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If you operate a family business, trust, or small company where wages often go to directors, family members, closely held employees, or company beneficiaries, you’ve likely come across the term “STP exemption for closely held payees.” These are examples of affected employees whose payments are subject to specific reporting requirements. The Australian Taxation Office (ATO)…
Facing a statutory demand can be stressful and confusing, especially when your company’s survival is at stake. Statutory demands are sometimes referred to as the “nuclear option” due to their potential to lead to a company’s liquidation. Failing to respond to a statutory demand in a timely manner can have significant consequences, including liquidation. At…
The gig economy has changed the way Australians earn money. From Uber driving and car sharing to other ride sourcing platforms, more people than ever are turning their cars into income-generating assets. However, with flexibility comes responsibility. This means you can be certain the Australian Taxation Office (ATO) is now paying very close attention. Whether…
Times have changed for Australian importers. Whether you’re bringing in a few luxury cars, restocking your trading stock, or arranging a shipment of goods for your small business, one thing hasn’t changed: understanding your tax on imported goods is critical if you want to stay compliant and save money. At Pherrus Financial Services, we specialise…