Tax Time 2022!
Hiring A Contractor? Do Your Due Diligence!
As a small business owner, at some stage, you will probably be hiring a contractor.
You may need extra labour for a short period of time, or hiring a specific skill for a specific project or task. It sounds simple, but it's not as simple as it sounds!
There are a number of legal, tax and performance issues that you really need to be aware of, and you need to do your due diligence before you are the subject of a tax dispute, or you are in a legal dispute with the contractor because their work was not up to what you expected.
Let's break down what you need to know.
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Tax Updates for July 2019
ATO will inform certain tax agent clients their information is "Tax ready"
If tax agent clients' employers report through Single Touch Payroll (STP) and the clients are linked to ATO online services through myGov, the ATO will send them a myGov Inbox message to let them know:- their end of year payment summary (income statement) has been marked by their employer as "Tax ready" and can be used in their tax return;
- if they have more than one job, their other employers may still need to provide them with a payment summary;
- they need to include all income in their tax return;
- they can access their income statement in ATO online services through myGov, or the tax agent can give them the information;
- they do not need to give the tax agent their personal myGov login details to access their information.
- If tax agent clients do not already have myGov accounts, the ATO says agents should let them know they do not need one for the agent to lodge their tax return. Tax agents can access their employment data and lodge for them...
Tax Planning and Hot Spots for 30 June
With the end of the 2018 income tax year rapidly approaching, this article draws attention to year-end tax planning strategies and compliance matters that you need to consider to ensure good tax health. It focuses on the most important issues for small to medium businesses to consider.
One interesting procedural matter this year is that 30 June 2018 falls on a Saturday, meaning that ATO payments or lodgments due on that day or on Sunday 1 July can be made on Monday 2 July 2018 without incurring a general interest charge. However, where practically possible, all actions, payments or lodgments should be undertaken before Friday 29 June 2018.
This “date shuffling” conundrum should be kept in mind when reference is made to actions to be undertaken by 30 June 2018.
The following is general information. Contact us to find out more. ...
