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Archive for category: Tax
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ATO reminder regarding inactive ABNs
The ATO has advised that inactive Australian Business Number’s may soon be automatically cancelled in a current review. Those who are unsure if their ABN is still active or not should get in touch with their accountant or bookkeeper.
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The top Christmas tax questions
Every year, we are asked about the tax impact of various Christmas or holiday related gestures. In this article we take a look at some of the top issues.
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Business and personal expenses should not be mixed
There are certain things in life that blend well and others that absolutely don’t. Personal and business finances are the type of thing that shouldn’t be mixed.
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Overseas gifts and loans in the spotlight
The ATO has recently issued an alert on gifts or loans from overseas. They are particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws.
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Tax and the Normalisation of Cryptocurrency
In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app.
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How to set up your Director ID
Directors are now required to register for a unique identification number that they will keep for life. The introduction of the Director Identification Number (DIN) is part of the Government’s Modernisation of Business Registers (MBR) Program creating greater transparency, and preventing the potential for fraud and phoenix company activity. So, who needs one? What is the timeframe to apply and how do I set it up?
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Victorian Government business boost announced for the extended lockdown
While Victoria is expected to remain in lockdown until the start of October, the Victorian Government will be rolling out additional financial support for the state’s small and medium businesses as they continue to grapple with the sustained impacts of lockdown restrictions.
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Employers exempt from FBT for retraining employees
Employers who deliver training to employees who are to be made redundant will now be exempt from fringe benefits tax after the legislation passed through Parliament.
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