business

More TPARs (taxable payments annual reports) due soon

Operators in some Australian industries as well as select government entities are required by the ATO to lodge a taxable payments annual report (TPAR). These reports let the ATO know about payments that are made to contractors for providing services. Contractors can include subcontractors, consultants and independent contractors, and they can be operating as sole

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Tax deductibility of ‘non-compliant’ payments about to get the chop

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment. If the PAYG withholding rules require a business to withhold an amount from a payment that

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Tax incentive for investors in early-stage start-ups

  For more than two years now (from 1 July 2016) two key tax incentives have been available for investors considering putting their money behind qualifying start-up businesses — or as the ATO defines them, early stage innovation companies (ESICs). The incentives provide your eligible clients who invest in new shares in an ESIC with: a non-refundable

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Is that GST for business or private use? Making BAS preparation easier

  Be it vehicles, electronic devices or the home office — many business expenses are also used for private purposes. This means a business must apportion the GST on these costs between private and business use. But how can a business determine exactly how much something is used for work or play? Fortunately, the ATO

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R&D tax incentive changes: Better focus, or misguided?

by Simon Dorevitch Proposed changes to the research and development (R&D) tax incentive are the most significant to the incentive since it replaced the R&D tax concession in 2011. The bill containing these changes is named the Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill

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Checklist of business deductions

This non-exhaustive checklist of business deductions is designed to provide an easy reference guide to the types of deductions that might be claimed by businesses. This checklist should be read in conjunction with a similar checklist for employees that was published last week (read it here). Note that these deductions may not necessarily be available,

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The ATO’s “GST-light” offer for new small businesses

The ATO says that it has “listened to the concerns of small businesses, tax professionals, industry associations and software providers”, and is working towards reducing GST compliance costs for small businesses. “We are reducing the amount of GST information required for the business activity statement (BAS) to simplify GST bookkeeping and reporting requirements,” it says.

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Test your knowledge: Financial reporting quiz for directors

A survey of directors, auditors and other financial professionals conducted by the Financial Reporting Council revealed that, on average, directors believe their knowledge of the more technical accounting issues was “fair”. Test your knowledge: Financial reporting quiz for directors While the survey acknowledged a large diversity between directors of ASX top 200 companies versus other

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Some common FBT mistakes

If a business provides certain benefits to staff, or their associates, the business taxpayer may be up for fringe benefits tax (FBT). But there seems to remain ongoing misconceptions, or at worst misinformation, among many in business about the exemption or otherwise of certain benefits provided to employees. Generally, a condition of exemption is that

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