18
MarFind out how your small business compares to others in your industry. We’ve updated our small business benchmarks for 2021–22. The benchmarks help you compare your business turnover and expenses to other small businesses in the same industry. For example, Deb runs a pizza shop as a sole trader. She’d like to track her business against other pizza shop […]
12
MarLoans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports. SMSF trustees should remember that they cannot loan money or provide other forms of financial assistance to a member or relative, and if they do, they can incur a penalty of up to $18,780. They[…]
04
MarPrivate company clients who receive payments, benefits or loans from their private companies need to ensure compliance with their additional tax obligations (which are often referred to as their ‘Division 7A’ obligations).There are multiple ways in which business owners may access private company money, such as through salary and wages, dividends, or what are known as complying[…]
26
FebEmployers are reminded that, in relation to their SG obligations for the quarter ending 31 December 2023, the due date is 28 January 2024.If the correct amount of SG is not paid by an employer on time, they will be liable to pay the SG charge, which includes a penalty and interest component.The SG rate is 11%[…]
21
FebThe ATO will acquire officeholder data from ASIC, the Office of the Registrar of Indigenous Corporations and the Australian Charities and Not-for-profits Commission for the 2024 and 2025 income years, including details such as: The ATO estimates that records relating to approximately 11 million individuals will be obtained. This program aims to (among other things) enable the[…]
14
FebTaxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income.They need to consider the following in determining whether the deductions they wish to claim are valid rental deductions:How many days during the income year did they use or block[…]
07
FebThe ATO is remitting failure to lodge penalties for eligible small businesses. Businesses which have not yet taken advantage of the ATO’s lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible for the amnesty: 1. had an annual turnover under $10 million when[…]
31
JanChanges to Individual income tax rates and thresholds from 1 July 2024. On 25 January 2024, the government announced proposed changes to Individual income tax rates and thresholds from 1 July 2024. These changes are not yet law. From 1 July 2024, the proposed tax cuts will:
24
JanReminder for funds their annual statement of compliance is due at the end of February. If you use SuperMatch, your annual statement of compliance is due on Wednesday, 28 February 2024. The statement needs to be made by your fund trustee, or an appropriately qualified senior officer of the fund – for example, a Chief Risk Officer. In[…]
17
JanRead about the updated Commissioner’s view on software royalties and how to provide feedback. In response to feedback on our previous draft Ruling, we’ve released a new draft Ruling TR 2024/D1 Income tax: royalties – character of payments in respect of software and intellectual property rights. The new draft Ruling is now open for public comment. It addresses circumstances in[…]
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