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 | 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...
by Swot Accoountants | Nov 13, 2019 | Business News, Fringe Benefit Tax (FBT), Tax & Compliance
In some circumstances if a business provides and pays for Christmas parties for their employees and their associates, it may attract FBT. There are some costs associated with Christmas parties for food and drinks that may be exempt from FBT. For example: Christmas...
by Swot Accoountants | Jun 30, 2019 | Business News, Payroll
If your employer is now using Single Touch Payroll (STP) to report your income to the ATO, you will no longer receive your PAYG Payment Summary at the end of the financial year. If you have a myGov account, make sure it is linked with the ATO and you will receive a...
