Retirement living: helping seniors enjoy retirement

The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns.

COVID-19 measures: how your business might be affected
JobKeeper scheme

The JobKeeper scheme ended on 28 March 2021. Your business does not have to do anything, but it will need to complete the March monthly business declaration by 14 April 2021. The final payment will be processed in April.

The JobMaker Hiring Credit scheme (“JobMaker”) is a new government incentive in response to the COVID-19 economic crisis. Eligible employers can access JobMaker for each eligible additional employee aged 16 to 35 they hire between 7 October 2020 and 6 October 2021. The program will last for 2 years until 6 October 2022.
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Focus on small business

What the ATO is seeing in the small business market

On 2 November 2018, the Deputy Commissioner of Small Business, Deborah Jenkins, delivered a keynote address at a conference run by a national accounting body outlining the main tax issues the ATO is seeing in small businesses. Read more

Borrowing from your business? Find out how you might be triggering the Division 7A rules

Are you a shareholder or associate of a private company?

Does your company have a distributable surplus at the end of the income year?

Do you borrow or use business assets for your personal use and enjoyment?

If you answered yes to any of these questions, then the legislative provisions of Division 7A of the Income Tax Assessment Act 1936 could potentially affect you.

It’s tax time 2018! What you need to know about the key changes

It’s that time of year again – tax return time!

Before you complete your tax return for 2018, here are some key dates, changes and information that you should be aware of in case they affect you.

The small business $20,000 instant asset write-off extended… time to go shopping!

The small business write-off threshold of $20,000 has been extended to 30 June 2018 and is available to all small businesses with an aggregated turnover of less than $10 million. After 30 June this year, the threshold will reduce to $1,000.

• New rules for accessing the 27.5% corporate tax rate from 1 July 2017
• When does a company carry on a business? ATO releases guidance
• Small business tax concessions at a glance
• Deductions for small business
• Safe harbour reforms for company directors
• Tax consequences of trust splitting

IN THIS ISSUE

• It’s Tax Time 2017! What you need to know about the key changes
• What’s new for small businesses
• Taking care of business
• ATO protecting honest business
• ATO

IN THIS ISSUE

• The end of the financial year is coming!
• 2017-18 Federal Budget small business measures
• 2017-18 Federal Budget GST measures
• Tax integrity in the Black Economy

• Housing affordability measures
• Individuals
• Small business
• Superannuation

IN THIS ISSUE

• Credit and debit card debt, online selling and ride sourcing data matching
• Simpler reporting with Single Touch Payroll
• ‘Black Economy’ Taskforce
• Targeted amendments to Division 7A

• Your small business may be entitled to a lower tax rate
• Single Touch Payroll
• 2016 PAYG withholding schedules
• Reminder: GST cross-border changes started 1 October 2016
• Superannuation reform packages
Read more

• It’s Tax Time 2016! What you need to know about the key changes
• Simplified depreciation rules for your small business clients
• New tax rules for property sales over $2 million
• Division 7A
• Tax implications for the sharing economy
• Changes to CGT treatment for certain earnout rights

• The end of the financial year is coming!
• 2016-17 Federal Budget small business measures
• Reduction in the company tax rate
• National Innovation and Science Agenda measures expanded
• 2016-17 Federal Budget changes to GST and other indirect taxes

• The 2016-17 Federal Budget
• Budget measures affecting individuals and families
• Small business measures
• Changes to superannuation
• Changes to GST and other indirect taxes
• Changes to tax administration
• Large business and international tax measures

• Small business fix-it squads
• Work-related car expenses, third party reporting and other measures – amendments now law
• FBT updates
• GST
• Accessing business profits through an interposed partnership with a private company partner - TA 2015/4

• More small business tax measures are now law
• Small business tax measures – regulatory costs
• Work-related car expenses, third party reporting and other measures - amending Bill introduced
• Wine Equalisation Tax rebate – possible changes
• GST determinations

• Small Business Budget measures now law
• More small business Budget measures
• Employee share schemes – proposed changes are now law
• ATO trusts letter campaign for SMSF clients
• ATO focus on rental property deductions

• The end of the financial year is near
• 2015-16 Federal Budget Small Business Package
• Measures encouraging new businesses
• Single Touch Payroll
• Fringe Benefits Tax

• Removing tax impediments to certain business structures
• Dabbling in Bitcoin? What’s the ‘tax’ story?
• Employee Share Scheme changes
• GST treatment of ATM service fees, credit card and debit card surcharges - GSTR 2014/2
• What’s the ATO’s view of GST and crowd funding?

• Repeal of measures affecting small businesses that were to be funded by the mining tax
• Employee share scheme changes
• Revised Superannuation guarantee charge percentages
• Now is the time to prepare for SuperStream
• Do you have an FBT lodgement obligation?

• Repeal of measures affecting businesses that were to be funded by the MRRT
• Have you relied on tax measures that are not going to become law?
• Do you properly characterise receipts from property development in your trust?
• Farm Management Deposits
• Effective life of depreciating assets from 1 July 2014 - TR 2014/4

• Announced un-enacted Measures
• MRRT and Carbon Tax repeals and associated changes
• Getting the company loss carry-back tax offset right
• ATO contacting businesses about taxable payments annual reports
• Working on an upcoming property transaction? Check the vendor’s GST details

• Post-election 2013 – State of Play
• Income tax – changes
• Combatting “Dividend Washing”
• Adjustment notes for GST
• Payments of refunds of overpaid GST

• Election 2013
• ATO Compliance Focus
• Information for Businesses and Contractors in the Building and Construction Industry
• Combatting “dividend washing”
• Annual Pay As You Go (PAYG) Instalments

• The end of the financial year is coming!
• Small business tax concessions and scrip for scrip roll-over strengthened
• Company loss carry-back
• Rules against Tax Avoidance
• Capital allowances – other machinery and equipment repair and maintenance assets

• Change of Tax Commissioner
• 2013 Federal Election
• Restructuring your business – removing income tax impediments
• Cutting the company tax rate – no conclusion
• Rules against Tax Avoidance

• Individual Income Tax Rates – Withholding Obligations
• Living Away From Home Allowance
• Company Loss Carry-Back Measure
• Refunding Excess GST
• Tax and GST Compliance for SMEs

• Tax Time 2012 – ATO Compliance Program;
• Loss Carry-Back for Small Business;
• Living-Away-From-Home Allowance Changes;
• Superannuation Changes;
• Anti-Avoidance Provisions in flux;

• 30 June is around the corner
• Tax Changes affecting Small businesses
• CGT Changes
• Changes to the timing of Trust resolutions
• Living-Away-From-Home Allowance changes

• Superannuation Changes
• Various changes announced in Mid-Year Economic and Fiscal Outlook 2011-12
• Changes to the taxation treatment of the living-away-from-home allowance
• Changes to the income tax law affecting consolidated groups

• Taxing carbon
• GST financial supply rules to be simplified
• Roy Morgan and the Superannuation Guarantee Charge
• Dealings in incorporated professional practices
• Reporting taxable payments for building and construction industry contractors

• ATO compliance program 2011/12:
  target areas
• Taxing carbon
• Managing tax debts
• Proposed not-for-profit reforms
• Car fringe benefits rules changed

The tax laws have been changed to address a number of uncertainties and longstanding problems with the taxation of trusts, enabling the streaming of capital gains and franked distributions to beneficiaries for tax purposes, as well as introducing targeted anti-avoidance rules.

• Year-end planning
• Factors to consider from a business perspective
• Estate planning

• Unpaid present entitlements – final practice statement released
• Research & Development Bill
• Taxation of Earnouts
• Primary production trusts
• Superannuation

• ATO attack on trusts and unpaid present entitlements continues
• Lifestyle assets and Division 7A
• Tax Agent Services Regime
• FBT time again

• Trusts and unpaid present entitlements
• Corporate losses – can I use them?
• Employee share schemes – will I be able to defer my taxing point?
• ATO Change Program – the ATO shut down
• Paid Parental Leave – impact on employers

• Tax strategies for tough times
• PAYG instalment relief
• Investment allowance boost
• Keeping on top of FBT
• Super changes impacting SMSFs