As we noted in several editions of our newsletter, the ATO accelerated debt collection in 2022, issuing a total of 18,500 director penalty notices.
You spend years working hard to accumulate your assets, but do you have the right strategies in place to protect those assets?
This year, we have seen a great deal of turbulence in the share market. After falling sharply in mid-June, share markets experienced a brief window of recovery in mid-August reversing half of their declines.
The costs associated with Christmas parties are exempt from FBT if it occurs on a working day, on the business premises, and consumed by current employees. The property benefit is not available for associates (spouses, friends, children).
Single Touch Payroll Phase 2 (STP) came into effect on 1 January 2022 and was required to be fully implemented by 31 March 2022, unless you are a customer of compliant accounting software.
With a federal election due in May, Treasurer Josh Frydenberg announced the 2022 – 23 Budget on Tuesday evening, which heavily features measures for combatting the rising cost of living. Measures include cash payments, a cut to the fuel excise and tax breaks.
There has been a great deal of activity over the past 12 to 24 months in the SME merger and acquisition space. Smaller businesses being acquired by larger businesses, smaller businesses merging and even some larger trade sales whereby multi-nationals swallow up profitable SME’s.
In early September, the Treasury released draft legislation that will introduce a Skills and Training Boost and a Technology Investment Boost tax incentive. These incentives will support businesses and address skill shortages in the workforce
Business troubles don’t often come out of nowhere. There are always warning signs that may indicate a business is heading towards financial distress.