Tax for compensation payments
How should compensation received for inappropriate advice be taxed? With the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry currently underway, many individuals may have received or may be about to receive compensation for inappropriate financial advice received from financial institutions (e.g. compensation for loss of investment, refund or reimbursement of […]
Debt review and analysis
What is debt review? Debt review aims to restructure the process of paying your debt. A professional will assess your outstanding debt and will implement a restructured debt repayment plan. This can be done by renegotiating interest rates with credit providers and extend your debt repayment terms. It is important that you are honest during […]
Deed of Company Arrangement
What is a deed of company arrangement? A deed of company arrangement (DOCA) is a binding arrangement between a company and its creditors that governs how the company’s affairs will be handled if the company is at a risk of becoming insolvent or has already entered into voluntary administration. A DOCA can be used to […]
Cash flow management ideas
What is cash flow and why is it important? Cash flow is the total amount of money that you have coming in to your business from revenue and going out for expenses. Managing cash flow is an essential part of running a business. It is particularly important for new businesses because if you can’t manage […]
You may have to lodge your T-BAR report
From 1 July 2018, all SMSFs must report the following events that affect their member’s transfer balances that occur after 1 July 2017: Commencing retirement income streams. Pension commutations. Certain limited recourse borrowing arrangement payments. Personal injury contributions. This transfer balance account events reporting (T-BAR) will enable the ATO to determine whether both the $1.6 […]
Dealing with personal guarantees
What is a personal guarantee? A personal guarantee is an agreement by one party to be liable for the debts of another. Usually, personal guarantees will be given by the directors or shareholders of a company to personally guarantee the payment or obligations on behalf of their company. A major problem that you can face […]
Overview of Safe Harbour Provisions
What is safe harbour? Safe harbour is legal provisions that reduce or eliminate liability in certain situations as long as certain conditions are met. Under these provisions, a client won’t be liable to some administrative penalties if they are able to provide all the relevant tax information to you. This will also only apply if […]
Quick payment arrangements
What is a payment arrangement? A payment arrangement is an agreement that will allow you to pay overdue balances by either paying the balance on a specified date or organising a payment schedule on specific dates. Usually, payment arrangements are used to help you spread your payments over a period of time for financial reasons, […]
PAYG Liability as a Director
Pay As You Go (PAYG) summaries will provide detailed accounting information about each payee, it makes filing your taxes easier because the calculations are already done, generating reports will be made simpler and faster, and giving a PAYG summary to your payees allows them to understand and clarify their payments with ease. As a director, […]
Lodging a late BAS
What is BAS? A Business Activity Statement (“BAS“) is how you report and pay your business taxes to the Australian Taxation Office (“ATO“). Your BAS will report and pay your GST, PAYG instalments, PAYG withholding tax and other taxes. BAS can be lodged electronically, by mail or for on the phone if you have nil lodgements. […]
