Tax

Thousands of company directors have been warned that they must actively manage their business debt or face ATO action.

The Government will increase the low and middle-income tax offset (LMITO) for the 2021-22 income year. LMITO is targeted at low and middle-income earners that are most susceptible to cost of living pressures.

For businesses wondering what their futures look like a Small Business Restructure could help tidy up old debts. 

It’s back to business for the Australian Tax Office (ATO) as it resumes debt collection in NSW, the ACT and Victoria. 

Despite its support of business during COVID-19, the Federal Government won’t give you a pass when it comes to your EOFY obligations.

EOFY doesn’t have to be a mad rush. These last-minute tips will put you in the best position to start the next financial year.

EOFY tips to help you prepare for future returns and avoid missing payments or obligations you could overlook.

A new study by Officeworks revealed that almost half of the Australian small business owners (49%) are unaware of the increase in the threshold for instant asset write-off.

Part of the Federal Government’s 2021 Budget will be heading to Australia’s games sector, enabling developers to better compete on the world stage in an industry poised to be valued at over $250 billion by the year 2023.

To help SMEs get back on their feet after a challenging year, the Australian Taxation Office (ATO) has compiled a directory of Government resources that support Australian businesses.

Small businesses with an annual turnover of under $10 million are eligible to apply for the service…

It’s not simply a case of having enough money in the bank – it’s about how you manage that money. Seriously, have a plan in place…

$22.68 million in penalties have been handed down by the Federal Court, the largest amount in Research and Development Tax (R&DT) history.

Tax policy under a Biden presidency may facilitate more US investment into Australia than a Trump presidency, according to the United States Studies Centre. Biden has proposed raising the corporate tax rate from 21 per cent to 28 per cent, raising personal income tax for the top individual earners from 37 per cent to 39.6 […]

With the news of the 2020 Federal Budget bringing forward the Coalition’s three-stage tax cut package, Payroll SaaS platforms are working to implement the new tax tables into their services for their small business customers. The Australian Taxation Office has announced that as the changes have been made part way through the income year, employers […]

The business tax changes under the 2020-21 Budget have been met with positive feedback from professional accounting bodies and tax experts. Two of the key announcements under the Government’s business investment strategy are the immediate expensing and loss carry-back provisions for businesses with an annual turnover of up to $5 billion. Under immediate expensing, businesses […]

Last night, the Government announced a $2 billion investment into Research & Development Tax Incentives (RDTIs), scrapping a previously proposed $1.8 billion cut and a $4 million tax refund cap. The changes will apply from 1 July 2021 and will support more than 11,400 companies that claim the RDTI. In addition to the $2 billion […]

With the announcement of the Federal Budget looming this evening, start-up executives are calling for more money to be invested into growing new companies, and policy surety in regards to the R&D tax incentive. Nick Northcott, the Executive Director of legal tech startup Immediation, has said that in order for startup businesses to gain traction […]

Early this week, the Tax Institute of Australia (TIA) called for guidance material on the JobKeeper scheme in relation to the R&D Tax Concession and transfer pricing. In an open letter from TIA president Peter Godber, the TIA made a submission to the ATO encouraging a more “considered approach … in relation to guidance being […]

Businesses have been plunged into further uncertainty as the Senate inquiry into R&D tax incentive (‘RDTI’) reforms is delayed a third time this year. What do we know so far? The Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 (‘the Bill’) was introduced on the 5 December 2019 to reform RDTIs. Treasurer Josh […]