Business insolvencies are back to pre-pandemic levels. How so? Because the Australian Taxation Office is now firing out director penalty notices to ramp up debt collection at full speed. We detail what a director penalty notice is, and what needs to be done if you are issued with one.
The expansion of Single Touch Payroll, known as STP Phase 2 has been deferred depending on your Digital Service Provider. It is important you understand which circumstances apply to you and what you need to do to prepare for STP Phase 2.
Legislation has now passed that allows corporate entities with an aggregated turnover of less than $5 billion a 12 month extension to claim a loss carry-back tax offset in the 2023 income year.
If you are a small business employer and are yet to be Single Touch Payroll (STP) compliant, the ATO will be shifting their gaze to you as they are beginning to issue ‘Failure to Lodge’ penalties to any employers yet to commence STP reporting.
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