ATO Updates
Director Penalties
Legal responsibilities of company directors Company directors have a legal responsibility to ensure that their company meets its pay as you go (PAYG) withholding and superannuation guarantee charge (SGC) obligations. The director of a company that fails to meet a PAYG withholding or SGC liability by the due date automatically becomes personally liable for a […]
Read MoreForeign Income of Australian Residents
Foreign source income alert from ATO Recently the ATO issued a tax alert TA2012/1 in relation to foreign source income by Australian tax residents. The alert applies to arrangements which feature the following: 1. An individual (“the taxpayer”) is a resident of Australia for tax purposes 2. The foreign source income may include (but […]
Read MoreATO New Reporting Requirements for Building & Construction Businesses
Now businesses primarily in the building & construction industry are required to report the total payments they make to each contractor for building and construction services. The records of relevant contractor payment should be kept to include the following: ABN Name Address Total gross amount they paid for the financial year including GST Total GST […]
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