More COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will generally be tax-free [...]

Trustee obligations on the ATO's radar: TFN reports The ATO is currently reviewing adherence to certain trustee obligations, including the lodgment of Tax File Number ('TFN') reports for TFN withholding for closely held trusts. Beneficiaries are required to quote their [...]

‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments [...]

2018/19 Year-end Checklist for Business Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax [...]

FBT issues on the ATO's radar The ATO has updated its list of 'What attracts our attention', with six items that specifically relate to fringe benefits tax ('FBT'), as follows: Failing to report motor vehicle fringe benefits, incorrectly applying exemptions [...]

Latest ATO benchmarks released The ATO has released updated benchmark data drawn from over 1.5 million small businesses around the country to "help small businesses across the country . . . gauge the strength of their business and keep an [...]

Christmas gifts With the holiday season approaching, many employers and businesses want to reward their staff and loyal clients/customers/suppliers. Again, it is important to understand how gifts to staff and clients, etc., are handled 'tax-wise'. Gifts that are not considered [...]