Blogs

Phoenix Task Force and its Role in Fighting Illegal Trading It’s a problem that’s costing the economy as much as $5 billion a year or more, and the Australian Tax Office is prepared to take it on. Unscrupulous business owners every year create what economists call phoenix companies to evade tax, debt, employment, or other…

Pherrus Foundation Participates In the 2018 Westmead Children’s Hospital Radiothon   With a wide selection of fun games, lots of delicious food, children playing everywhere, and even a visit from Wonder Woman and Batman, the 2018 Westmead Children’s Hospital Radiothon had all the appearance of a carnival.   Behind all of the good times and…

We have recently been hearing more about a new Scam Alert with callers imitating the Australian Tax Office in an unprecedented way. The Scam goes something like this;  You receive a phone call from “02 6216 1111” number – What does this mean? It means that is the ATO calling you, as that is the…

As an approach to passive income that’s gathered popularity in recent years, car sharing applications are used throughout Australia. Recently, the ATO has begun cracking down on those who are generating significant income through their use. If you’re partial to profiting from car sharing, you may want to learn more about your tax obligations. How…

Parliament just made significant decisions concerning their tax reduction plan. The uncertainty surrounding the Government’s tax rate reduction scheme has finally lifted. While many companies will enjoy the lowering of the tax rate to 25 percent, a significant number of businesses will still have to pay 30 percent. As with all tax reform initiatives, the…

In a significant month for businesses, the tax world saw some interesting changes during August 2018. With an overview of what they were, you can determine how they impact your day-to-day transactions. Income tax residency rules In the past, those who moved away from Australia for work wouldn’t be subject to Capital Gains Tax (CGT)…

If you’re running a business that employs staff, the chances are you need to pay super guarantees. How much you need to pay will vary according to the number of hours the employee works, as well as their earnings. At present, the super guarantee rate is 9.5% of an employee’s earnings. While SG legislation passes,…

According to the Australian Business Register, trading names will no longer be listed on the ABN Lookup as of November 2018. The only names listed will be those registered with the ASIC. What does this mean for Australian businesses? In order to trade under your registered trade name, you’ll need to register your trading name…

As of July 1st 2018, if your business employs more than 20 individuals you need to adhere to the new ATO single touch payroll rules. In summary, the rules state that you need to inform the ATO every time you pay your employees. For example, if you pay them on a monthly basis, you tell…

Between 2016 and 2017, the number of everyday Australians using cash transactions fell from 69 percent to 37 percent. Despite this staggering fall, those who wish to avoid their tax obligations continue to use large cash payments to conduct their activities. But, with a new cash spending limit in place, it’s becoming harder for them to…

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