If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that...
2021 was to be the year we returned to a post-COVID normal however the pandemic has fundamentally changed the way many of us operate in our personal and work lives. In the past, most office workers were asked to work from home, and training sessions were even provided...
The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact. Since 2017, the ‘backpacker tax’ has taxed the first dollar of income a backpacker earns in Australia – regardless of their residency status – at the working...
Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our top issues: Staff gifts The key to Christmas presents for your team is to keep the gift spontaneous, ad hoc, and from a tax perspective, below $300 per person....
Dear Mr Claus, Thank you for the opportunity to provide strategic business, tax and compliance advice for your operation. We’re pleased you have initiated this advice as the Australian Taxation Office (ATO) has instigated a number or reviews that may impact on your...
The NSW government has introduced a hardship fund for smaller landlords whose main source of income is impacted by providing rental relief to retail or commercial tenants who have been financially impacted by the 2021 COVID-19 lockdown. Under the scheme, landlords...
The ATO has released some additional (but brief) guidance on some of the key issues that tax practitioners should consider when clients are engaged in cryptocurrency investment or mining activities. The ATO makes the comment that most people hold cryptocurrency as an...
From 1 July 2021 small employers with closely held payees and micro employers reporting quarterly will need to commence reporting through single touch payroll (STP). The STP report is due at the same time as the employer’s activity statement. Employers with closely...
The Director ID regime starts 1 November. While existing Directors have a year to register, newly appointed Directors have 28 days. The Government has introduced a new director ID regime with the aim of preventing the use of false and fraudulent director identities...
When your business hires a new employee, the Choice of Fund form is used to identify where they want their superannuation to be directed. If the employee does not identify a fund, generally the employer directs their superannuation into a default fund.From 1 November...
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