by Swot Accoountants | Mar 13, 2020 | Business News, Coronavirus (COVID-19)
Business instant asset write-off increased from $30,000 to $150,000 (to run until 30 June 2020) Access to the write-off expanded to include businesses with an aggregated annual turnover of up to $500 million (up from $50 million) In addition, small businesses will...
by Swot Accoountants | Mar 13, 2020 | Business News, Business Training
Business Masterclass Workshop Are you ready to start your own business or take your existing business to the next level, but don’t know how? Do you have some great business ideas, but don’t know how to make them work? Or maybe, you’re just feeling overwhelmed by all...
by Swot Accoountants | Mar 11, 2020 | Penalties, Super
The government has approved a superannuation guarantee (SG) amnesty to encourage and allow employers to disclose and correct any historical unpaid SG from 1 July 1992 to 31 March 2018, without incurring the administration or Part 7 penalties. To be eligible for the...
by Swot Accoountants | Mar 9, 2020 | Capital Gains Tax (CGT), Tax & Compliance
Did you know that the Australian Taxation Office (ATO) receives information from cryptocurrency-designated service providers about Australian taxpayers who engage in buying, selling, exchanging or transferring cryptocurrency since the 2014/2015 financial year? The ATO...
by Swot Accoountants | Mar 6, 2020 | Business News, Tax & Compliance
Ridesharing services have taken Australia by storm, but not every contractor-driver has done their good tax planning. Don’t worry though, you can get organised and make sure you’re on top of your tax obligations. Did you know there are many tax benefits of being a...
by Swot Accoountants | Feb 28, 2020 | Business News, Penalties
Are you a company director or former director? Did you know that if a company does not meet its PAYG or Superannuation obligations, the ATO may hold the current or former directors personally liable for these liabilities? In addition, from 1 April 2020 this regime...
by Swot Accoountants | Feb 21, 2020 | Business News, Business Training
Did you know that up to 97% of Australian businesses fail? Here is why: Starting a business for money only Being in the wrong business for the wrong reasons Starting a business without doing any research Year 1 – 30% Year 2 – 50% Year 3 – 60% Year 5 – 75% Overall –...
by Swot Accoountants | Feb 14, 2020 | Tax & Compliance
Did you know that insurance payouts for damaged or destroyed personal items are not taxed? However, insurance payouts for businesses or income-producing assets may be subject to income tax. Curious about something specific?
by Swot Accoountants | Jan 28, 2020 | Business News, Tax & Compliance
If a private company attempts to make a tax-free distribution or other benefits (e.g. cash payment, a gift, a loan or writing off a debt) to a shareholder or an associate of a shareholder, the Australian Tax Office (ATO) can treat that distribution an assessable...
by Swot Accoountants | Dec 17, 2019 | Business News, Tax & Compliance
You may have to lodge a Taxable Payments Annual Report (TPAR) with the ATO by the 28 August each year, if you are a business providing certain services and you made payments to subcontractors, consultants or independent contractors. The contractors can be trading as...
