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Tax

Division A and private loans
Tax

Division 7A and private loans

By On 10 September 2020

It is not uncommon for businesses to provide loans to shareholders or associates of a company. However, business owners should know the conditions that their loan must satisfy under Division 7A, to… Read More

FBT exemption for businesses with emergency assistance
Tax

FBT exemption for businesses with emergency assistance

By On 3 September 2020

Businesses that provide benefits to employees during an emergency situation are likely to have assistance costs be exempt from fringe benefits tax (FBT). It is worthwhile to know what kinds of benefits… Read More

Extending relief with JobKeeper changes
Tax

Extending relief with JobKeeper 2.1 changes

By On 28 August 2020

The Government has introduced additional changes to JobKeeper to help more businesses qualify for the relief payments. One of the key changes was moving the relevant date of employment for an eligible… Read More

CGT rollover when transferring assets in a relationship breakdown
Tax

CGT rollover when transferring assets in a relationship breakdown

By On 20 August 2020

Transferring the ownership of assets from one party to another may attract CGT. However, in the event that a change in ownership occurs due to the breakdown of a relationship, you may… Read More

Should you lodge a TPAR for your business
Tax

Should you lodge a TPAR for your business?

By On 13 August 2020

The Taxable Payments Annual Report (TPAR) is an industry-specific report through which businesses inform the ATO of the total payments made to contractors for services in that financial year. This information is… Read More

Applying for small business entity income tax concessions
Tax

Applying for small business entity income tax concessions

By On 6 August 2020

Businesses looking to save on tax for the financial year may consider applying for income tax concessions. Businesses classified as a small business entity are eligible for income tax concessions. Since 1… Read More

Income payments to include in your business’ tax return
Tax

Income payments to include in your business’ tax return

By On 30 July 2020

Due to changing economic circumstances, businesses may be receiving income from sources they have never received from, and may be unaware of their tax implications. In the event that they are listed… Read More

Tax mistakes to avoid for businesses
Tax

Tax mistakes to avoid for businesses

By On 23 July 2020

Meeting tax obligations as a business owner can be stressful and potentially expensive if done wrong. Certain mistakes warrant severe action, so you can expect the ATO to take a closer look… Read More

Amending fringe benefits tax return and extended exemptions
Tax

Amending fringe benefits tax return and extended exemptions

By On 16 July 2020

The Government has updated fringe benefits tax (FBT) exemptions to include travel in ride-sourcing vehicles under the existing taxi travel exemption. In the case that your business has been providing employees with… Read More

What is the small business income tax offset
Tax

What is the small business income tax offset?

By On 9 July 2020

The small business income tax offset can be used to reduce the tax you pay by up to $1,000 a year. Also known as the unincorporated small business tax discount, the offset… Read More