There’s not much in the way of BIG news for small business in the November 2022 Federal Budget but there are some changes to FBT, paid parental leave, superannuation and the ATO’s crackdown on compliance that you need to know about. Here’s a quick rundown.
The Federal Government is currently considering draft legislation which will make
(non-luxury) electric cars and hybrid cars exempt from fringe benefits tax (FBT).
Money concerns are keeping a lot of people up at night right now. While stress isn’t good, these can be powerful motivators to look at how you’re doing financially and where you want to be.
Cryptocurrencies are a little reminiscent of the initial days of trading domain addresses and personalised plates — you need luck and timing to make a return.
The ATO is investigating around 40 million Aussies who’ve set up fictional businesses to generate false GST ‘refunds’. It’s a scam that seems to have started online, and a reminder for us all to be vigilant.
Time is up for non-compliant businesses, with the ATO promising to chase and penalise businesses who are not paying super guarantee entitlements to employees.
The Federal Budget delivers a lot to small business in the way of incentives and support. It should give business owners the confidence required right now to keep moving forward in these times of uncertainty.
The ATO is putting family trust payments into the spotlight, to limit what it calls “washing machine” cash distributions and tax-saving arrangements. Here’s what you need to know.
The Fringe Benefits Tax (FBT) year runs from 1 April to 31 March. Now is the time to prepare your reporting to the ATO.
A lot of people have picked up ‘side hustles’ during the pandemic, and that income needs to be declared to the tax department.