In the midst of the heightened regulatory environment, global tax and legal advisers would be wise to proceed nimbly, but smart.
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Time to review long-held practices for directors’ fees
The changing requirements for reporting directors’ fees have intersected with COVID-19 economic stimulus measures, activity statement reporting and Services Australia increasing potential compliance risks. Several issues have arisen which demand attention.
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Div 7A and COVID-19 affected borrowers: ATO 12-month payment extension
The ATO has granted a 12-month payment extension for COVID-19 affected borrowers concerning the requirement to make the minimum yearly repayment for Div 7A purposes.
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Getting your small business ready for STP reporting
From 1 July 2019, Single Touch Payroll (STP) reporting will become mandatory for all employers. Small businesses (ie those with fewer than 20 employees) have previously been exempt, but will now…
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Australian superannuation stimulus poses risks for fund trustees
The Australian government’s COVID-19 superannuation reforms pose a number of challenges and pitfalls for fund trustees, an industry official warned.
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Shining a light on your professional obligations
Against the backdrop of seismic changes from the Hayne Royal Commission and recent practitioner audits and investigations, Thomson Reuters recently brought the major regulators together at a live webinar to…
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Why documentation is vital with ATO audits
Smart, cohesive technology has triggered an increase in ATO tax audits in the past 12 months. Organised and accurate documentation is key to being prepared should an audit be requested.
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