ATO Hot Spots: FBT Year End is here. Are you FBT ready?

Posted by Tanya Moran on 27-Mar-2019 09:33:35


There are plenty of important dates to remember where the ATO are concerned, and the Fringe Benefits Tax of FBT year end is one of them. The FBT year runs from 1st April each year to the 31st March the following year.

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Topics: ATO, Fringe Benefits Tax, FBT, taxation

Small business? Here’s what the Accelerated Tax Rate Reduction means.

Posted by Tanya Moran on 21-Feb-2019 08:20:05


Remember when the tax rate for all companies was 30%? Well since 2015 this rate has been slowing dropping. Here is what you need to know about the accelerated tax rate reduction and how it affects your business.

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Topics: ATO, small business, corporate tax, SME tax rates, taxation

ATO SCAM ALERT: Don't get caught paying fake Debts

Posted by Azure Group on 29-Nov-2018 10:48:38


Tax time may be over, but some scammers are just getting started. Stay vigilant and warn your friends, family and clients so they don’t get tricked into paying a fake debt. 

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Topics: ATO, Australian Taxation Office, ATO audit, taxation, scammers, scam, alert

We asked Lawpath how your obligations differ depending on which Business Structure you choose

Posted by Azure Group on 12-Nov-2018 10:07:49


You are all set to make your great startup idea reality. Your plans are rolled out, and you are raring to go. This is the stage at which you need to consider what business structure you are going to adopt.

Your business structure can make or break your startup. To help you consider your options, we asked Lawpath what they thought?

LawPath is Australia’s leading provider of online legal services for businesses and individuals, providing technology powered legal solutions at a fraction of the time, cost and complexity of the traditional system.

Setting up a new business can be a daunting task, and it is important that you understand the implications of the business structure you choose. Not only will you require different documents, but you’ll also have different obligations to the relevant government agencies and the ATO.

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Topics: ATO, Trusts, Business structure, tax obligations, sole trader, legal obligations

Four painless ways to make your Tax Debt go away

Posted by Tanya Moran on 27-Sep-2018 09:44:29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Having a tax debt can be stressful. But there are proactive things you can do to ensure that you handle your tax debt in a way that will keep you out of hot water with the Australian Taxation Office (ATO).

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Topics: ATO, Tax, Australian Taxation Office, tax debt, Tax professionals, Small Business Accounting, tax obligations, taxation

Strange but legitimate Tax Deductions

Posted by Tanya Moran on 03-Aug-2018 08:23:52


We know most accountants have a reputation for questioning and sometimes challenging your deductions. But here are a few that you didn’t think you could claim, but are actually legitimate! Just make sure you keep your receipts.

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Topics: ATO, claiming tax, Tax deductions, lodgment, taxation

Ignoring your Fringe Benefits Tax (FBT) obligation could trigger an ATO Tax Audit

Posted by Tanya Moran on 13-Jul-2018 08:45:50


Previously the ATO has not focused its efforts on Fringe Benefits Tax (FBT) and therefore many business owners have put their heads in the sand and ignored it. But this isn’t a great strategy and with the ATO now putting more emphasis in this area it could land you in hot water. Here is what you need to know.

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Topics: ATO, Fringe Benefits Tax, audit, auditor, Sydney Accountants, FBT, tax audit, ATO audit, taxation

Division 7A: 4 common errors

Posted by Tanya Moran on 28-May-2018 07:00:00


Despite it having been in place for more than 15 years, Division 7A continues to be a high risk area and the Australian Taxation Office (ATO) regularly monitors. Division 7A is part of the Tax Act and it provides provisions to prevent private company owners from avoiding dividend taxation through accessing company profits in other ways other than dividends.

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Topics: ATO, Tax return, Company tax return, Lodgement, Division7A, Tax Act, taxation

How to negotiate your Tax Debt with the ATO?

Posted by Tanya Moran on 11-May-2018 15:28:11


Small businesses need to manage a lot of ‘balls in the air’ and one of them is tax. Between their own income tax as an individual, company tax, GST and tax withheld for employees there is a lot of money that needs to be accounted for. In fact small businesses account for more than 60% of the total debt owning to the ATO. So if you have a tax debt here is what you need to know. #news #ATO #taxdebt

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Topics: ATO, small business, GST, BAS, withholding tax, tax debt, director penalty notice, Company Director, taxation

Single Touch Payroll: big accounting software companies have got your back

Posted by Kelly Morgan on 03-May-2018 09:05:41


Single Touch Payroll
is almost here and will affect over 100,000 businesses who are paying 13 million employees from July 2018. A government initiative, single touch payroll (STP) is designed to simplify the reporting for payroll for those employers with 20 or more employees. While they currently only report on individual payments such as salaries and wages, PAYG withholding and super once a year at the end of the financial year, as of July 1, 2018 they will need to report this to the ATO at the same time they pay their employees.

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Topics: ATO, Xero, quickbooks, MYOB, Accounting software, Single Touch Payroll, Superstream, STP, Accounting

Has the governments Angel Investor Tax Incentive Scheme lived up to expectations?

Posted by Michael Derin on 27-Apr-2018 12:29:53


Introduced almost two years ago, the angel investor tax incentive scheme hasn’t quite lived up to expectations. The $100 million dollar scheme was part of the governments $1 billion National Innovation and Science Agenda that they released at the end of 2015.

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Topics: ATO, Startups, capital raise, Startup Australia, Startup investors, ESIC, Tax deductions, Angel Investor Scheme, technology

Smarter Tax Planning: Five Tax Saving Tips for Small Business Owners

Posted by Tanya Moran on 24-Apr-2018 11:05:17


It’s almost that time of the year again! For small businesses there may be a sense of dread or trepidation with tax time looming. Nearly all purchases that help in generating income are tax deductible. So here are our 5 top tax tips for small businesses:

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Topics: SME, ATO, small business, Tax return, Accounting sevices, Tax professionals, taxation, tax planning