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Latest advice from the Australian Tax Office

Latest advice from the Australian Tax Office

Using business money and assets for private purposes

If you use money or assets from your company or trust for private purposes, to avoid unintended tax consequences you should:

  1. Keep accurate records to account for these transactions
  2. If necessary, account for these transactions in both your individual and company or trust’s tax return.

This applies for money and assets used such as salary and wages, fringe benefits, and company dividends or trust distributions.

Hiring new people for the holiday rush

Hiring additional employees to help with the end-of-year demand? The New employment form, accessed through ATO online services, will help reduce your administration. Visit the ATOs website to download the form.

Commercial rent or lease payment changes

The ATO has recently updated its web content in relation to changes to commercial rent or lease payments for both tenants and landlords.

Director ID – 30 November deadline

If you’re a director of a company in Australia, it’s your responsibility to apply for a director identification number (director ID) by 30 November.

Register for webinars to help you manage your cash flow

The ATO are offering free webinars to improve your knowledge about starting and running a business.

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