Christmas is traditionally a time of giving, including employers showing gratitude to their workers for a job well done throughout the year. However, depending on the nature and value of the gift, and also who it is gifted to, such magnanimity can attract unwanted tax consequences. So how as an employer do you gift most...

Do you have your own business or are thinking of starting one? If so, you may need to pay yourself superannuation depending on your business structure. Types of business structures available If you were working for a company, your employer would be required to pay you superannuation guarantee (SG) contributions of 10.5% of your earnings...

The ATO Commissioner has just issued a warning to businesses on the importance of securing your au domain name! To recap, .au direct domain names were launched earlier this year by the organisation that manages Australian domain names, the Australian Domain Administration (auDA). This will allow businesses to elect to drop the .com from their...

What you need to know With hundreds of thousands of directors yet to apply for their director identification number (director ID) ahead of the looming November deadline, a last-ditch public information campaign has been launched. The Albanese Government has just launched a new awareness campaign to help company directors obtain their director identification number (director...

The confirmation of lucrative income tax cuts, and the scrapping of a tax offset for low and middle-income earners were the big-ticket items. That said, labor’s first federal Budget in nine years was as noteworthy for the changes it didn’t make as for those that it did. Unmentioned were current outstanding issues impacting the taxation...

The ATO has issued a reminder to sole traders and partners in a partnership. If you take goods from your business for your private use, make sure you accurately record this in your stock on hand. Accessing your trading stock for private use is permissible from a tax perspective, however you need to account for the stock correctly: each...

You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership. Firstly, however, your loss must not be non-commercial. A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity...

All existing directors of a company, registered Australian body, registered foreign company, or a director of corporate trustees of an SMSF are required to apply for a director identification number (director ID) by 30 November 2022…so act now! If you are a director of an Aboriginal or Torres Strait Islander corporation (CATSI), you have an...

Do you run a business and have or are thinking about hiring workers? If so, it’s important to understand the difference between contractors and employees, as you have different tax and superannuation responsibilities depending on the status of the worker. What’s the difference between contractors and employees? Generally speaking, an employee works in your business...

The ATO is anticipating a significant upward spike in the number of businesses using eInvoicing over the coming 12 months. Already, more than 18,000 businesses are using eInvoicing to make their transactions faster, simpler and more secure. eInvoicing is the new, standardised way to send and receive electronic invoices directly in software, via a secure...