by Team Garnet | May 26, 2023 | ATO, Business Structures, Tax News
The government has released new measures relating to businesses in the 2023 Budget. The 2023 Budget has been handed down by Treasurer Jim Chalmers. In addition to the cost-of-living and welfare measures leaked ahead of the Budget, the government also released new...
by Team Garnet | May 8, 2023 | ATO, Business Structures, Small Business
ATO has warned content creators that they need to be aware of their income tax and GST obligations. If you start making money from your online content, you will have income to declare. You will also need to consider whether you are in business. If you are, or you want...
by Team Garnet | Apr 21, 2023 | ATO, Business Structures
Company directors and former company directors may be subject to director penalties if they do not lodge and pay certain obligations on time. What is a director penalty? A company director becomes personally liable for the company’s unpaid amounts of: Pay as you...
by Team Garnet | Nov 24, 2022 | Business Structures, Small Business, Tax News
Rental waivers, deferrals or variations from your business’s landlord may seem like a good thing but beware of the potential income tax, GST and even CGT consequences of deferred rent. If you run a business from rented premises, there may be tax consequences when rent...
by Team Garnet | Oct 19, 2022 | ATO, Business Structures, Small Business
The ATO has released an updated version of its online Guide – Market valuation for tax purposes. The purpose of the Guide is to assist taxpayers in understanding the ATO’s general expectations on market valuation for tax purposes. It includes information on...
by Team Garnet | Oct 8, 2022 | ATO, Business Structures, Small Business, Tax News
Did you know you can vary your pay-as-you-go (PAYG) instalments due to a change in your financial situation? Should you be varying your PAYG instalments? Pay-as-you-go (PAYG) instalments are prepayments of your expected income tax for the year. If your total PAYG...
