Support available for businesses experiencing difficulties

Support available for businesses experiencing difficulties

By paying their tax bill in full and on time, taxpayers can avoid paying the general interest charge (‘GIC’), which is currently 11.34%, and which accrues daily for any overdue debts. The ATO advises taxpayers that, if their business is dealing with...
End of financial year obligations for employers

End of financial year obligations for employers

The ATO reminds employers they need to keep on top of their payroll governance.  This includes: Using their tax and super software to record the amounts they pay; withholding the right amount of tax; and calculating superannuation guarantee (‘SG’)...
Getting trust distributions right

Getting trust distributions right

As trustees prepare for year-end distributions, they should do the following: Review the relevant trust deed to ensure they are making decisions consistent with the terms of the deed; Consider who the intended beneficiaries are and their entitlement to income and...
ATO’s three focus areas this tax time

ATO’s three focus areas this tax time

The ATO will be taking a close look this ‘tax time’ at the following common errors made by taxpayers: Work related expenses: Taxpayers using the ‘revised fixed rate method’ of calculating a working from home deduction must have...
NFPs need to get ready for new return

NFPs need to get ready for new return

From 1 July 2024, non-charitable not-for-profits (‘NFPs’) with an active Australian Business Number (‘ABN’) will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax exemption status. This will...
Earning income for personal effort

Earning income for personal effort

Taxpayers should remember that, if over half their income is from a contract for their personal effort or skills, then their income is classified as personal services income (‘PSI’). Taxpayers can receive PSI in almost any industry, trade or profession,...