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Are You Changing Your Business Structure?
If you are changing your business structure (for example, from a sole trader to a company), you will need a new ABN. Other situations where you need to cancel your ABN and apply for a new ABN include are changing…
Closing a Small Business
Unfortunately, some businesses may need to close their doors – either temporarily or permanently – due to the COVID-19 pandemic. The ATO has called on such businesses that are closing temporarily to “do their best to keep up with tax…
The Benefits of E-Invoicing
The ATO has been promoting the benefits of e-invoicing – by simplifying and automating the exchange and processing of invoices. According to the ATO, the benefits for business include cost savings, fewer errors and reduced payment times. In addition: a…
Small Business CGT Concessions
The small business CGT concessions (aggregated turnover under $2 million – not $10 million) are important, but very complex. Disputes with the ATO about the concessions are not uncommon. In good news for small business, the Full Federal Court recently…
Closely Held Trusts
A “closely held trust” is a discretionary trust or a trust where 20 or fewer individuals have between them, directly or indirectly, and for their own benefit, fixed entitlements to 75% or more of the income or capital of the…
Need An STP Exemption?
The ATO will consider granting an exemption for reporting through STP for: a financial year; and/or a particular employee or group of employees. Small employers with 19 or fewer employees may be exempt from STP reporting if they meet any…
Varying Your PAYG Instalments
You can vary your PAYG instalments throughout the year if you think you will pay too much tax, compared with your estimated tax for the year. To assist businesses affected by the COVID-19 pandemic, the ATO won't apply penalties or…
Restructuring a Small Business
If you are a small business owner and you restructure the business, capital gains or losses that would arise from transferring the business assets to another entity are deferred where there is no change in the ultimate economic ownership of…
Personal Services Income and You
If you operate your business through a company or a trust, income earned by the company or trust from the provision of your personal services (personal services income or PSI) will be attributed to you unless: the company or trust…
Budget Measures Now Law
A number of measures announced in the Federal Budget 2020–21 are now law. These are: bringing forward the personal tax cuts and the new low income tax offset by two years to 2020–21 – new PAYG withholding schedules are available…
