From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.
When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right?
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles.
Key Performance Indicators (KPI‘s) are important management tools and we encourage business leaders to use KPI’s in their businesses.
Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider.
The 2023-24 Federal Budget will be released on Tuesday, 9 May 2023. Look out for our update the next day on the important issues to you, your superannuation and your business.
From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.
In a very quick turnaround from announcement to draft legislation, Treasury has released the exposure draft legislation for consultation to enact the Government’s intention to impose a 30% tax on future superannuation fund earnings where the member’s total superannuation balance is above $3m.
Remote employment presents challenges, including ONBOARDING, which means helping employees quickly become comfortable, engaged and productive. Here are tips on making the onboarding process a success.
Business leaders crave stability and predictability… but sometimes they are confronted by a crisis for which they are not prepared. Although rare, a crisis of some kind will probably emerge in all businesses at some time. This article provides guidelines for leaders who may be presented with a business crisis.
The Government has announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%. The concessional tax rate on earnings from superannuation in the accumulation phase will remain...
The general transfer balance cap (TBC) – the amount of money you can potentially hold in a tax-free retirement account, will increase by $200,000 on 1 July 2023 to $1.9 million.
Taxpayers claiming deductions on holiday homes are in the ATO’s sights.
The Fringe Benefits Tax (FBT) year ends on 31 March 2023. If you operate a business, we’ll be in contact with you shortly to work out whether or not your business needs to be registered for FBT (if you are not already) and start collecting the information to work out your FBT liability (if any).
A consultation paper released by Treasury has sparked a national debate about the role, purpose and access to superannuation ahead of the 2023-24 Federal Budget.
The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home.
If you have an SMSF with a total balance of less than $1 million, from 1 July 2023 you will need to report quarterly to the ATO instead of annually. Previously, SMSFs with a balance under $1m reported annually at the same time as lodging the SMSF annual return.
The ATO has released its final position on how it will apply some integrity rules dealing with trust distribution – changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO’s more aggressive approach.