News

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...

As the Royal Commission into the misconduct in the banking, superannuation and financial services industry rolls on and uncovers more unscrupulous behaviour by the corporate and financial sector, the government is attempting to get on the front foot by addressing the perceived persistent misconduct by...

Departure Prohibition Orders (DPOs) have long been used as a tool by the government as a way to stop those who owe debts from leaving the country before they pay their debts, even if they are just going on a holiday. It has been used...

With the 31 October fast approaching, so is the deadline for lodgement of many tax returns. If you’re making the last-minute scramble to gather all your tax documentation, keep in mind there are some changes in this year’s tax return particularly in relation to rental...

The sharing economy has become a big disrupter in the Australian market. It seems like everyone is getting in on the action of making a little extra money on the side whether it be renting out a spare room, driving for a ride sharing service,...

As a way to combat the rise in black economy, the government is planning to extend the Taxable Payments Reporting System (TPRS) to entities that provide road freight, IT, security, investigation, or surveillance services. The TPRS is a transparency measure that was first applied to the...

There’s finally some certainty about the corporate tax rate(s). Legislation has recently passed Parliament and the fate of other proposed changes has also been finalised. The rate of 27.5% applies to corporate tax entities known as “base rate entities”. These are companies which carry on...

In Australia, there are currently around 7.7m ABN's with over 860,000 new ABNs issued in 2017-18. The Australian Business Number system was originally introduced in 2000 as a way to provide businesses with a unique identifier when dealing with the government and to support the...