The progressive lowering of company tax rates may have the effect of locking the benefit of any tax paid at a higher rate in the franking account. A company pays tax at a certain rate on the income year and franking debits accrue at that...
Doesn’t it really “frost your cookies” that medium-sized businesses always seem to get left out of the most important decisions? Well, as it turns out, the medium-sized business sector has finally scored a big win! Many medium-sized companies will be perfect candidates for the concept that is...
Any Australian organisation that handles personal information could be captured under the notifiable data breaches scheme which requires organisations to notify individuals whose personal information is involved in a data breach that is likely to result in serious harm. This scheme usually applies to larger...
While the recent passing of a Bill to accelerate the reduction of the corporate tax rate for qualifying small to medium business may provide welcome relief for many in the years to come, there may be some unintended and perhaps adverse consequences in terms of...
If you own a private company, deemed dividend payments or Div 7A may be familiar to you. In short, it is designed to ensure that income is not inappropriately sheltered in corporate structures at the corporate tax rate. It usually applies when a private company...
Do you have an ongoing fee arrangement with your financial adviser? If so did you know that by law, they are required to provide you with a Fee Disclosure Statement (FDS) at least every 12 months? The FDS should set out details about the amount...
The Royal Commission into misconduct in the banking, superannuation and financial services industry has revealed some major deficiencies in terms of financial advice provided to consumers. Even though the Commission itself cannot fix or award compensation or make orders to require parties to a dispute...
Ahead of the holiday season, the ATO has reminded employers about the potential FBT implications of providing Christmas parties and gifts. When planning Christmas parties, the ATO says employers need to check how much it will cost and where and when it is held. This...
The ATO has reported that some businesses are making simple mistakes reporting their GST. The ATO reminded taxpayers to avoid the following common GST reporting errors: Transposition and calculation errors - such errors can occur when an amount is manually input. The ATO says these errors can...
Being a director of a company comes with many responsibilities, this could soon increase with a government proposal to introduce a “director identification number” (DIN), a unique identifier for each person who consents to being a director. The DIN will permanently be associated with a...