There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws, including applying administrative penalties.[…] CONTINUE READING
The Government has launched an awareness campaign to help company directors get their director identification number (‘director ID’) as the 30 November deadline approaches. A director ID is a unique 15‑digit identifier that a company director will apply for once and keep forever. Director IDs are administered by the Australian Business Registry Services (‘ABRS’), which […]
The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported. Therefore, the ATO notes that a good way to avoid this problem is to establish a separate business bank account and […]
The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. […] CONTINUE READING
