#Ato
The ATO’s new pre-fill system for contractors: what to check before you lodge
The ATO says $21 billion in contractor payments will now pre-fill automatically. Assistant Commissioner Tony Goding explains what that changes.
ATO ramps up debt recovery as small businesses rack up $35.9B in unpaid tax
Insolvency specialist Malcolm Howell on how company tax debt becomes a personal crisis and what to do before it gets there.
Your contractor arrangements may already be putting you offside with the ATO under Super
Payday Super has changed super payments, but for SMEs the bigger question is who owns compliance.
New ATO debt disclosures nearly double in logistics sector as fuel crisis bites
The credit data for March is out and it shows a business economy moving in two very different directions
Tax time: Here’s how to do it right
The ATO has released a small business tax time toolbox to help small businesses complete their income tax returns.
Lockdown leniency over as the ATO resumes debt collection
It’s back to business for the Australian Tax Office (ATO) as it resumes debt collection in NSW, the ACT and Victoria.
ATO struggle to handle tax return demands
The Australian Taxation Office is being inundated by phone calls from taxpayers asking how much relief they can expect after the federal parliament passed personal income tax cuts laws tis week. But public sector union CPSU says the situation is not being helped by more than 6,500 jobs having been cut from the ATO in […]
Single Touch Payroll (STP) now in effect for small businesses
Small business owners are encouraged to get on board with a new ‘Single Touch Payroll’ system that comes into effect from today for employers with less than 19 employees. Minister for Finance and Small Business Damien Tudehope said the NSW Government had been helping businesses prepare for Single Touch Payroll with workshops through its Business […]
Why do major companies keep getting caught in employee underpayment scandals?
Every few months sees a major employee underpayment scandal – companies announcing that they have made payroll errors that have impacted thousands of employees – go public. Examples are the $43 million error by Rebel Sport this year, the $2 million error by Lush Cosmetics last year, the $1 million in underpayments by Maurice Blackburn […]
What are your obligations if an employee is sick during their annual leave?
When most people think of taking annual leave, they don’t anticipate spending that time either sick in bed or in hospital with a family member. However, the reality is that unforeseeable events can occur and potentially derail an intended vacation or any leave plans. So, what are an employer’s obligations if their employees get sick […]
Ombudsman calls for small businesses to share examples of ‘heavy handed tactics’ by the ATO
Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has encouraged business owners to urgently contact her office if they have experienced “heavy handed tactics” by the Australian Taxation Office. The Ombudsman, together with the inspector-General of Taxation Ali Noroozi, has been directed by the Treasury to examine cases of unfair conduct the ATO. The investigation, […]
Ready for STP payroll? The latest ATO update
John Shepherd, Assistant Commissioner, Australian Taxation Office delves into some of the finer detail ahead of the 1 July move to Single Touch Payroll (STP), a change to the way larger employers report tax and super to the ATO. The 1 July start for Single Touch Payroll (STP) is fast approaching, and all larger employers, […]
Qld company fined $4.25m for encouraging clients to exploit the R&D tax offset scheme
A Queensland company that secured millions in tax refunds for clients by exploiting the R&D tax incentive program has been ordered by the Federal Court to pay a $4.25 million fine to the Commissioner of Taxation. The Commissioner commenced action last year against Australian R&D Funds and Grants Services Pty Ltd, now known as International […]
A tale of two SMEs: what distinguishes a growing business from a declining one?
What are the attributes of an SME that is growing, and how do they differ from a business with static or declining revenue? [Related: SMEs trading banks for fintechs, poll suggests] Twice a year, when more than 1200 owners or leaders of SME businesses are interviewed for our SME Growth Index, one of the first questions […]
How to set up your business for single touch payroll compliance
The Australian Taxation Office (ATO) reports that, as of 1 July 2018, companies with 20 or more people on staff will be required to comply with a new system of real-time wage reporting called Single Touch Payroll. If you have fewer than 20 employees, you have an extra year, or until 1 July 2019, to […]
Proposed tax debt disclosure laws ‘unlikely to help SMEs’, says debt collection agency’s CEO
Much has been said about the benefits SMEs will see from new draft legislation recently proposed by the Federal Minister for Revenue and Financial Services authorising the Australian Taxation Office to disclose business tax debts to credit reporting bureaus. While the stated aim is to “help the SME sector”, in reality SMEs will be largely […]
Jail time for employers who deny staff super
Employers who deny their employees their superannuation entitlements face up to a year in jail under legislation drafted by the Federal Government. According to Minister for Revenue and Financial Services, Kelly O’Dwyer, the purpose of the Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018 is protect workers’ superannuation entitlements and “modernise” the […]
Investors in BlueChilli startups automatically qualify for tax deduction after ATO ruling
Investors who back startups in the BlueChilli portfolio will now enjoy an immediate tax deduction plus capital gains tax exemptions. This follows a private ruling by the Australian Taxation Office (ATO) approving BlueChilli as the nation’s first accelerator program with Early Stage Investment Company (ESIC) accreditation. Under ATO rules, investors who have met the agency’s sophisticated […]
Ride sharing drivers reminded of requirement to apply for ABN and register for GST by the ATO
The Australian Taxation Office (ATO) has reminded 120,000 ride sharing drivers of their tax obligations over the past 18 months. Assistant Commissioner Tom Wheeler said the ATO is still working to educate ride sharing drivers, but now focus is shifting to drivers who are ignoring their obligations. “We know that most drivers do the right […]
The $20,000 instant asset tax write-off has been used by 300,000 SMEs, says Federal Government
Nearly 300,000 small businesses have taken advantage of the Federal Government’s $20,000 instant asset tax write-off scheme, according to 2015-16 tax office data. The data was revealed by Minister for Small Business Michael McCormack, who described the instant asset write-off program as a “shot in the arm” for small businesses. “The instant asset write-off is […]
ATO, funds sitting on $18b in unclaimed super
Almost $18 billion worth of superannuation is still waiting to be claimed in Australia, with the ATO revealing the top ten postcodes for unclaimed super. According to the ATO, as at 30 June 2017, there were over 6.3 million lost and ATO-held super accounts with a total value of $17.87 billion. Super funds are holding […]
Turnbull Government cracks down on phoenix directors
Company directors will be issued with unique identification numbers as part of Federal Government reforms designed deter and penalise directors who engage in illegal phoenixing activity. The reforms were announced this week by Minister for Revenue and Financial Services, Kelly O’Dwyer, who said illegal phoenixing – the stripping and transfer of assets from one company […]
SMEs and BAS: the consequences of late lodgement
One of the biggest mistakes some SMEs make is putting off lodging their quarterly BAS returns. For those who do their own books, there are a number of reasons for this – they get caught up in the day-to-day running of their business or the person who has been doing their books for them is […]
SuperStream generating $2.4b in savings per year for superannuation fund members
Wednesday, 6 September 2017 Source: ATO Following a five-year rollout, superannuation members are now receiving an estimated $2.4 billion per year in savings thanks to SuperStream. SuperStream is one of the largest ever changes to Australia’s financial system, with an estimated investment across the industry of $1.5 billion. More than one million businesses have been involved […]