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Trust distributions in the spotlight – Section 100A

Thu Jun 02 2022

The Australian Taxation Office (ATO) handed down its draft ruling and guidance on how it will apply anti-avoidance measures to crack down on complex trust structures used for the purpose of minimising tax.

ATO targets logbooks

Thu May 26 2022

ATO audit activity is increasing and, in our recent experience, logbooks are a current target. If you do not have a logbook or your logbooks are not valid, you must act now or risk being potentially liable for the FBT shortfall, penalties and interest for six or more FBT years.

Managing wage underpayments in your business [Webinar]

Wed May 25 2022

Recent high-profile cases reveal wage underpayments can happen in businesses of any size or industry.

2022 Year-end tax planning guide

Sat May 21 2022

To assist with your year-end tax planning, Pilot have compiled a year-end tax planning guide for you and your business.

Upcoming payroll related changes for employers

Wed Apr 06 2022

From 1 July 2022, the superannuation guarantee contribution rate will increase by 0.5% to 10.5% for all employees. This follows the change last year to increase the rate to 10%. There are currently increases scheduled each financial year through to1 July 2025. Employers should review their employment agreements to determine the impact on employees’ take-home pay (i.e. Whether the employer absorbs the cost of the increase, or the increase reduces the employees’ net pay).

Future proofing your structures

Tue Apr 05 2022

As advisors to medical professionals we regularly discuss structuring of business operations and investments. Although other factors come into play, the main variables here are whether the structures support or hinder asset protection and tax efficiencies. Presently we wonder whether it is also time to add future proofing your affairs to contemplate legislative changes that are yet to be made?

What do medicos need to know about the 2022 Federal Budget?

Wed Mar 30 2022

This week’s Federal Budget focused on easing cost of living pressures, whilst also being the last budget before the upcoming election in May. The key announcements which could impact medicos are as follows.

Federal Budget 2022 – Trees for the Queen and “lamingtons” for many

Tue Mar 29 2022

With a Federal election only a couple of months away, the LNP have delivered a relatively stereotypical conservative party budget. There’s cash relief for families; incentives for business to invest in staff, digitisation, and innovation; increased spending on defence; and even a win for the monarchists.

Managing your tax affairs in the post-COVID compliance era

Mon Mar 28 2022

As Australia moves towards a new “business as normal” with COVID-19 in the community, the Australian Taxation Office (ATO) has begun to reignite the engines of its large-scale compliance machine.

Employee Share Schemes and Incentive Plans

Mon Mar 28 2022

Retaining and rewarding key employees is an issue many employers will face at certain stages of their business’ cycle.

Is your car tax deductible

Fri Mar 25 2022

When claiming a motor vehicle for taxes there are strict rules around the deduction method and proof required to claim a deduction.

More building projects requiring Project Trust Accounts

Fri Mar 04 2022

A new trust account framework began on 1 March 2021. When fully rolled out by 1 January 2023, the framework will apply to most payments made within Queensland’s building industry.

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