Many incorporated business owners may twitch a little whenever the term Division 7A is uttered within earshot — and not just those who may have attempted to make “tax-light” distributions. The fact is, in these COVID-19 times, that concerns about Div 7A applying are understandable. Some borrowers are facing circumstances beyond their control, and even...

On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. If you need help to work out how much super you need to pay for your employees...

We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes. To do this make sure you have: declared all income, including cash and online sales, dividends, interest, capital gains or one-off...

The ATO has a business industry code (BIC) tool to help small businesses speed up their tax return lodgement. The BIC is a five-digit number required for tax returns and schedules. Using the correct code helps businesses avoid delays by ensuring their return is lodged in the correct category. It is derived from the Australian...

When you’re faced with a complex or high-risk question in tax or super, briefing a barrister can provide you with the expertise and perspective to help you move towards a solution with confidence.   Barristers (who are also referred to as “counsel”) are independent specialists in court work and legal advice. There are specialist barristers...

The Modernising Business Registers program is well and truly under way, with Australian Securities and Investments Commission (ASIC) Registry employees already sharing office space and coffee mug cupboards with ATO staff. The plan is to unify the Australian Business Register (ABR) and 31 separate business registers administered by ASIC onto a single platform. The rolling out...

1 AFFILIATES Remember your spouse and children’s birthdays…and that they are no longer automatically your affiliates. Whether a person is an “affiliate” is relevant in numerous small business CGT concession contexts, including when applying the maximum net asset value, small business and active asset tests. Therefore, it is important to remember that the definition of affiliate...

From 1 April 2021, the ATO’s independent review service has been made permanently available for eligible small businesses with a turnover less than $10 million. The service provides an additional option to achieve early and fair resolution of an audit dispute. The service was locked in after a successful pilot period and consultation with the business community....

Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme. The scheme is designed to support the economic recovery, and to provide continued assistance, to firms that received JobKeeper and also to firms that are eligible flood-affected businesses. Treasury says the scheme aims to...

The Australian Financial Complaints Authority (AFCA) has compiled its COVID-19 complaint data from 3 March 2020 to 28 February 2021, which has revealed some trends. Among COVID-associated complaints, travel insurance was the most complained about product type, with 3,516 complaints across a year of the pandemic, though the rate fell sharply as travel reduced.  ...