ATO Reminder: Lodge Your TPAR

The Taxable Payments Annual Report (TPAR) was designed to supress, if not outright eliminate the “black economy” by requiring businesses providing various services to lodge a report containing details of payments made to contractors or subcontractors. This year, the ATO has identified around 60,000 businesses that have not compiled with the lodgment requirements. It notes […]

Tax Implications of Having More Than One Job

If you have more than one job, whether it be casual, contract or some other arrangement, you will need to be careful to avoid an end of financial year tax debt. The debt usually arises in situations where individuals with more than one job claim the tax-free threshold in relation to all the employers, resulting […]

Increase in Statutory Demand Threshold for Debts?

If you run a small business or any business for that matter, you may be interested in the current government consultation to increase the statutory demand threshold for debts. Currently, the threshold at which a creditor company can make a formal request requiring a debtor company to pay a debt (ie statutory demand) is $2,000. […]

STP Changes Coming For Small Employers

If you run a small business with payees that include family members in a family business or directors or shareholders of a company, chances are you’re not yet reporting payments through the Single Touch Payroll (STP) regime. Basically, STP works by sending tax and super information from your STP-enabled payroll or accounting software to the […]

ATO Data-matching: JobMaker and Access to Super

The ATO is kicking into gear in 2021 with another two data-matching programs specifically related to the JobMaker hiring credit and early access to super (COVID-19 condition). While the data collected will mostly be used identify compliance issues and initiate compliance activities as appropriate in relation to the JobMaker and early access to super, it […]

Illegal Phoenixing: ATO Retaining Refunds

The ATO now has broader powers to retain refunds in instances where taxpayers have outstanding notifications. While the exercise of this discretion will not be taken lightly, the Commissioner indicates that it will be used in circumstances where the taxpayers are identified as engaged in high-risk behaviour or those engaging in illegal phoenix activity. For […]

JobMaker Hiring Credit: Is It Right For Your Business?

As the Australian economy gets back on its feet, the government has been very vocal about winding back various JobKeeper and JobSeeker measures. If you’re a business that still needs a little bit of a helping hand with hiring more workers, you can take advantage of the JobMaker Hiring Credit scheme which gives eligible businesses […]

Beware of ATO Data-Matching: Motor Vehicles

Individuals and businesses beware, the first data-matching program of 2021 calendar year has been initiated by the ATO and it relates to motor vehicle registries data. Information such as identification details (including names, addresses, DOB, ABNs) as well as transaction details (eg price of vehicle, type of transaction, vehicle garage address etc) will be acquired […]

Budget Super Reforms On The Horizon

The government has released details on proposed changes to super announced as a part of the 2020-21 Federal Budget. The changes are aimed at reducing unnecessary fees by ensuring super is paid to a single default account for employees, increasing transparency of super products via the introduction of a rankings website, conducting annual performance tests for various […]

Data-Matching Program: Online Selling

Online sellers beware, the ATO has extended its current data-matching program for another 4 years to ensure that businesses and individuals are correctly meeting their registration, lodgment and tax obligations. The current program will affect most sellers on eBay Australia and New Zealand as well as Amazon. It is expected that around 20,000 to 30,000 […]

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