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 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 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 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...
Vacant Residential Land Tax – Does it apply to you? We thought it timely to inform & remind clients that from 1 January 2018, homes located in 16 specific council areas that are left unoccupied for more than six months of the previous calendar year, attract the Victorian Government’s vacant residential land tax. It was not something...
Do you know if you are in the business of supplying or using Labour Hire ……. Well you may just be…… So please keep reading At Vantage we are pretty vocal about small business and the red tape they are forced to endure from both State & Federal Governments. As business owners it seems...
Are you in the Cleaning, Security or Community Services industries? If so, then your action is required. Portable Long Service Leave – Cleaning, Security & Community Services From 1 July 2019, businesses employing workers in the contract cleaning, security & community services industries within Victoria will be required to pay an allowance for long service...
Directors Of Companies Or Trustee Companies Beware Directors Penalty Regime “Expanded” to GST – Please read carefully 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 often than...
Investment Properties and Depreciation deductions We see it countless times where new clients with pre-existing investment properties haven’t claimed the depreciation they are entitled to. Perhaps second only to interest expenses, depreciation can be the next largest expense. Depreciation expense differs to the other form of deductible expenses in that it is a claim calculated...
Payroll Tax – How is it justified ? Every Prime Minister, Premier or Opposition Leader preaches how they are all about creating and focusing on “jobs, jobs, jobs.” You hear it at every election and thereafter. We agree that it should be the primary focus of any government, as a healthy employment level generates other...
