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How to manage business day-to-day transactions The ATO has the following tips for small business owners “that can make your tax life easier”: Editor: If you need assistance with any of these issues, please contact our office. Minimum pension drawdown reminder An SMSF must pay a minimum amount each year to a member who is […]

ATO’s new focus for small business The ATO is currently focusing on the following ‘specific risk areas’, where it is concerned “small businesses are getting it wrong”: The ATO will also continue its focus on non-commercial business losses, small business capital gains tax (‘CGT’) concessions, business income that is not personal income, incorrect claims for

How to master employer obligations in 2025 Taxpayers who employ staff should remember the following important dates and obligations: Fringe benefits tax (‘FBT’) 31 March 2025 marks the end of the 2024/25 FBT year.  Employers should remember the following regarding their FBT tax time obligations. Pay as you go (‘PAYG’) withholding

CGT withholding measures now law The Government recently passed legislation making changes to the foreign resident capital gains withholding laws (among other changes). Editor: Foreign resident capital gains withholding is relevant for all vendors selling certain taxable real property (e.g., Australian land). Even Australian residents can be caught by these laws because, if they do

Can staff celebrations attract FBT? With the holiday season coming up, employers may be planning to celebrate with their employees. Before they hire a restaurant or book an event, employers should make sure to work out if the benefits they provide their employees are considered entertainment-related, and therefore subject to fringe benefits tax (‘FBT’).  This

Hiring employees for the festive season As the festive season approaches, employers that hire new employees to help with their business should remember the following when it comes to their employer tax and super obligations: Lodging and paying business activity statements (‘BASs’) The ATO is reminding taxpayers that it is important to lodge BASs and

Avoid a tax time shock Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year: Editor: If you would like to discuss or implement any of these steps and strategies in more detail, please feel free to contact our office. Reminder of

Taxpayers can start lodging their tax returns With millions of pieces of information now pre-filled (including information from most banks, employers, government agencies and private health insurers), the ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their tax returns. Taxpayers who plan to claim deductions this year should make sure they