Taxpayers falling behind on tax debts and lodgement obligations can soon expect contact from the ATO as it confirms the resumption of its compliance activities in the wake of JobKeeper ending.
The ATO has warned businesses to come clean on $172 billion worth of payments to contractors as it cracks down on non-compliance with the taxable payments reporting system.
If you own a small business still recovering from the COVID-19 induced downturn, remember that you can take advantage of FBT concessions to lower the amount of FBT you may need to pay.
As Australian businesses implement work from home arrangements as part of their business contingency plans, managers need to consider how to accommodate telecommuting arrangements without sacrificing productivity and team dynamics, says one recruitment firm.
Although 2020 saw a temporary lull in the ATO and State Revenue Office’s usual activity level due to the COVID-19 pandemic, 2021 is already set to be as busy as ever when it comes to audits and reviews initiated by government revenue authorities.
With JobKeeper ending in four weeks, small businesses have been urged to “act early” on exploring their insolvency options before the ATO moves on recouping debts.
Superannuation remains the best available form of an individual retirement savings plan, in spite of continuing government changes.
The cost of retirement for Australians has gone up, with the increases in health insurance and domestic holiday prices, according to the Association of Superannuation Funds of Australia’s (ASFA) latest figures.
The Tax Office has released long-awaited partnership profit guidelines, three years after it first commenced a review of how professional firms engage in income splitting.
