What you need to know With hundreds of thousands of directors yet to apply for their director identification number (director ID) ahead of the looming November deadline, a last-ditch public information campaign has been launched. The Albanese Government has just launched a new awareness campaign to help company directors obtain their director identification number (director...

The confirmation of lucrative income tax cuts, and the scrapping of a tax offset for low and middle-income earners were the big-ticket items. That said, labor’s first federal Budget in nine years was as noteworthy for the changes it didn’t make as for those that it did. Unmentioned were current outstanding issues impacting the taxation...

The ATO has issued a reminder to sole traders and partners in a partnership. If you take goods from your business for your private use, make sure you accurately record this in your stock on hand. Accessing your trading stock for private use is permissible from a tax perspective, however you need to account for the stock correctly: each...

You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership. Firstly, however, your loss must not be non-commercial. A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity...

All existing directors of a company, registered Australian body, registered foreign company, or a director of corporate trustees of an SMSF are required to apply for a director identification number (director ID) by 30 November 2022…so act now! If you are a director of an Aboriginal or Torres Strait Islander corporation (CATSI), you have an...

Do you run a business and have or are thinking about hiring workers? If so, it’s important to understand the difference between contractors and employees, as you have different tax and superannuation responsibilities depending on the status of the worker. What’s the difference between contractors and employees? Generally speaking, an employee works in your business...

The ATO is anticipating a significant upward spike in the number of businesses using eInvoicing over the coming 12 months. Already, more than 18,000 businesses are using eInvoicing to make their transactions faster, simpler and more secure. eInvoicing is the new, standardised way to send and receive electronic invoices directly in software, via a secure...

With unemployment at historic lows, workers are in demand and are also switching jobs at record rates. There are a range of issues employers should be aware of when hiring. Know the law Before hiring a new employee, make sure you know your rights and responsibilities. The minimum terms and conditions of employment come from...

Now that the financial year has come to a close, it’s good time to check all things GST. Registration If you are not already registered, you may over the coming period need to register for GST if: your business or enterprise begins to have a GST turnover of $75,000 or more per year (gross income...

Are you a small business owner or work in a profession where you are open to being sued? If so, have you thought about what might happen to your superannuation should your circumstances change and you become bankrupt? The risk of bankruptcy Self-employed people, company directors and ‘at risk’ professionals such as doctors, dentists, accountants,...