Viewing entries tagged
Paul Gray

Payroll tax cuts in regional Victoria

Payroll tax cuts in regional Victoria

New data has shown how businesses across regional Victoria have taken advantage of the Victorian Government’s regional payroll tax cuts.  The number show businesses have saved more than $31 million in the first financial year it was introduced.

Accountants: Be careful with your SMSF services

Accountants: Be careful with your SMSF services

The activities that accountants without an AFSL provide to self-managed super funds (SMSFs) have been clarified by a recent Australian Securities and Investment Commission (ASIC) guidance note.

Cryptocurrencies – keep your records

Cryptocurrencies – keep your records

In light of the ATO’s current position that income from cryptocurrency sales will generally be taxed under capital gains tax (CGT) provisions and increased scrutiny on cryptocurrency transactions, taxpayers should ensure they keep accurate records of cryptocurrency transactions.

 Cryptos, CGT and the Personal Use Asset Exemption

Cryptos, CGT and the Personal Use Asset Exemption

Did you or do you currently hold cryptocurrencies? Did you sell any cryptocurrencies before finding out that the Australian Tax Office (ATO) would vigilantly tax cryptocurrency sales? Are you left scratching your head after reading the ATO’s guidance? If so, you are one of many Australians currently finding themselves in an uncertain tax situation.

 Be careful with credit card surcharges

Be careful with credit card surcharges

This week Cruisin Motorhomes paid a $12,600 penalty following an infringement notice from the ACCC alleging a breach of the excessive payment surcharge laws as outlined in the Competition and Consumer Act 2010. The ban on excessive surcharge payments has been in place since September 2017.

Corporate tax residency – who controls your foreign entities?

Corporate tax residency – who controls your foreign entities?

Foreign companies that may be controlled by an Australian entity should review their decision-making based on the Australian Taxation Office (ATOTaxation Ruling, TR 2018/5 (TR 2018/5).  It is timely for Australian groups with foreign-incorporated subsidiaries to consider whether they are appropriately managing tax residency risk by re-visiting and/or implementing tax residency protocols and ensuring that they can be applied practically.

Lessons From Stojic: It Is Better To Under Promise And Over Deliver When Negotiating Payment Arrangements With The ATO

Lessons From Stojic: It Is Better To Under Promise And Over Deliver When Negotiating Payment Arrangements With The ATO

The Commissioner of Taxation (Commissioner) has power pursuant to section 255-15(1) of Schedule 1 to the Taxation Administration Act 1953 (TAA) to permit a taxpayer to pay off its tax debts by instalments in accordance with a payment arrangement. The recent Federal Court decision of Stojic v Deputy Commissioner of Taxation [2018] FCA 483 (Stojic), which dismissed an application by the sole director and shareholder of the taxpayer company to review a decision by the Commissioner to decline to exercise that power, provides two important lessons.   

The in-house dilemma: labour v capital

The in-house dilemma: labour v capital

I was intrigued by the high level numbers coming out of the Australian Corporate Counsel report '2017 Benchmarks and Leading Practices' on what in-house teams were spending their money on.

The weakness of a connected business

The weakness of a connected business

All businesses increasingly rely on other service providers to deliver their products and services, and even a small business will have a surprisingly large supply chain made of many large and small suppliers (who of course have many of their own suppliers). 

Crowd-sourced equity funding: First steps

Crowd-sourced equity funding: First steps

Equity crowd funding has taken some first, tentative practical steps.  The new crowd-sourced funding (CSF) regime that started at the end of October 2017 - designed to reduce costs and red-tape for start-ups and SMEs looking to raise capital from a large number of small investors – is still being tweaked, as proprietary companies were excluded from eligibility.  This will be rectified with a bill currently before the Parliament. 

Fairness and good business: a year of Unfair Terms

Fairness and good business: a year of Unfair Terms

It’s been over a year since the Australian Consumer Law provided that terms that are ‘unfair’ in new or renewed consumer and small business contracts could be deemed void and unenforceable.

Prepare now for data breach notification

Prepare now for data breach notification

Cyber security experts counsel us that it’s a matter of when, not if your data will be compromised in some way either maliciously or by accident.  The opportunity for personal information to be lost only increases as businesses store greater and greater amounts of electronic information and outsource marketing, HR and operational activities to third parties without considering how they will protect information entrusted to them. 

Court Rules On Private Rulings Involving Assumptions About Future Events

Court Rules On Private Rulings Involving Assumptions About Future Events

The recent case of  FCT v Hacon illustrates the practical difficulties in obtaining a private ruling that depends on assumptions about future events - in particular, in the context of the application of the anti-avoidance provisions in Part IVA of the Income Tax Assessment Act 1936.