business tax

Switching Home Loans

With interest rates increasing quite rapidly, homeowners are being encouraged to look around for a better deal on their home loan. ASIC has recently released some tips if you are doing so. Ask your current lender for a better deal Tell your current lender you are planning to switch to a cheaper loan offered by …

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ATO Prioritising Debt Collection

As the economy emerges from COVID-19, the ATO is re-focusing on debt collection During the pandemic, the ATO deliberately shifted its focus away from firmer debt collection action to help and assist businesses and the community experiencing financial challenges because of the pandemic. It took a softly-softly approach, acknowledging the financial hardship that the virus …

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Super Guarantee Rises to 10.5%

Who is entitled for the 10.5% increase? The increase to the superannuation guarantee (SG) rate from 1 July 2022 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2022 – will employees be entitled to …

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Will your professional service business profits meet the new ATO guidelines? - image

Profits Of Professional Firms Under Scrutiny OF ATO

Profits of professional firms under ATO spotlight! The ATO has updated its guidelines on the taxing of profits made by certain professional firms. Specifically, it is focusing on the risk of arrangements that appear to comply with tax law but are purposefully designed to affect a certain tax position (under a tax avoidance rule known as “Part IVA”). Structured for a …

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Company director responsibilities - image

Company Directors, Are You Clear About Your Responsibilities?

Are you a company director? Time to review your responsibilities! Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company. Risks and liabilities The corporate regulator, the Australian Securities and Investments Commission (ASIC), says failing to perform your duties …

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