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Has your business been impacted by floods?
If you’re a small business or an individual in an Australian Government Disaster Recovery Payment declared local government area, you can request deferral on your lodgment due date. If you need help, contact the ATO to discuss your circumstances.
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Banking your business income to a private account?
The ATO have no concerns with business owners banking their business takings or other sales in private accounts, however, this can become a major problem for your bookkeeper!
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Stapled super funds for new employees
When you employ new staff and offer them a choice of super fund, it’s possible that they won’t choose one. If this happens, you will need to request the employee’s stapled super fund from the ATO in order to meet your choice of fund obligations.
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Business income and expenses
If you’re running a business, most income you receive is assessable for income tax purposes. The total amount is referred to as ‘assessable income’.
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How’s your record keeping?
Good record keeping makes things easier at tax time – consider if a digital business solution (such as digital record keeping) will help you.
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Structural Risks: What’s the Best Entity to Operate From?
Structural Risks: What’s the Best Entity to Operate From? | Special Guest Pat Mannix of Joins Alex & David on: ‘A Lawyer and a Financial Advisor Walk into a Bar’
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Taxing fame: The ATO’s U-turn
Sportspeople, media personalities, celebrities and ‘insta’ influencers beware. The ATO has taken a U-turn on how fame and image should be taxed.
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Entertaining your employees?
With summer just around the corner, you may be planning a party or a day on the green with your employees. Before you fire up the BBQ, make sure you consider the fringe benefits tax (FBT) implications of your celebration.
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