‘Tax’ Category:
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Businesses – 2021 Year End Tax Planning Series
As we move towards the end of the 2021 financial year, it is a good idea to start considering what tax planning strategies to put in place now to minimise your tax liability. In this eight-part series, we will outline…
A Not-so-small List of Small Business Concessions
Here is a list of small business tax concessions that may be available to you. Get in touch with avance to find out which concessions you can tap into. Income tax Lower company tax rate – 27% for 2019-20 and…
Applying For a Government Contract
Businesses and their first-tier subcontractors tendering for Commonwealth Government contracts over $4 million (including GST) must supply a statement of tax record (STR) provided by the ATO. If you received one last year, you may need to apply for a…
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…
Calculating Aggregated Turnover
Whether a business is entitled to certain tax concessions – e.g. the simplified depreciation rules and the small business CGT concessions – depends on the business’s “aggregated turnover”. Aggregated turnover is generally the business’s annual turnover plus the annual turnovers…
Working Out If You Have To Pay Superannuation For Your Workers
It is not always easy to work out when you have to make contributions under the superannuation guarantee (SG) scheme. Generally, if you pay an employee $450 or more (before tax) in a calendar month, you have to make SG…
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…
JobKeeper Update
New Alternative Decline in Turnover Test To claim JobKeeper, you must have suffered a significant decline in turnover. Generally, this is measured by comparing a relevant quarter in 2020 (called the turnover test period) with the equivalent quarter in…
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…
