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Month: February 2023

Contractors V Employee

Contractors V Employee If you engage or intend to engage subcontractors in your business, then what we have provided below is essential reading, which in most circumstances will require some action to be taken sooner rather than later. There has been more scrutiny from the Tax Office in recent months to make a distinction between...

Reportable payments – Building & Construction

Reportable payments – Building & Construction From the 1st July 2012, all businesses in the Building & Construction industry, will on a yearly basis need to report to the ATO, the total payments they make to ‘each’ contractor. It’s more red tape from a government that promised to cut red tape for small business. All...

New Director’s Penalty Regime

New Director’s Penalty Regime Companies are often used as a vehicle by clients to conduct their businesses and have historically speaking, provided a level of protection for the director’s personal assets. The level of protection afforded to Company directors has been known as the “Corporate Veil” and would often protect directors from claims in relation...

Business Structures – Pros & Cons

Business Structures – Pros & Cons Sole Trader This is the simplest and easiest form of business structure.  The owner will utilise their own TFN, and then register for an ABN and potentially GST. They have their place and are normally reserved for micro / hobby type businesses. Pros: Cheap to establish Lower compliance costs...

July 2017 Super Changes

Super Changes On the 1 July 2017 an array of changes to superannuation are set to apply. Courtesy of Consultum Financial Advisers, please find attached an information sheet in relation to some opportunities that exist prior to the 01 July 2017.

March 2018 Single Touch Payroll

Single Touch Payroll Single touch payroll commences from the 1st July 2018 and whilst it only now applies to businesses with 20 or more employees, those with 19 or less employees will be required to adopt Single Touch Reporting by the 1st July 2019. For those clients with 20 or more employees, we urge you...

March 2020 – Directors Of Companies Or Trustee Companies Beware

Directors Of Companies Or Trustee Companies Beware​​​​ Directors Penalty Regime “Expanded”  to GST – Please read carefully 5th March, 2020 In 2012 the laws were changed allowing the ATO to hold directors of companies personally liable for unpaid PAYG withholding and superannuation. Effective 1st April 2020, this has now been expanded to include GST, which more...

Copyright by Vantage Tax & Business Services. All rights reserved.

Copyright by Vantage Tax & Business Services. All rights reserved.