The Queensland government has recently announced some initiatives for businesses impacted by the effect of COVID-19 (coronavirus). Two key announcements are:
1. Deferred payroll tax payments
2. Immediate Industry Recovery Package
The Australian Parliament has passed new legislation allowing concessions to those employers who have underpaid Superannuation Guarantee (SG). If you have outstanding superannuation obligations you have from 26 May 2020 to 7 September 2020 to self-report SG non-compliance and apply to the ATO for amnesty.
The Federal Government recently announced a $17.6 billion stimulus package to counteract the economic impact of Covid-19 (Coronavirus).
The Australian Government’s online services are moving to new access systems from 1 April 2020. If your business is currently accessing the ATO’s online services using AUSkey you will need to ensure that you have applied for the new myGovID and set up your Relationship Authorisation Manager (RAM) prior to 31st March 2020.
Under new reporting laws that were passed in late 2019, the ATO now has the ability to disclose tax debt information of businesses to registered credit reporting bureaus (CRBs).
Businesses that have their tax debt reported may run into significant difficulties in obtaining financing from lenders and credit from key suppliers if tax debts become visible.
Read more to find out if this change may affect your business.
Our new cloud based dashboard management reporting service is now available.
The cloud based dashboard management reporting system syncs automatically with cloud based management accounting software such as Xero, MYOB and Quickbooks delivering improved service levels by combining technology and expertise.
Recent correspondence from the ATO has been issued to SMSF trustees who hold greater than 90% of their assets in a particular asset category, stating that diversification must be considered in the investment strategy. Our latest newsletter outlines what all trustees need to consider in terms of their investment strategy to remain compliant.
We’ve created a quick reference guide for you containing the 2019 – 2020 tax rates. Covering both individual and company tax rates, tax offsets, superannuation, depreciation and fringe benefits tax.
The Australian Tax Office (ATO) has recently announced that from 1 October 2019, if your self-managed superannuation fund (SMSF) annual return is more than two weeks overdue for lodgement, your SMSF will not be able to receive employer super guarantee contributions or rollovers from another super fund. Read our latest newsletter article to see what impact this may have for you.
With 61% of employing small business owners in Australia approaching retirement age, we can expect a considerable shift in small business ownership in the coming years. Here are our top 5 considerations for planning your business exit.
