We are seeing a significant crack down by the ATO on late lodgements – including tax returns, BAS and IAS. As tax practitioners we have always tried to look after our clients by seeking extensions for late lodgements where required – and historically these were usually granted. But we have received repeated warnings in the…
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Business reporting and transactions can be done online through the ATO’s Online services for business. It is available for use by: Logging in to Online services to business Home Page Functions (including) Account and Payments Lodgements Employees Menu Used by businesses to manage most employer obligations, including Communication with the ATO Profile Menu Used by…
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MarkAccountants can help you manage your cash flow this Workcover season with Insurance Premium Finance which can spread out the payment of your Workcover expenses over the year. Most current outgoings, such as salaries, rent, leases, phone and power are generally paid in manageable instalments. However, when it comes to business insurance and Workcover premiums,…
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The trustee must manage the trust’s tax affairs including registering and reporting for tax. Trustees and beneficiaries The trustee is responsible for managing the trust’s tax affairs, including registering the trust in the tax system, lodging trust tax returns and paying some tax liabilities. The beneficiaries include their share of the trust’s net income in their tax returns and…
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An overview of the role of trusts, trustees and beneficiaries. Trusts Trusts are widely used for investment and business purposes. A trust is an obligation imposed on a person or other entity to hold property for the benefit of beneficiaries. While in legal terms a trust is a relationship not a legal entity, trusts are…
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