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Do I pay GST on my grant?

Maybe! Grant funding represents a significant proportion of the expenditure measures in the annual budgets of our federal and state governments. However, there are no provisions in the GST Act that expressly exclude grants from being subject to GST. Who is at risk? This means the risk whether GST is payable on a grant always […]

Taxable Payments Annual Reports (TPAR) Do you know your obligations?

If your business makes payments to contractors or subcontractors for services, you may need to report the payments in a Taxable Payments Annual Report (TPAR) to the ATO by 28 August. Contractors can include subcontractors, consultants and independent contractors. They can be operating as sole traders (individuals), companies, partnerships or trusts. You need to know about TPAR if your […]

FBT: ATO changed view on car parking fringe benefits

Numerous businesses located close to shopping centres, hospitals, or airports, will be adversely impacted by the Commissioner of Taxation’s recent changed opinion of what constitutes a commercial car parking facility for FBT purposes. Under the FBT law, a car parking fringe benefit, other than an exempt benefit, is valued under the commercial parking station method, […]

ATO Combined Assurance Reviews (CARs)

The Combined Assurance Review Program In a CAR, the ATO will seek to obtain a level of assurance that appropriate tax risk and governance frameworks exist and are applied in practice. The program initially targeted the Top 100 taxpayers and was extended in 2020 to the Top 1000 large business taxpayers. The Top 1000 CAR […]

ATO Tax Compliance & Governance Reviews of Businesses

Ensuring businesses fully comply with Australian taxation laws is a major focus of the Australian Taxation Office (ATO). For tax compliance purposes, the ATO broadly views the business community as comprising: Large business: economic groups with combined turnover greater than $250 million. Privately owned and wealthy groups: economic groups that are privately and locally owned […]

Directors’ personal liability for company’s unpaid GST

CFOs NEED TO ACT! The tax law now imposes personal liability on company directors for company GST arrears. As CFO you need to give your directors certainty; it’s imperative the company is paying the right amount of GST. Is your company 100% GST compliant? Test your compliance against the ATO’s 36 tests to make sure. […]

Australia’s 2021-22 Federal Budget – Summary & Detailed Tax Measures

The 2021-22 Budget presented last night by the Federal Treasurer, the Hon Josh Frydenberg MP, lays out the Government’s “plan to secure Australia’s economic recovery and build for the future”. Our Budget Summary & Detailed Tax Measures report is now available for your review. Our report steps through the detail of the many tax measures, […]

End of Financial Year – Tax Considerations

Businesses should be considering the impact of the rapidly approaching end of the 2021 financial year (FY21) on their tax settings and positions. We discuss below important developments that relate to new tax measures introduced in the last year as well as perennial tax considerations for this time of year. Company tax rate changes The […]

Transform GST Data into Cash

Our ICGTAX Transform GST Data into Cash report identifies common sources of cash and tax savings found in accounts payable and receivable systems of numerous SMEs and large and SMEs. The potential for cash release exists in part due these systems’ inherent design features, in part as a result of operational issues and in part […]

Fringe Benefits Tax – Extensions of time for payment of FBT

Extended Payment Deadline: Organisations that engage a registered Tax Agent to lodge their FBT returns electronically enjoy an extended deadline to pay the balance of their 2020-21 FBT liability. If they pay the balance by 25 June 2021, no General Interest Charge is payable. Other taxpayers must pay the balance by 21 May 2021. All […]