COVID-19 Business Support Grants for Lockdown Impacted Businesses in Queensland Applications have opened today for businesses who have been impacted by the Queensland lockdowns. All eligible businesses which apply in time will receive the funding, and there is a time period of 3 months in which to apply. There is therefore no need to [...]
Overview The ATO released new draft guidance relating to the allocation of professional firm profits on 1 March 2021. The Draft Practical Compliance Guideline PCG 2021/D2 (the Draft PCG) explains how the ATO intends to assess the tax risk of individual professionals who operate professional practices and how they will allocate their compliance resources [...]
The Queensland government has announced the next phase of the rollout of Project Bank Accounts. Currently the regime applies to building contracts entered into with the Queensland government with a value between $1 million and $10 million. From 1 July 2020, the scheme is expanded to include contracts provided by a hospital or health [...]
What is Happening? In recent weeks we have had first-hand experience with the ATO taking a much more aggressive approach to contractors with outstanding tax lodgements. This has been possible principally due to the use of the Taxable Payments Annual Report (TPAR). Author: Tom Aitkenhead TPAR is a report that those in [...]
On 22 February, new laws will require businesses who suffer data breaches to notify both the government and their customers / clients. The consequences of a notification could be extremely damaging to businesses, and it is therefore imperative to understand the rules and to take action to protect yourself! Author Thomas Aitkenhead [...]
