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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