Under GST law, 10% GST applies to supplies of goods and services. Money receives special treatment because it’s a medium of exchange and not something for final private consumption. Up until recently, the Australian Taxation Office (ATO) took the view that cryptocurrencies did not meet the definition of ‘money’ because they have an independent value…
This email is a SCAM and is not from MYOB Please be aware that there is a malicious email currently circulating pretending to be from MYOB claiming to have an invoice and prompting you to click on a link. You do not have to be a MYOB user to potentially receive this email. Below is…
Australia’s insolvent trading laws impose harsh penalties on directors of companies that trade where there are reasonable grounds to suspect that the company is insolvent. Criminal and civil penalties can apply personally including penalties of up to $200,000, compensation proceedings by creditors or liquidators, and where dishonesty has been involved, up to 5 years in…
Trading names A trading name was a name used by an entity or person to trade under. A trading name is not a registered business name. The Australian Taxation Office (ATO) collected trading names before 28 May 2012. They are currently displayed on the Australian Business Register (ABR). Current situation Since 28 May 2012, the…
In the 2017-18 Federal Budget the Government announced a series of measures intended to improve housing affordability in Australia. To entice investors, the Government is providing an increase in the CGT discount for individuals who choose to invest in affordable housing. The draft legislation enabling this change has now been released so we can see the detail.…
July 2017’s super reforms introduced a new reporting regime for funds. SMSFs now need to advise the ATO of key events within the fund that impact on retirement income streams (pensions): When you start a pension When you stop a pension or take a lump sum When the fund accepts a structured settlement contribution such as personal…
The ATO is changing the way employers report their tax and super You may need to use Single Touch Payroll from 1 July 2018. You’ll now be able to report this information to the ATO directly from your payroll solution. If you have 20 or more employees, you need to start using Single Touch Payroll-enabled software to…
Franchisors and holding companies could be held responsible if their franchisees or subsidiaries don’t follow workplace laws. The Government has stepped in to protect workers following months of controversial headlines uncovering poor record keeping, questionable workplace practices and exploitation, underpayments, deception, and superannuation guarantee fraud by employers. The Protecting Vulnerable Workers Bill amends the Fair…
Do your kids really want to take over your business Generational succession – handing your business across to your kids or family – sounds simple enough. But, many families end up in dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely…
For years we’ve been told that consumers prefer businesses that take a stand on social issues – those that are environmentally and socially friendly. But is that always the case? Qantas CEO Alan Joyce had a pie shoved in his face at a business breakfast in May 2017 for Qantas’s proactive position on same sex…