small business

Do you really know who owns that asset? You may need the PPSR

There is a simple step that many of your business clients can take to better manage the risk that can attach to certain assets. The Personal Property Security Register (PPSR) is a national register that can help manage certain risks for anyone who answers “yes” to any of the following scenarios. Are you in business,

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Corporate veil just got a lot thinner

The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received assent on 17 February 2020. The legislation includes a range of measures targeting illegal phoenixing including penalties for directors related to GST liabilities (making directors personally liable for unpaid GST if the unpaid liability is not paid within 21 days of a director penalty notice

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Anti-phoenixing proposal could put legitimate SME directors at risk

By Keerti Sharma* Proposals to make company directors personally liable for GST go beyond the aim of combating illegal phoenixing, and instead put SMEs with legitimate trading difficulties at risk. Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 proposes making directors personally liable for unpaid GST if the unpaid liability is not paid within 21

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STP proves time‐consuming, costly and onerous for micro employers

Tax & Super Australia (TSA) says the ATO should strongly consider exempting micro employers from having to use single touch payroll (STP) after a survey of its members that found that STP has been costly, time-consuming and overly onerous for their smaller business and micro employer clients. Further, many members were unconvinced about the long-term

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Amendments to FBT definition of “taxi” imminent

Treasury has just released some miscellaneous amendments that include a redefinition of the word “taxi” in regard to certain tax arrangements. An exposure draft addresses the ongoing problem for taxpayers around the definition of taxi for FBT purposes (see the second link on this Treasury webpage, “Miscellaneous Amendments Bill Explanatory Memorandum”, and scroll to page

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When changing your practice structure, don’t forget the regulator

The Tax Practitioners Board (TPB) has issued information for tax agents that change practice structures. In most cases, the TPB will require notification of these changes within 30 days. Note however that there may also be a need to apply for registration for the new business structure, which includes getting a new registration number to operate

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Low-cost assets and the threshold rule for your small business clients

The threshold rule allows a business to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets. The rule is meant to help your small business clients save time because they don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital

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GST obligations to be included under the director penalty regime

The strengthening of the director penalty regime has been reported here before — for instance, having director penalty notices (DPNs) extended to superannuation guarantee obligations from 1 March 2019. Now it looks like DPNs for GST are set to take affect from 1 October 2019 on the back of recent legislation, Treasury Laws Amendment (Combating

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