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Are Your Contractors Really Employees?

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Two landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes. Many business owners assume that if they hire independent contractors they will not be responsible for PAYG withholding, superannuation guarantee, payroll tax and workers compensation obligations. However, each set … Read more

Immediate Deductions Extended

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Temporary full expensing enables your business to fully expense the cost of: new depreciable assets improvements to existing eligible assets, and second hand assets in the first year of use. Introduced in the 2020-21 Budget and now extended until 30 June 2023, this measure enables an asset’s cost to be fully deductible upfront rather than … Read more

The ATO’s Attack on Trusts and Trust Distributions

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  Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family trust beneficiaries at risk The tax legislation contains an integrity rule, … Read more

Have a family trust?

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We understand a Trust has been an amazing business structure and tax-saving vehicle over the years and many clients have them. They offer many barriers for risk protection and opportunities to reduce the amount of tax to be paid. It’s always a chance the ATO and government may look at a business structure that has … Read more