Businesses making payments to contractors may need to formally report the payments made during the financial year ended 30 June 2023 by lodging a Taxable Payments Annual Report (TPAR). Who Needs To Lodge You will need to lodge a TPAR if you make payments to contractors (including subcontractors, consultants and independent contractors operating as sole…
Thinking about buying a new car? Just in time for Christmas, the Federal Government has passed the Treasury Laws Amendment (Electric Car Discount) Act 2022, making no- and low-emission vehicles exempt from Fringe Benefits Tax (FBT) and a 5% import tariff. Ordinarily, Fringe Benefits Tax of 47% applies to cars provided through work for private use…
If you became a company Director (or Secretary!) on or before the 31st of October 2021, you must apply for your Director ID by the 30th of November 2022. Failing to do so may result in ASIC charging you a significant penalty. More information, including a video showing you how to apply for your ID, is available here…
The WA Government-funded COVID-19 Business Relief Grants program has been expanded to offer more financial support than advertised previously. We recommend every WA business owner takes a look at the grant’s eligibility criteria and considers whether or not their business can apply. As always, if you need any help, please just let us know. The deadline to apply is 4:00pm AWST…
On the 1st of November 2021, the Australian Taxation Office implemented a new regime affecting superannuation funds, called Single Default Account or “Stapling”. What this means is that now everyone with a superannuation fund will have had one “stapled” to them, which will follow them around when they change employers, reducing the likelihood that additional and…
In a November 2020 newsletter, we wrote extensively about some of the various scams doing the rounds and offered suggestions for ways in which everyone could protect themselves from financial harm. The subject has recently popped up on our radar again, unfortunately, as an associate recently came close to being defrauded. It was only as a result…
With the festive season fast approaching, scam activity is on the rise. Here are a few common ones doing the rounds and how you can keep yourself safe. Hello? This is the ATO… People are receiving calls from fraudsters claiming to be from the Australian Taxation Office, stating that they have not paid enough tax…