2020/21 Year-end Checklist for Business
Traditionally, year-end tax planning for small businesses is based around accelerating deductions and deferring income However, this year, consideration will also need to be given to the impact of the COVID-19 pandemic. Small Business Entities (‘SBEs’) – i.e., those with an aggregated turnover of less than $10 million – often have greater tax planning opportunities […]
2021/22 Federal Budget
Omnis Group Federal Budget Summary 2021/22 Key points covered by this summary: Personal income tax changes Changes affecting business taxpayers Superannuation related changes 1. Personal income tax changes 1.1 Retaining the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year The Government has announced that it will retain the LMITO for one […]
Company tax changes
Changes to company tax rates There are changes to the company tax rates. The full company tax rate is 30% and the lower company tax rate is 27.5%. The ATO has outlined when to apply the lower rate and how to work out franking credits. Company tax rates apply to: companies corporate unit trusts public […]
New measures in 2021
New measures applied from 1 January 2021 The Government has provided an update of a number of new measures which came into effect from 1 January 2021. They include (among others): The most significant changes to Australia’s insolvency framework in 30 years, which are intended to reduce costs, cut red tape and help more small […]
2020/21 Federal Budget Summary
Omnis Group Federal Budget Summary 2020/21 Key points Changes to personal income tax rates Expanding access to Small Business Tax Concessions JobMaker Hiring Credit Uncapped immediate write-off for depreciable assets Temporary loss carry back for eligible companies Reducing the compliance burden of FBT recordkeeping 1. Personal income tax changes 1.1 Changes to personal income tax […]
JobKeeper audits underway
First reports of ATO audits lands one small business in debt Imagine going through all the rigmarole to apply for JobKeeper when COVID-19 restrictions were rife, only to have your application rejected months later by Tax Office auditors? That is what has now happened to one small business owner in Melbourne who took a DIY […]
Proposed new record-keeping course
MYEFO – 2019/20 Treasury has released its Mid-Year Economic and Fiscal Outlook (‘MYEFO’) for 2019/20 forecasting a surplus of approximately $5 billion. One new tax-related measure of note in the MYEFO was the announcement the ATO would be provided with a new discretion to direct taxpayers (found to be lacking in their substantiation efforts under […]
STP and superannuation guarantee
ATO actively using data to warn employers not paying required SG on time In a presentation at the Australian Institute of Superannuation Trustees Chairs Forum, the ATO’s Deputy Commissioner confirmed that as a result of STP, the ATO now has an “unprecedented level of visibility” of super information. In particular, the ATO’s examination of Super […]
PAYG and deductions for payments to workers
PAYG withholding obligations The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019. If the PAYG withholding rules require an amount to be withheld, to claim a deduction for most payments to a worker, a […]
Tax time tips for small business
Top 3 business tax return issues To lend a ‘helping hand’ to small businesses to get their tax right this tax time, the ATO has identified the top three issues for small businesses lodging their tax returns: Failing to report all of their income; Not having the necessary records to prove small business expenses claims; […]
