As a business owner, if you make a car you own or lease available for the private use of your employees, you may be providing a car fringe benefit. The ATO have recently issued guidelines to provide some further clarity around the definition of private use of exempt vehicles. Author Renee Murray [...]
Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 received royal assent on 29 March 2018, flagging the start of a new GST withholding system significantly changing the way developers remit GST from 1 July 2018. Author Michael Kerwin Why? Treasury assessed, that through illegal phoenix activities [...]
STP is being introduced to align payroll with more regular reporting. It will not only identify non-compliance more quickly, but also ensure better collection of unpaid entitlements and penalise employers who repeatedly offend. At the end of each pay an employer must report ALL payment information to the ATO. These include; salaries and wages, [...]
Buying or selling a business can be an exciting and daunting process. you will need to find prospective buyers or the appropriate business to acquire, prepare the business for sale and complete business valuations. Author Matthew Yarrow But perhaps more important, and often overlooked, is the need [...]
Measures were introduced in the 2017 budget to assist with the supply of housing in Australia. The measures impose an extra fee on foreigners who do not either reside in, or rent out, their Australian properties. This is in response to a perception that there were too many of these ‘ghost’ properties. [...]
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 [...]
The ATO has released guidance on the taxation of Bitcoin which is likely to cover most cryptocurrencies. The tax implications of some common scenarios are discussed below. Author Scott Ward If you are in business and you are using a cryptocurrency to buy and sell goods and [...]
Personal services income (PSI) is income produced mainly from your personal skills or efforts as an individual, other than from salary and wages. Income is classified as PSI when more than 50% of the amount you received for a contract was for your labour, skills or expertise. Author Renee Murray [...]
The Federal Government announced, as part of the 2017/2018 Budget their desire to strengthen compliance of the GST Act on property transactions due to the view that some developers are failing to remit GST to the ATO. The changes would apply to purchasers of new residential premises and land in new subdivisions, whereby the purchaser [...]
With the commercial leasing market becoming increasingly competitive and supply often exceeding demand, it is becoming common place in many areas for landlords to offer incentives in order to secure tenants. Various incentives are offered to help entice potential tenants, such as rent free or discounted periods, free fitouts or contributions, covering of relocation [...]
