In this issue:

If you are a ride-sharing driver (such as with Uber) or if you are a rider, there is a raft of tax issues to be aware of from both standpoints. From GST, income tax, deductions, and PAYG withholding…we’ve got it all covered.

Bonus Articles

• Small business lifetime cap

• Transitioning to retirement.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

If you're a small business owner, you'll know that you're required to pay your employees (and certain contractors) superannuation guarantee (SG) in addition to their salary or wages. But how do you pay your SG contributions in a simple and effective way? The answer is through a superannuation clearing house (SCH).

The last two years has left no one untouched. Aside from the obvious health implications of contracting COVID, the unlucky individuals who had their sources of income reduced or wiped out completely have suffered significantly.

If you're a small business owner, you'll know that you're required to pay your employees (and certain contractors) superannuation guarantee (SG) in addition to their salary or wages. But how do you pay your SG contributions in a simple and effective way? The answer is through a superannuation clearing house (SCH).

In this issue: The STP regime is a government initiative that is designed to reduce an employer’s burden when reporting to Government agencies such as the ATO. STP phase 2 is now here, and employers must start reporting by 1 March 2022. By consolidating your superannuation, you can potentially save tens of thousands of dollars…

In this issue: As part of the Federal Government’s bid to modernise the Australian Business Register (ABR), all company directors – including directors of family trusts and SMSFs with corporate trustees – must apply for a “director ID”. Find out what dates to meet to avoid fines and penalties. A raft of new measures designed

In this issue: They say the two inevitable things in life are ‘death and taxes’, and in this newsletter we cover off both – as well as several updates on superannuation. In the world of tax, we examine how the CGT retirement exemption works where a gain has been made by company or trust

In this issue: 2021 has been, even more so than 2020, the year of working from home for so many of us – but what are the tax implications of using your home as a place of business? Turn to page 3 of our October newsletter to find out. On the subject of homes, we…

In this issue: How to treat work-related travel and living away from home costs; SMSFs and property development – emerging risks; Claiming GST credits for employee reimbursements; Buying a new house before selling the old one; Trust distributions to non-residents; and ‘Stapling super’ – reducing multiple accounts for employees. Please contact us for clarification, or…

In this issue: With reforms to superannuation – including for SMSFs – on the horizon, our leading article covers what’s coming, including more accountability for funds and flexibility for super holders. We’ve got two articles to help you understand how trusts work: ‘Trust distributions’ goes through the different roles involved in a trust, while ‘Trust…

This guide includes tax rates, including individual minor and non-resident rates, corporate rates, offset limits and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including current grossup factors) and student loan repayment rates. There is also essential Medicare information and foreign currency exchange information.

The ATO has seen a lot of mistakes being made on business tax returns over the years, but has kept a record of these so we can all learn from other people’s errors. Laundry expenses can be a legitimate tax deduction, but claims need to follow certain rules, which we sketch out.

Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of.

The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses.

It’s getting very close to the business end of the financial year, so we have gathered some tax planning tips that could set you up for a better tax outcome. And as that outcome can be ruined by having to deal with an excess super contribution charge, we look at how best to avoid it.

The ATO has tightened the evidence requirements for real property valuations for SMSFs, so we look at how to keep your fund compliant, and also bring some good news with the recently launched SME Recovery Loan Scheme, plus an expansion of the ATO’s independent review service.

As much of the world continues to struggle with the impact of lingering second waves and third waves of the COVID-19 pandemic, there’s a few things we can be thankful for here in Australia.

It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return.

The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19.

Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually need to flex the grey matter.

Government agencies sometimes use ABN registration to contact businesses for emergency help or even grants of support, so it’s important to keep your business’s ABN details current. And the perennial problem of dealing with cash flow gets some advisory help from the ATO. A new Director Identification Number regime is something companies may need to…

The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 on the labour market.

The loss carry back measure introduced in the 2020 Federal Budget can be a very helpful COVID-recovery option. We run over the details. But if the COVID wash-up means you need to call time-out on your business, there are some important facts to know here as well. We also look at interest deductions available for…