As a small business owner in Australia, it’s crucial to stay informed about superannuation guarantee (SG) obligations. Recent data from the Australian Taxation Office (ATO) reveals that workers are owed over $3.6 billion in SG, a figure the government and regulators aim to reduce. The Current State of SG Compliance While 94% of SG, amounting … Read more
Navigating the landscape of self-education expenses can be challenging, especially when trying to determine what is deductible on your tax return. The Australian Taxation Office (ATO) has provided guidelines on this subject, and in this article, we’ll break it down for you. 1. Basic Principle: Relevance to Current Employment If your studies relate directly to … Read more
Want to give your business an energy-efficient boost? Read on to find out how! 🌍 The Future is Electric Gone are the days of gas and fossil fuels. The spotlight is now on electricity and energy efficiency. The government has introduced an incentive to help businesses shift towards cleaner energy solutions. 💰 What’s the Deal? … Read more
In a scandal that shook the nation, the TikTok tax fraud saw a staggering $1.7 billion paid out in fraudulent refunds, with an additional $2.7 billion in fraudulent claims halted in their tracks. With around 56,000 alleged perpetrators and over 100 arrests to date, how did this scandal spiral out of control? A Victimless Hack? … Read more
The Skills and Training Boost gives you a 120% tax deduction for external training courses provided to employees. The aim of this boost is to help SMEs grow their workforce, including taking on less-skilled employees and upskilling them using external training to develop their skills and enhance their productivity. Sole traders, partners in a partnership, … Read more
For employers, incorrectly calculating wages is not portrayed as a mistake, it’s “wage theft.” Beyond the reputational issues of getting it wrong, the Fair Work Commission backs it up with fines of $9,390 per breach for a corporation. In 2021-22 alone, the Fair Work Ombudsman recovered $532 million in unpaid wages recovered for over 384,000 … Read more
In the ever-evolving business landscape, small businesses must continually adapt and innovate to remain competitive. Recognising the importance of digital adoption and skills development in driving business growth, the Australian Federal Parliament has introduced new tax incentives as part of the 2022-23 Budget. These incentives, known as the Small Business Technology Investment Boost and the … Read more
The explosion of OnlyFans, YouTubers, TikTokers and others all offer an opportunity for ‘content creators’ to profit from the audiences they generate. But now the Tax Office has given notice to the booming industry. Back in October 2022, OnlyFans CEO Ami Gan announced that the platform had reached a milestone – paying out $10 billion … Read more
The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of around $1 billion from incorrect reporting of rental property income and expenses. And, they would like that back … Read more
Ace in the Hole’ Budget 2023-24 The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years. The surplus was driven by a surge in the corporate and individual tax take. High commodity prices, inflation, and high employment have all pushed up corporate and individual tax receipts. … Read more
