Terry Hayes
Inappropriately diverting income to SMSFs: ATO offers penalty remission to those who act early
The Australian Tax Office is offering a penalty remission to self-managed super fund (SMSF) members who come forward before January 31, 2017…
The four industries the ATO is targeting for potential audits
The Australian Tax Office is targeting certain businesses for potential tax audits if they fail to meet their obligations concerning paying …
Why the government is reviewing the “backpacker tax” proposal
In the 2015-16 federal budget, handed down on May 12, 2015, the federal government announced plans to change the tax law, specifically the t…
SMSF trustees face looming compliance deadline
There are a myriad of rules surrounding superannuation generally and self-managed super funds (SMSFs) are not immune from them. Strict rules…
Employees vs contractors: Beware the “myths”
The difference between an employee and an independent contractor has been an issue of confusion among SMEs for some time. Of course, the dif…
SMEs can now restructure their businesses without a tax penalty
Legislation has been passed in Federal Parliament that will allow small businesses to change the legal structure of their business and have …
Beware of the new tax rules when paying car allowances
From July 1, 2015 and for tax returns for the current tax year, changes to the tax law have made claiming car expense tax deductions for …
Capital gains small business tests catch out another taxpayer – but the reason why is unusual
The capital gains tax (CGT) small business concessions have been around for some time. As I have said many times in the past, they are va…
Streamlined tax and super reporting for SMEs is on its way
SMEs are going to hear a lot about something called STP – Single Touch Payroll – in the coming year. It’s a system the federal government …
How to get your GST reporting right
GST is a major tax compliance issue for SMEs. It is part and parcel of their daily operations. And they need to get it right. According t…
