The ATO has released its practical administrative approach to businesses claiming the JobKeeper payment. Generally, it notes that it would only apply compliance resources to what would amount to a “scheme” in terms of the entity and its external operating environment. For example, if an entity’s business has not been significantly affected by external environmental…

As a part of the government’s coronavirus economic response package, a provision was inserted into the Corporations Act 2001 to provide temporary relief (safe habour) for directors of financially distressed business from potential personal liability for insolvent trading. This was designed to counter the pressure on boards and directors to make quick decisions to enter…

If your business is one of the tens of thousands of businesses to register for the JobKeeper payment early, there’s good news, claims for the payment is now open. There are a few steps involved in claiming, so make sure you have all the relevant documents and supporting information before you start. Firstly, you will…

NSW government has announced a new assistance scheme to help thousands of small businesses in NSW ride out the economic effects of the COVID-19 pandemic. The Small Business Support Fund will receive $750m from the State government to help provide cash flow relief to eligible businesses in the form of grants of up to $10,000….

As a part of the second round of economic stimulus in response to the COVID-19 pandemic, the government legislated a measure to boost cash flow for employers. To recap, the measure ensures that an eligible employer receives an amount equal to 3 times the amount of tax withheld from ordinary salary and wages as disclosed…

Do you run a side business in addition to your main employment? This could be in primary production (ie a farm or winery), retail or any other profession, trade, vocation or calling, provided it is not in a role of an employee. If you do, you may be subject to non-commercial loss rules, which are…

Have you considered the powerful tax and superannuation planning opportunities that the small business CGT concessions can offer your business? They allow you to reduce – or sometimes, completely eliminate – the capital gain from the sale of a business asset, whether it’s held directly by your business entity or in another related structure. The…

When you’re starting a new business venture, it may take some time before the business becomes profitable. Or, your business may simply operate at a loss in a particular year. What does this mean tax-wise? If you’re a sole trader or individual partner, you may be able to use your business tax loss to offset…

Do you sometimes take work trips for your business – perhaps to overseas conferences or interstate clients? When a trip is clearly for business purposes only, the rules for deducting your expenses are fairly straightforward. You can claim airfares, taxis and car hire (and fuel). You can also deduct accommodation and meal costs for overnight…

If your business has outstanding tax debts, watch out for a proposed new tool in the ATO’s debt recovery arsenal. New laws before Parliament will allow the ATO to report some debts to credit reporting bureaus, who will then be permitted to use this tax debt information in preparing credit worthiness reports. This could adversely…

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