Tax & Structuring

The recent ATO crackdown on trusts will no doubt have some business owners (and even some advisors) asking themselves the question: Is this structure for business purposes still worth it? To recap, trust distributions have been under the ATO microscope in recent years. The latest ATO crackdown was in February 2022 when it updated its [...]

Since Budget night, the ATO has released more information about the small business lodgement amnesty…which can now be taken advantage of from 1 June 2023! The amnesty was announced in the recent Budget. It applies to tax obligations that were originally due between 1 December 2019 and 28 February 2022 and run from 1 June [...]

Although not related to tax, there are a number of changes on the Fair Work front that employers should be aware of: Minimum wage increase The National Minimum Wage applies to employees who aren’t covered by an award or registered agreement. From 1 July 2023, the new National Minimum Wage will be $882.80 per week [...]

The ATO has just announced that the cents per kilometer rate has increased to 85 cents per kilometer for 2023/24. To recap, there are two methods to claim work-related car expenses as follows: Cents per kilometer method This method is easier for record-keeping, involves a more simple calculation, and is generally suited to those with [...]

Another key Federal Court case may have a bearing on whether you owe certain workers you engage a superannuation guarantee or not. For background, early last year the High Court made a game-changing decision in determining whether a worker is an employee or contractor at common law. It ruled that this is determined by the [...]

The new financial year can be a time when business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should be considered such as asset protection, establishment and ongoing compliance costs, succession planning, and your understanding [...]