ESV – Business advisors and accountants sydney — Corporate Tax & Regulatory Archives - Page 7 of 13 - ESV

Are you ‘Payroll Tax audit ready’?

With the introduction of the JobKeeper scheme in 2020 and the commencement of Single Touch Payroll in 2018, businesses employing Australians are required to provide the Australian Taxation Office [“ATO”], with endless amounts of information.

Professional Firms Allocation of Profits under review

The ATO has suspended the application of its guidelines in relation to the use of structures and Everett assignments as of 14 December 2017 which apply to professional practices such as lawyers, architects, doctors etc.

The 5 rules of record keeping and why 5 years isn’t always enough!

The common position adopted by many taxpayers is that keeping records for 5 years is all that is needed to ensure they comply with their obligations under the tax law. However, there are a number of times when this isn’t always the case.

Company Losses – what, how, where and when?

The recent reintroduction of the loss carry back provisions has increased the options available to companies to recover value from tax losses incurred, however, it has not replaced the original loss recoupment provisions which should not be forgotten.

Medium and Emerging business beware

The ATO has been very vocal about its compliance programs for the big end of town whether that be listed companies or more recently high net worth family groups. This has been extended by the Next 5,000 program and is complemented by the Medium and Emerging private groups tax performance program.

Significant Global Entities

As part of the ATO’s push on bringing compliance activities of the “large end of town” up to date, there has been a change to how the penalty regime applies to Significant Global Entities (“SGE”) in respect of the late or non-lodgement of tax forms.

The minefield that is … unregistered schemes and AFS licence

We are often asked if a trustee of an unregistered scheme that promotes units needs to be licenced, as the units are considered a financial product. The answer is generally ‘yes’, a licence authorising the scheme to deal in financial products will be required however there are some exemptions.

And so it begins – the ATO commence their review of JobKeeper eligibility

The ATO have commenced to knock on the door of businesses who have enrolled in and received payments under the initial JobKeeper program.

The Reality of the Federal Budget

The Federal Budget has been delivered and lots of analysis undertaken by all sides as to whether the money spent was too much (Australia will have $1 trillion of national debt), not enough or not targeted in the right place. But what does it all really mean?

FBT + Covid-19 + cars = changes!

The ATO has recently released guidance regarding the impact of COVID-19 on Car Fringe Benefits which may assist employers in mitigating FBT liabilities. Generally, Car Fringe Benefit will arise where an employer makes a car available for the private use of an employee.

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Corporate Tax & Regulatory

Topic filters

Are you ‘Payroll Tax audit ready’?

Professional Firms Allocation of Profits under review

The 5 rules of record keeping and why 5 years isn’t always enough!

Company Losses – what, how, where and when?

Medium and Emerging business beware

Significant Global Entities

The minefield that is … unregistered schemes and AFS licence

And so it begins – the ATO commence their review of JobKeeper eligibility

The Reality of the Federal Budget

FBT + Covid-19 + cars = changes!

Why us

What we do

Who do we help

Work with us

What we think

Working to give back

Contact us

Corporate Tax & Regulatory

Topic filters

Are you ‘Payroll Tax audit ready’?

Professional Firms Allocation of Profits under review

The 5 rules of record keeping and why 5 years isn’t always enough!

Company Losses – what, how, where and when?

Medium and Emerging business beware

Significant Global Entities

The minefield that is … unregistered schemes and AFS licence

And so it begins – the ATO commence their review of JobKeeper eligibility

The Reality of the Federal Budget

FBT + Covid-19 + cars = changes!

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