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; […]
Human cost of late payments
Late payments affect business from financial and operational perspective It’s an issue that’s close to our hearts and a conversation that matters. But another conversation, one that’s often lost amid all the talk about lost revenues, invoice-chasing and the rest is the human cost of late payments. Because when businesses aren’t paid on time, it […]
New rules for immediate write-offs
Recent changes for immediate write-off rules Small business entity (‘SBE’) taxpayers who choose to depreciate their assets under the simplified depreciation rules are entitled to an immediate deduction with respect to low-cost assets in the year they are first used or installed ready for use for a taxable purpose. Thanks to recent changes, SBE taxpayers may be […]
Business structure set up
Setting up a business structure If you are starting a small business you will need to work out which type of business structure to use. We explain the benefits and disadvantages of different types of business structures. Sole trader A sole trader is the simplest business structure and it is inexpensive to set up because […]
