The Federal Government is acting to improve the integrity and operation of the business tax system by introducing legislation to close loopholes in the tax consolidation regime that create unintended tax outcomes, Minister for Revenue and Financial Services, Kelly O’Dwyer has announced. According to Minister O’Dwyer, the tax consolidation regime, in allowing wholly-owned corporate groups […]
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 […]
A parliamentary committee recommendation for banks to reduce ‘tap and go’ transaction fees has attracted support from the Australian Small Business and Family Enterprise Ombudsman Kate Carnell. The House of Representatives Standing Committee on Economics recommended that banks let merchants send tap-and-go payments from debit cards through eftpos instead of credit, and that regulatory action be taken […]
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 […]
The cardboard box of business receipts are now closed for small business owners across the country and it’s time to move from dealing with accountants and tax agents to focusing on the future. Getting things right for the next phase of growth comes down to setting the right foundation. So, how can you ensure you’re […]
As a business owner, dealing with insurance can easily slide down the priority list. Not many people look forward to answering bunches of questions or filling out pages of paperwork, and nobody in their right mind gets excited about paying insurance premiums. But what if you had a really bad day at work? What if […]
The Turnbull Government has drafted legislative reforms to support investment in innovative fintech companies by venture capital and angel investors, Treasurer Scott Morrison has announced. Released yesterday for a public consultation period ending Friday, 10 November, the exposure draft of the Treasury Laws Amendment (2017 Measures No. #) Bill 2017 proposes amendments to the Tax […]
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 […]
Legislation to remove double taxation on digital currencies, such as Bitcoin, has been passed by Australian Parliament, with fintech industry leaders describing the news as a win for consumers and businesses. The Treasury Laws Amendment (2017 Measures No. 6) Bill 2017 was tabled in Parliament, last month, by Treasurer Scott Morrison. He said the reform, which will […]
An inter-governmental partnership to help reduce red tape for new small businesses has been announced today. The announcement follows the test launch, in April 2017, of a new business registration service to make the process simpler for small businesses, with the aim being to save new business starters $40 million each year. The Federal Government […]
