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ASIC extends deadlines for financial reports and AGMs
ASIC extends deadlines for financial reports and AGMs

The Australian Securities and Investments Commission (ASIC) has announced that it will extend the deadline to lodge financial reports for listed and unlisted entities by one month for balance dates from 23 June to 7 July 2021 (inclusive). ASIC said the extension will...

NSW announces tougher penalties for payroll tax avoidance
NSW announces tougher penalties for payroll tax avoidance

The NSW Government has announced that it will introduce new legislation to increase penalties for payroll tax avoidance, as well as providing it with the ability to name taxpayers who have underpaid payroll tax on wages. The changes are directed at those employers who...

ATO data-matching: residency for tax purposes
ATO data-matching: residency for tax purposes

The ATO has announced a new data-matching program that will use information collected from the Department of Home Affairs. It is designed to determine whether business entities and individuals are Australian residents for tax purposes and whether they’ve met their...

Can your business claim a tax deduction for bad debts?
Can your business claim a tax deduction for bad debts?

April 2021 has been a closely observed month financially, with many government COVID-19 economic supports coming away. There’s no doubt that some businesses will find themselves owed debts that cannot be recovered from customers or other debtors. If your business is...

ATO targets contractors who under-report income
ATO targets contractors who under-report income

More than 158,000 businesses have now reported all their payments made to contractors in the 2019–2020 year, and the ATO is using its Taxable Payments Reporting System (TPRS) to make sure the payments, totalling more than $172 billion, have been properly declared by...

ATO focus in relation to JobKeeper
ATO focus in relation to JobKeeper

The ATO has recently announced it’s keeping an eye out for areas of concern in relation to JobKeeper, including what may constitute “fraudulent behaviour”. It is paying special attention to situations where employers may have used the JobKeeper scheme in ways that...

It’s time to consider Fringe Benefit Tax – FBT
It’s time to consider Fringe Benefit Tax – FBT

If your business has provided any benefits to your employees, you may be liable for fringe benefits tax (FBT). This includes benefits to current, prospective and former employees, as well as their associates. It’s important to keep in mind that this applies no matter...

Life insurance in super: costs on the way up?
Life insurance in super: costs on the way up?

Having insurance through superannuation can be a tax-effective and cost-effective way of protecting yourself and your loved ones. Most funds offer three different types of insurance through super, each covering different contingencies: life insurance, total and...

COVID-19 stimulus and support measures winding back
COVID-19 stimulus and support measures winding back

A number of important COVID-19 related government stimulus and support measures are now coming to an end, and some others have begun phasing out, which will occur over a slightly longer period. This means that businesses and individuals need to prepare for an...

ATO reminder: lodge your TPAR
ATO reminder: lodge your TPAR

The ATO is reminding owners of businesses that provide various services to lodge their taxable payments annual report (TPAR) for the 2019–2020 income year. It estimates that around 280,000 businesses were required to lodge a TPAR for the 2019–2020 financial year, but...

New Insolvency Rules Commence
New Insolvency Rules Commence

Important changes to Australia’s insolvency laws commenced operation on 1 January 2021. The Federal Government has called these the most important changes to Australia’s insolvency framework in 30 years. The measures apply to incorporated businesses with liabilities...

Small businesses: don’t forget your FBT concessions
Small businesses: don’t forget your FBT concessions

If you own a small business still recovering from the COVID-19 induced downturn, remember that you can take advantage of FBT concessions to lower the amount of FBT you may need to pay. The concessions include exemptions for car parking in some instances, and...

JobMaker Hiring Credit rules and reporting
JobMaker Hiring Credit rules and reporting

With a range of government COVID-19 economic supports such as the JobKeeper and JobSeeker schemes winding down in the next few months, businesses that are seeking to employ additional workers but still need a bit of help can now apply for the JobMaker Hiring Credit...