Banking business income to a private account The ATO has stated that it has "no concerns" with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn't reported. Therefore, the ATO notes that a good way to avoid this problem is to establish a separate business bank a...
Dear Client, To avoid additional costs (including the superannuation guarantee charge (SGC)), you must pay the right amount of super for all your eligible employees by the quarterly due date. Whether you're paying super weekly, monthly, or quarterly it's important to check that the super guarantee (SG) you pay takes into account changes that starte...
More COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will generally be tax-free if: the payment is received under a grant program that is formally declared to be an...
The Victorian State Government have launched the Small Business Specialist Advice Pathways Program which provides $2,000 grants to employing small businesses to access professional advice and services to help them make informed business decisions and plan for the future. The program supports businesses that have faced disruptive change, caused by t...
As we are now in the new financial year and ready to prepare financial accounts and income tax returns for the 2021/22 year, it is a timely reminder that a market appraisal of the property asset(s) held inside your superannuation fund and/or indirectly inside your related property trust should be updated for the purposes of preparing your fund's fi...
Tax time focus on rental property income and deductions The ATO is focusing on four major concerns this tax season when it comes to rental properties.Concern 1: Include all rental incomeWhen preparing tax returns, make sure all rental income is included, such as from short-term rental arrangements, renting part of a home, and other rental-related i...
ATO's small business focus for 2022 income year The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 year: Deductions that are private in nature and not related to business income, as well as overclaiming of business expenses (especially for taxpayers running a home-based business).Omis...
