Hot Issues
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Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
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Year-end tax planning
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Home Office & end of 2021 tax year
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ATO extends STP finalisation due date
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Super transfer balance cap increase from 1 July 2021
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ATO extends Division 7A COVID-19 relief
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Tax implications - more than one job
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Tax mix to rely more heavily on income tax as the Treasurer ducks austerity
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10% Super Guarantee from 1st July 2021
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End of year financial strategies
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Closely held payees: STP options for small employers
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Videos to help understand accounting topics.
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ATO Small Business Newsroom - May / June
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New insolvency rules commence
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ATO sheds light on crypto compliance focus
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Post Federal budget reflections
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Federal Budget 2021 - Overview
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Building a more secure and resilient Australia
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Federal Budget 2021 - Health
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ATO signals crackdown on 4 ineligible work-from-home claims
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Taxpayers urged to keep work-from-home records
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Businesses feeling ‘adverse’ impacts of COVID-safe measures: ABS
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New insolvency rules commence
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ATO promises not to ‘destroy’ businesses as it resumes debt collection
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Australian Taxation Office (ATO) debts may affect your credit rating

Businesses with tax debts need to be aware that the ATO will now be able to disclose the details of their tax debts to credit ratings agencies, which could potentially affect the ability of the business to obtain finance or refinance existing debt.

       

Generally, only businesses with an ABN and debts over $100,000 and that are not “effectively engaged” with the ATO will be affected. The ATO is planning a phased implementation which will consist of undertaking education efforts before it targets companies, followed by partnerships, trusts and sole traders.

The aim of the laws, according to the government, is to encourage more informed decision-making within the business community by making large overdue tax debts more visible, and to reduce the unfair advantage obtained by businesses that do not pay their tax on time.

As always, communication is the best action so working out a payment plan with ATO will mean you are “engaged” and should not be listed.

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