In this issue of Tax Talk, we cover:
ATO online tools and apps to help taxpayers easily lookup ABN’s, PAYGW calculators and key tax dates. Most impressively is now an app that can benchmark your business performance to other similar businesses.
Overview of the Four small business CGT concessions and in what circumstances they can be applied to significantly reduce CGT liability on a sale of business assets.
ATO is clamping down on Super Guarantee Contributions with improved data matching and significant penalties. We have seen the ATO noticeably increased activity in this area and the penalties and tax implications of not paying SGC on time are severe. Small Business must not fall into the trap of using Employee Super liabilities as an unpaid creditor.
Uber Drivers treated the same as Taxis as per latest ATO guidance. Uber drivers need to be registered for GST calculated on the full fare, not the net amount they receive after deducting any fees or commissions.