by Team Garnet | Jul 27, 2023 | ATO, Tax News
Businesses who make payments to contractors may need to report these payments and lodge a Taxable payments annual report (TPAR). You will need to lodge a TPAR if your business made payments in the last financial year (ie the one ending 30 June 2023) to contractors...
by Team Garnet | Apr 21, 2023 | ATO, Business Structures
Company directors and former company directors may be subject to director penalties if they do not lodge and pay certain obligations on time. What is a director penalty? A company director becomes personally liable for the company’s unpaid amounts of: Pay as you...
by Team Garnet | Oct 8, 2022 | ATO, Business Structures, Small Business, Tax News
Did you know you can vary your pay-as-you-go (PAYG) instalments due to a change in your financial situation? Should you be varying your PAYG instalments? Pay-as-you-go (PAYG) instalments are prepayments of your expected income tax for the year. If your total PAYG...
by Team Garnet | Apr 22, 2022 | Business Structures, Small Business
Now is a good time to check that your business’ PAYG instalments still reflect its expected end of year tax liability. The PAYG instalment system allows a business to spread its income tax liability across the tax year. This helps with cash flow but also means the...
