Client Health Checks and the ATO Closing in on Small Business Debt
Client Health Checks and the ATO Closing in on Small Business Debt The Australian Taxation Office (ATO) continues to pursue the recovery of unpaid tax debt and superannuation, particularly from small to medium businesses. The ATO has recently visited approximately 400 small businesses on the Sunshine Coast and is rolling out visits to 10,000 businesses per year […]
Small Business Ombudsman’s Verdict on the RTI Reveals Lack of Consistency
Small Business Ombudsman’s Verdict on the RTI Reveals Lack of Consistency The report from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has confirmed what many in the industry have known for some time – the current administrative approach by AusIndustry and the ATO to the R&D Tax Incentive program is inconsistent with the […]
Travel Expenses: Reissue of the Draft Taxation Ruling
Travel Expenses: Reissue of the Draft Taxation Ruling We have new guidance from the Australian Taxation Office (ATO) on the tax deductibility of travel expenses (which also has Fringe Benefits Tax implications). The ATO issued draft taxation ruling TR 2019/D7 on Friday 13 December 2019. For those of you keeping track of the developments in this area, […]
Disclosure of Business Tax Debts Under New Reporting Laws
Disclosure of Business Tax Debts Under New Reporting Laws On the 22 October 2019, the Government passed new reporting laws permitting the ATO to release tax debt information of businesses to registered credit reporting bureaus (CRBs). The law received royal assent on 28 October 2019. Under the law, tax debt information of a business may […]
Salary Sacrificing Changes: Information for Employers
Salary Sacrificing Changes: Information for Employers From 1 January 2020, salary sacrificed super contributions cannot be used to reduce your super guarantee obligations, regardless of the amount your employee elects to salary sacrifice. This means for the purposes of super guarantee (SG), the salary sacrificed amount will not count towards your super guarantee obligations. In […]
Things to do when changing your business structure
Selling a law firm
As the average age of legal practice partners advances, succession planning rises on the list of important matters to be tackled. According to Pitcher Partners’ Legal Practices Survey, there is still only around 1 in every 3 practices that have a documented succession plan in place, and of those 3 or 4 plan to grow […]
C&D Advisory Newsletter Issue 3
In our November newsletter, we discuss how bookkeepers can integrate PPSR management as part of their services and why it’s vital for their clients. We also have a look at a case study involving a significant reduction in ATO debt for one of our clients and how we did it. In team news, we’re heading […]
Best Practice Governance
Corporate governance principles and best practice should serve the business and shareholders (and not the other way around!). Technically beautiful governance can be functionally inadequate Imagine a small board with three non-executive directors. They may technically tick every governance best practice box – have every committee in place with charters, regular meetings and the right […]
Renewing a retail lease
This is a story about Piazza Trevi (the lessee) which failed to exercise its option to renew its retail lease by the required date specified in the lease agreement (Piazza Trevi v Cromwell BT Pty Ltd [2017] NSW SC 794) In 2012 the lessee entered into a 5 year retail lease agreement and began operating the […]
