which now generally requires many taxpayers making such claims to keep a 4-week diary. If you use your own phones or internet for work purposes, you may be able to claim a deduction if you paid […]
Asset Finance
When preparing tax returns it is obvious that too many clients are not choosing the right type of asset finance. Getting advice in this area instead of using the sales team from where you purchaser a car, or the local bank can save both time and money. Time that may be better off used to […]
Do you import goods worth $1,000 or less?
From 1 July 2018 overseas businesses that meet the GST registration threshold of A$75,000 will need to charge GST on goods that are: less than A$1,000 (low value) imported into Australia not GST-free (such as most basic food, alcohol, tobacco, or tobacco products). How will this affect you? You will be charged GST on low […]
Proposed SG amnesty raises opportunities and risks
On 24 May 2018, the government announced a 12 month superannuation guarantee (‘SG’) amnesty (‘Amnesty’) that proposes to give employers an opportunity to rectify past SG non-compliance without penalty. If the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘SG Bill’) is ever made law, the Amnesty period will apply from 24 May […]
