Following the enactment of legislation in late 2019, the ATO can disclose certain business tax debt information to external credit reporting bureaus. This information will primarily be used when issuing external creditworthiness reports in relation to relevant businesses, effectively treating tax debts in a similar manner to other business debts. More recently, the Government issued
The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. The ATO expects to receive information about assets owned by around 350,000 taxpayers from 2016 to 2020 as part of
There isn’t a right or wrong answer in this instance, but we discuss a couple of scenarios in this article – ones that may apply to you. Scenario 1: You have a mortgage and other loans If you currently have a mortgage, you will generally be paying a lower interest rate than any other loans
Businesses have certain rights and responsibilities when setting and displaying the prices of their goods and services. When you price your products or services, or advertise a price, you need to comply with a number of regulations. Below are a few terms to become familiar with. Comparative pricing – Comparative pricing is where you compare the sale
The Taxable Payments Reporting System (‘TPRS’) has been expanded to the cleaning and courier services industries from 1 July 2018. Businesses that have an ABN and make any payments to contractors for cleaning or courier services provided on behalf of the business must lodge a Taxable Payments Annual Report (‘TPAR’) each income year. The first TPAR for payments made to contractors from 1 July 2018 to 30 June
Single Touch Payroll (‘STP’) commenced on 1 July 2018 for approximately 73,000 employers who have 20 or more employees. There is currently legislation before Parliament to expand STP to all employers from 1 July 2019 and it is estimated that there will be more than 700,000 employers who will enter STP as a result. Even though the proposed expansion is
The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income year based on the previously legislated timeline). Similarly, the increase in the tax
Starting from the last week in November, you’ll see that the navigation bar within Xero has improved to make it easier and faster to get to the information you need most. This is just the first step in making the navigation more flexible and useable. Xero will continue to learn from subscribers on how we use it,
Summer is approaching, and there is no better time to start fresh with obtaining your financial goals! Below are 4 top tips: Budget – Prepare a budget, list all your fixed expenses such as mortgage, utilities and prepare a savings goal. Track Your Expenses – Keep track of all your expenses – even the smallest item like the coffee you
As part of the next phase of its drought assistance policy (which includes various other measures), the Government announced that farmers will be able to immediately deduct the cost of fodder storage assets. Previously, these types of assets (such as silos and hay sheds used to store grain and other animal feed storage) were required to be depreciated over three years. This
