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Active vs passive assets and the small business CGT concession

The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero. But to access the CGT concessions some conditions

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Warning: More system outages are coming soon, says ATO

The ATO has issued a warning about upcoming system outages over April and May that it says are required to “provide resilient and stable systems” for tax time 2017. Thankfully the planned outages are to be limited to weekends, but also the longer weekend over Easter (see here for dates and times). The ATO advises

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Need help with Division 7A? Watch the ATO’s instructional (CPD) videos

The following videos, which deal with Division 7A matters, have been developed by the ATO in response to feedback from tax professionals received during webinars that it hosted over 2016. Need help with Division 7A? Division 7A may apply when payments or loans are provided by a private company to a shareholder or their associate.

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Single Touch Payroll focus group sessions

The ATO has invited tax professionals with small business clients (those with 19 or less employees) to take part in focus group sessions about Single Touch Payroll. Single Touch Payroll focus group sessions “We are looking for tax agents, BAS agents and bookkeepers and their small business clients to participate in the sessions,” the ATO

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Electronic signatures — legal challenges have begun

Using electronic signatures may seem efficient, and convenient, but lawyers warn that their use must be balanced against the need to protect and treat electronic signatures as if they were a real signature. The principal of Townsends Business & Corporate Lawyers, Peter Townsend, says the potential for fraudulent misuse is greater than the simple forging

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