Blogs

Not Meeting Your ATO Arrangements Makes it Difficult to Borrow the Funds You Need Have you entered into an arrangement with the Australian Taxation Office (ATO)? Were you unable to pay your tax debt on time and have opted for a pay-by-instalment plan? Have you missed a payment? Unfortunately, ATO arrangements, if not met, can…

The Australia Taxation Office (ATO) has committed to protecting honest businesses by tracking down deceitful or illegal activities in towns and cities across the country. In early November 2019, the ATO will visit Bankstown. Here’s a bit more information regarding the ATO’s pledge to protect honest businesses and what their visit to Bankstown means for…

With the NRL season officially over, fans have shifted their attention toward the international game – the Rugby League World Cup Nines tournament – set to be held this Friday night, October 18, at Parramatta’s Bankwest Stadium. This year, among the 12 national teams will be Fiji, who will certainly level the playing field –…

At the beginning of each financial year, the Australian Taxation Office (ATO) announces a Tax Ruling. This outlines any changes made to the effective lives of assets – typically plant, equipment, and commercial property assets. This year, however, in tax ruling (TR) 2019/5, the ATO detailed several changes to residential property assets. These changes are…

ASIC has updated its annual review fee and late payment fees. These changes have been effective since 1 July 2019. It’s worth taking a closer look at these updates, so you’re not stung with higher-than-expected fees when the time comes to pay. Let’s get started. The ASIC’s annual review To ensure your company remains registered,…

The Taxable payments annual report (TPAR) gives the ATO valuable information about payments made to contractors for providing services. The ATO uses these reports to identify and follow-up with contractors that haven’t met their tax obligations. Do I need to lodge a TPAR? A whole variety of businesses and entities are required to lodge a…

Claiming deductions for personal super contributions Have you made personal super contributions in the last financial year? You may be eligible to claim a tax deduction. In this article, we’ll discuss your eligibility to claim tax deductions, as well as how to make a claim. Let’s jump right into it. What kind of superannuation contributions…

The ATO’s stance on the sharing economy The sharing economy includes any economic activity that takes place via a digital platform (a website or app, for example) where people offer products or services for a fee. Some common sharing economy activities include the following:             Short-term accommodation rentals like Airbnb…

The ATO has these common compliance errors on its radar According to Revenue NSW, eight out of 10 audits conducted last financial year contained payroll tax shortfalls. This government organisation recently contacted the team here at Pherrus detailing the most common compliance errors identified in their audits. We thought we’d pass this information on to…

In the 2015-16 financial year, the newly introduced taxable payments reporting system (TPRS) safeguarded an estimated $2.7 billion in the building and construction industry from being swallowed up by the black economy. Now, other industries perceived as ‘high risk’ are on the ATO’s radar. For the financial year 2018-19, services businesses – such as couriers,…

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