The ATO has developed quite a number of benchmarks to help small businesses develop an idea of their performance compared to similar businesses in the same industry.
The new financial year is fast approaching and so are a number of changes to superannuation contribution amounts and the individual tax rates. These changes are outlined below, as is some information on how you may be able to work with these changes when managing your tax affairs during 2024-25.
The Tax Office lacks power under current laws to do anything about the wildly unpopular scheme despite plans to review its approach, according to a UNSW professor.
The ATO has flagged a return to more aggressive debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to do so.
The task of worker classification has been a long-running point of contention but the Commissioner’s response to recent court cases suggests a written contract is king.
Individuals participating in the sharing economy should be aware that transactions for supplying taxi travel/ride sourcing and short-term accommodation are now required to be reported under the sharing economy reporting regime (SERR).