ATO Issuing Director Penalty Notices to Recover Company’s Unpaid Debt From Directors Personally
If you are a company director in Australia, then you have a legal obligation to ensure your company’s compliance with tax and superannuation legislation. This compliance is monitored and enforced by the Australian Taxation Office (ATO). In addition, it is important to understand your personal liability as a company director. If your company cannot pay […]
What Triggers ATO Audits
The Australian Tax Office (ATO) conducts audits of businesses and high net wealth individuals to ensure compliance with Australian tax laws. The aim of these audits is to ensure that the right amount of tax is being paid. There are heavy penalties for tax avoidance in Australia. It is important to understand what triggers an […]
Single Touch Payroll Reporting Changes Announced by the ATO
The Australian Taxation Office (ATO) has recently announced changes to Single Touch Payroll (STP) reporting requirements for employers. These changes reflect measures that were announced in the 2019-2020 Federal Budget. The changes are collectively known as ‘STP Phase 2’. They are intended to reduce the amount of reporting necessary to different government agencies. STP reporting […]
Purchasers of New Residential Properties Now Required to Remit GST
To combat the ATO failing to collect GST from property developers, recent changes now require the purchaser of new residential premises and land to withhold and remit GST to the government from 1 July 2018. This now shifts the responsibility of GST collection from the vendor to the purchaser. Points to note: The purchaser will […]
TBAR Reporting – what does it mean for you?
As part of the 2017 accounts preparation the CGT Relief was applied to the assets of your Super Fund (where applicable) to the extent that they needed to be rolled back into the Accumulation component of the Super Fund in order to comply with the $1.6 million caps. The next extension of the ATO […]
Fringe Benefits Tax
You may be aware that FBT returns for the year ended 31 March 2018 are due to be completed by no later than 23 June 2018 (where prepared and lodged by Wilson Pateras). Who is affected by FBT? In very simple terms, FBT is payable on benefits provided to employees and their associates. This may […]
The Importance of Accounting Compliance for the Legal Community
It’s not unusual for legal professionals and law graduates to feel uncertain about engaging an accountant in the early stages of their career. Whilst being frugal and doing your own tax might make sense when you’re new to the professional world and just finding your feet, your income and tax structure will inevitably change as you become more […]
Keeping Up With Your Accountant
Many business owners feel uncertain about when to engage with their accountant – and how often they should do so! Should they reach out when they’ve a question – or check in every quarter? Rather than giving their accountant a call, some entrepreneurs attempt to tackle their accounting responsibilities without assistance in an effort to […]
