#Australian Taxation Office
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 […]
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 […]
ATO extends SuperStream compliance date for medium and large businesses
Medium and large-sized businesses now have more time to ensure they are SuperStream compliant after the ATO extended the June 30 due date.
ATO cracking down on financial crime
The ATO has today announced the extension of information sharing powers for Phoenix and Trust Taskforces, aiming to tackle Australia’s phoenix businesses and misused trust structures.
Battle to recover super from phoenix operators intensifies
The Australian Taxation Office is ramping up its response to rogue phoenix operators who exploit seasonal workers, and pocket their superannuation entitlements.
ATO reminds employers to pay super guarantee rate
The Australian Taxation Office (ATO) is today reminding employers of the new super guarantee rate, ahead of the first quarterly superannuation payment.
ATO encourages myTax as deadline looms
The Australian Taxation Office is encouraging self-lodgers who are yet to hand in their tax return to use myTax, the revenue collection agency’s new streamlined system designed for those with straightforward tax affairs.
Business tax under the spotlight: get ready for 2014
Now that the gruelling 2013 election campaign is behind us, our attention can turn to the issues of growing debt to gross domestic product and the dwindling tax revenue in Australia.
EOFY: How to prepare for upcoming contractor payment changes
If you employ the services of any building and construction contractors, from 1 July the ATO will be adding some new reporting requirements. Here’s what the new obligation will mean for your business.
How to respond to an ATO Director Penalty Notice
A struggling company can quickly become a serious liability, and the flow-on effects can impact on a director’s personal assets. Here’s a look at one way a director can become liable and what can be done to avoid it.
Personal Service Income 101: What SMBs need to know
The issue of Personal Service Income (PSI) will continue to be a major focus of ATO compliance activities in 2012. Here’s what you need to know.
How to prepare for incoming ATO benchmarks
The Australian Taxation Office has more government funding than ever before, intended to help it ensure all taxpayers pay what they’re obliged to. To avoid unwanted attention, an expert is urging all businesses to check the ATO’s benchmarking records, to ensure their percentages are in the acceptable range for their industry.
Getting contractor tax obligations right
The cost of getting the classification of contractors wrong is high and anyone with contractors on their books needs to make sure that they’ve been correctly classified for tax, superannuation and fair work purposes.
Business insolvencies spike, as creditors get aggressive
There’s been a strong rise in the number of businesses entering external administration (EXAD) for the three months to September, as poor sales and increased creditor activity takes its toll.
Good accounting; goal-driven vs driven to gaol
Why bother putting effort into choosing a good accountant? Quite simply, he or she could very well become the best possible advisor for your business.
SME insolvency on the up: ASIC
The number of businesses entering external administration jumped almost 6 percent in the last financial year, with insolvency practitioners reporting more activity in the SME sector as a result of tighter Australian Taxation Office debt recovery.
Queensland SMBs offered free tax help
Small business owners on Queensland’s Sunshine Coast are invited to attend free one-on-one information sessions, run by the Australian Taxation Office (ATO), to assist them in staying on track with tax and super obligations.
Business invited to comment on R&D Tax Credit
Business owners are being invited to weigh in on how the R&D Tax Credit will be administered, with the tax now open for public consultation.
Businesses warned following bad debt spike
Figures recently released by National Credit Insurance (Brokers) showed that the number of bad debt claims in February 2011 is almost 80% higher than claims for the previous month. The spike has caused cash flow finance specialist Oxford Funding to warn businesses to keep an eye on their debtors.
Small business treating ATO as a bank
Small businesses are allegedly using the Australian Taxation Office as a bank, using the ATO as a psuedo-lender by putting off tax liabilities using payment agreements in order to pay other commitments first.
Company directors get ATO warning on unpaid taxes
Directors of struggling companies need to keep a tight rein on payments to the Australian Tax Office because of personal liability for the debt if the company does not pay or becomes insolvent.
ATO to target small business tax compliance
The Australian Taxation Office (ATO) has revealed today that it has small business in its sights in it’s 2010-11 compliance program.
3311 reasons to do voluntary tax returns
The average tax deduction claimed by an individual taxpayer is $3,311 according to the latest statistics from the Australian Taxation Office (ATO).