Labour hire businesses are a focus of the government’s efforts to deter and disrupt illegal phoenix behaviour and black economy operators.
When you sell property, you may be carrying on an enterprise. If you are carrying on an enterprise, you will need an Australian business number (ABN) and register for GST – even for one-off transactions.
New legislative powers will be given to the Australian Taxation Office (ATO) which will allow them to report large outstanding tax debts to credit reporting bureaus. This reporting may affect a business’s credit rating for current and future finance.
The ATO has warned taxpayers that it holds data on over $100b held in offshore accounts and uses sophisticated analyses to identify taxpayers with unreported foreign income. It is urging taxpayers to report any foreign income whether from investments, family members or overseas employment, no matter how small, and even if tax has been paid…Details
The ATO has estimated that the 2015/16 income tax gap for the small business sector is approximately 12.5% or $11.1b, with over $7b (or over 64% of the total value of the gap) being attributed to black economy behaviour.
The AAT has held that the amounts paid by the clients of a taxpayer to a trust for professional services provided by the taxpayer and declared by the taxpayer as distributions from the trust and trust income, were ordinary income as well as personal services income of the taxpayer.
The benchmark interest rate for the 2019/20 income year for Div 7A purposes is 5.37% pa. This is relevant to private company loans made or deemed to have been made after 3 December 1997 and before 1 July 2019, and to trustee loans made after 11 December 2002 and before 1 July 2019.Details
The ATO has revealed that it has received a record-breaking 15,000 tip-offs to its Tax Integrity Centre in the first quarter of this financial year as the agency continues its focus on the black economy. The ATO plans to visit 10,000 businesses this year as part of its plan to deal with the black economy.…Details
From 1 October 2019, SMSFs with outstanding annual return lodgments are at risk of not receiving roll over benefits or employer super guarantee (SG) contribution payments for its members.
Cybercriminals are active during tax time and will try various ways to get their hands on your money or customer details. Stay alert at all times and remain one step ahead of cybercriminals. Here are some tips to keep your business safe online this tax time. Use multi-factor authentication where possible and don’t share your…Details
Overseas businesses are required to charge Australian GST on their sales of low value goods to consumers in Australia. The ATO said over 1,000 overseas businesses have registered for GST, including all known major suppliers and international platforms. The ATO considers the GST on low value goods measure a successful initiative as it has collected…Details
Contributed by Andrew Howe, Director and Rebecca Lawrence, Senior Associate, Greenwoods & Herbert Smith Freehills Director Penalty Notices (DPNs) for GST, similar to those already in place for PAYG and the superannuation guarantee charge (SGC), are set to come into play from 1 October 2019 following the recent introduction of Treasury Laws Amendment (Combating Illegal…Details