When Business Owners Borrow from The Business
It is a common practice for business owners to borrow money from their businesses for one reason or the other. While borrowing is not frowned upon in its entirety, there are certain situations which is our tax laws seek to discourage this practice for the purpose of maintaining business integrity. In particular, this relates to situations in which private companies give money to business owners other than for salary or dividend purposes, and business owners need to know this.
Tax Rules on Foreign Income for Australian Residents
Australian residents are required to pay income tax on both domestic and foreign income. Ordinarily the gross amount of foreign income (including any paid taxes) must be considered taxable income.
Single Touch Payroll
Single Touch Payroll is a government initiative designed to simplify business payroll reporting obligations. This system is mandatory starting on July 1, 2018. It sends employee payroll information to the ATO directly through the business’s payroll software.
Scams and Fraud: Stay Alert and Beat the Scammers
An astonishing $2.7 million was fraudulently taken from 2,500 Australians by scammers last year. Even more shocking is the fact that many of those people willingly handed over sensitive data, including tax file numbers. Why? Because they fell victim to tax-related scams. With this in mind, the ATO is embarking on a series of initiatives to educate taxpayers on how to spot, avoid and report identity theft and scams.