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Asset protection is one of the primary reasons companies are used. A company is a separate legal entity and the corporate veil provides protection to the directors, however, in limited circumstances the protection afforded to directors is lost. The traditional instances where director protection is lost were breach of fiduciary duties (i.e. doing what’s in the best interests of the company) and trading whilst insolvent (i.e. being unable to pay company debts as and when they fall due). In addition to what the Corporations Law (the act that governs company conduct and director responsibilities) provides as exclusions from protection of directors, the Australian Taxation Office (ATO) has always had the weapon of the dreaded Director Penalty Notice (DPN).

While a renewable energy project could be years from being operational, how you structure it now can potentially impact the tax effectiveness down the track. In this article we outline some of the tax considerations that need to be considered before signing onto a project.

The ATO reminds us on its website that by law, business operators have to keep records, which “explain all transactions, be in writing, be in English or in a form that can be easily converted, and be kept for five years”. Some records, especially in relation to capital gain tax events, may need to be kept for longer. Clients sometimes tell us about their frustration in relation to this record keeping burden. They tell us about running out of space for the piles of paper. However, the ATO tells us that “be in writing” also means “in electronic format” and that “the principles are the same”.

Some Australian small business owners may now be able to apply the small business restructure roll-over concession upon restructuring their small business.

We provide support to businesses wanting to establish a presence in South Australia. The South Australia 'Landing Pad' program is available for international and interstate companies.

The Australian Taxation Office (ATO) will commence reporting unpaid business tax debts to credit reporting bureaus (CRBs) in certain circumstances.

The NSW Government has announced a new financial support package to assist businesses being impacted by the Omicron wave.

The Queensland government's Business Basics Grants Program opens round 3 at 9am on Wednesday 4 May 2022. This program provides $5,000 funding to support businesses who want to increase core skills and adopt best practice across 5 priority areas including training and coaching, website build and upgrades, professional business advice, strategic marketing services and business continuity and succession.

The Coronavirus Economic Response Package (JobKeeper Payments) Amendment Bill 2020 was recently passed by Parliament to facilitate the extension of the JobKeeper Scheme to 28 March 2021. The Treasurer has subsequently released amended Rules for the Scheme, which were registered on 15 September 2020.

From July 1 2016, all Australian residents, selling property with a market value over $2 million (GST exclusive) will need to get a clearance certificate from The Australian Taxation Office (ATO). From 1 July 2016, a 10% withholding tax will apply when foreign residents sell certain types of Australian property. If you are selling Australian property, the new rules assume you are a non-resident unless you have a clearance certificate from the ATO. Without this clearance certificate, the purchaser must withhold 10% of the purchase price and pay this to the ATO.

The Queensland government has announced a small business grant program for eligible small and micro businesses who have been impacted by COVID-19 shutdown restrictions announced by the Government.

The Government has announced that it will extend the instant asset write off (IAWO) to 31 December 2020 for asset purchases below $150,000. Businesses with an aggregated turnover of less than $500 million are currently eligible for the write off and it is intended that this announcement will be legislated soon.

The Queensland government is extending the Small Business COVID-19 Adaption Grant Program, with applications opening on 1 July 2020, find out how you can start preparing now and get in early.

The ATO have expanded their taxable reporting system to include courier and cleaning industries (previously applied to property & construction industry only). This initiative forms part of the black economy taskforce and we expect to see further industries impacted in the future.

The Australian Taxation Office (ATO) state that "the most common capital gains tax (CGT) event happens when you sell or give away a CGT asset such as real estate, including your family home, holiday home, investment property, hobby farm or vacant block of land". Nearly all investors are aware of CGT in relation to investment properties, but the situation is different in relation to other properties, especially family homes.

The Queensland government, in conjunction with the Federal government, has announced an upcoming support package for non-employing sole traders. This expands on the support previously advised for eligible small and medium businesses and large tourism and hospitality businesses.

Treasury Laws Amendment (2022 Measures No. 4) Bill 2022 was introduced into Parliament yesterday. The Bill contains the requirements for the deduction boosts announced in the March 2022 Federal Budget aimed towards small and medium businesses.

We're lucky to be in Australia and even more so in these times with a global pandemic of COVID-19. Businesses have struggled, people have self-isolated and the Government has done its best to prop up businesses with the Jobkeeper payment and other stimulus measures. The economy has suffered greatly, and it will take time to revert to pre-COVID times. Due to our geographical isolation and quick actions of Governments, we were able to contain the number of cases of Coronavirus to a degree, however, with the recent spike in Victoria, we need to remain vigilant. A second wave is occurring, and it is up to states and territories to contain this and keep strategising to reduce the detrimental impact on our economy.

Stamp duty (or transfer duty) is a financial burden that may deter individuals and families from entering the property market and acts as a barrier to investment opportunities. It raises the issue of whether stamp duty is still appropriate in the modern economic landscape and calls for replacing stamp duty with a broad-based land tax are getting louder. This issue was considered by NSW Treasury in a recent report NSW Review of Federal Financial Relations -Supporting the road to recovery (the NSW Report).

Whilst some aspects of life transition to a new “COVID-normal”, the Australian Taxation Office (ATO) continues to highlight its understanding of how COVID-19 is impacting business, and communicate some of the changes and administrative concessions relevant to employers for the Fringe Benefits Tax (FBT) year ending 31 March 2021 and beyond.