Aspen Corporate specialises in business transformation. Our advisors have years of combined experience turning around poor performing businesses and growing fledgling start-ups into large scale, successful enterprises.

Aspen Corporate's new website, Are you simplified BAS ready?, Confused about the $20K instant asset write-off?, Alert: What you need to tell the ATO about your SMSF, New laws hold franchisors responsible for vulnerable workers, Safe harbour for directors of struggling companies, Tax benefits for investing in affordable housing

Cloud accounting - five things you need to know, Taxing Bitcoin, Cleaners and couriers latest black economy target, New legislation restricts access to the reduced company tax rate, How small subsidiaries are being caught by Australia's new multi-national tax crackdown, ASIC penalties 'the cost of doing business'

Merry Christmas, Protecting your business - what you need to be asking your internal accounts team, Santa's Tax Crises, Why 'property flipping' is the next ATO target, Foreign property owners slapped with a fee for vacant property, The Uber Driver GST surprise, ACCC gets tough on credit card surcharge.

The ATO is very upfront when it comes to their compliance activity. Every year they publish small business benchmarks that outline what a typical business 'looks like' in different industries. If your business falls outside of those benchmarks, the ATO is likely to take a closer look at why that is.

Single Touch Payroll (STP) is a new reporting requirement currently being implemented by the Australian Taxation Office (ATO), and will become compulsory for employers with 20 or more employees on 1 July 2018, and it is planned by the ATO to be

The Fringe Benefits Tax (FBT) year ends on 31 March. We've outlined the key hot spots for employers and employees.

The other business influencer that can make or break you Did a Kardashian really just wipe US $1.3bn off the share price of Snapchat?

The big changes for developers and purchasers

If you're using fuel as a regular part of your business operations, then it may be possible for you to claim a Fuel Tax Credit.

A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed - $22 billion worth to be exact.

From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home, and at the other end of the spectrum, downsizers to contribute proceeds from the sale of their home to super without many of the normal restrictions.

Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018.

The ATO has shown its intentions in relation to Utes and commercial vehicles. Most taxpayers have assumed that as long as a vehicle has a carrying capacity of greater than one ton or carries more than 9 passengers that their Fringe Benefit Tax (FBT) obligations were easier to satisfy.

The family home of foreign residents and expats may be taxed if legislation before Parliament is passed by the Senate.

The Government has announced that the maximum number of members an SMSF can have will increase from four to six.

Every year, the Australian Taxation Office (ATO) compiles the tax data they collect. The recently released 2015-16 'tax stats' encapsulate the data from 16 million income tax returns lodged for the 2016 income year for 13.5 million individuals, 940,000 companies, as well as superannuation funds, partnerships, and trusts.

Details from the State and Federal Budgets

1 July 2018 is the start date for the seven year income tax plan announced in the recent 2018-19 Federal Budget. The seven year plan benefits low and middle income earners in the first few years before expanding out to a broader restructure of the tax rates and brackets for everyone.

No one wants to pay more tax than they need to or face unnecessary risks. We've compiled a list of our top tips for you.

What changes come into effect on July 1 for individuals, businesses, and superannuation.

Employers that have fallen behind with their superannuation guarantee (SG) obligations will have 12 months to "self-correct" under a new amnesty announced late last month.

New award wages and allowances come into effect from 1 July 2018.

One of the interesting approaches to tackling the black economy in the recent 2018-19 Federal Budget was the announcement of a $10,000 limit on cash payments to business.

An issue that many business owners and investors will need to grapple with is uncertainty on the tax rate that applies to companies for the year ended 30 June 2018 and the maximum franking rate on dividends paid during the 2018 income year.

New personal income tax rates come into effect from 1 July 2018.

The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019.

The cash sitting in your superannuation fund can be tempting, particularly if you are short of cash. But, the reality is there are very few ways you can take advantage of your superannuation once it has been contributed to the fund – even if you change your mind.

Overcoming the biggest problems in business often comes down to the simple things. Here are a few simple things you can do to capitalise on your opportunities and reduce your risks.

The Australian Taxation Office is closely examining work-related clothing and laundry expense claims of taxpayers submitting their 2017-18 tax returns.

In the same month that desperate farmers made headlines preparing to destroy starving flocks and pleading with the public to pay a few cents more for their dairy products, Dick Smith's nationalistic brand announced its closure. The question is, will Australians pay more for a cause?

Do you know the signs to look out for to protect yourself against scammers claiming to be from the ATO?

The extra income earned by people taking part in car sharing services such as Car Next Door or DriveMyCar has come to the attention of the ATO.

When someone inherits a dwelling there are some special rules contained within the main residence exemption provisions that can provide a full exemption if certain conditions are met. If the conditions are not met, the beneficiary might face a nasty capital gains tax (CGT) bill for their good fortune.

The Government has moved to put an end to 'eternal students' who constantly study and never earn an income and speed up the payment cycle for those with outstanding debt.

Legislation passed by Parliament late last month introduces a new test that will restrict some companies from accessing the lower company tax rate from the 2017-18 financial year.

The Australian Taxation Office (ATO) has announced a new data-matching program targeting taxpayers earning income from the exploding popularity of short-term rentals available on platforms like AirBNB and Stayz.

The Fair Work Ombudsman has been conducting surprise visits to Perth businesses in recent months.

A recent speech by the ATO's Assistant Commissioner for Superannuation demonstrates the very practical problems with the new superannuation rules.

Legislation that passed Parliament last month will enable primary producers to claim an immediate deduction for fodder storage assets such as silos and hay sheds used to store grain and other animal feed.

The cents per kilometre car expense rate increased from 66 cents to 68 cents per kilometre from 1 July 2018

As the bilateral trade war between the US and China heats up, we look at what this might mean to Australia caught between its cultural and military ties to the US and its strong economic relationship with China.

For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their 'hit list' are home office expenses. We guide you through what you can and can't claim if you work from home.

From 1 July 2017, new rules came into effect that prevent taxpayers claiming a deduction for expenses they incur travelling to and from their residential investment property.

Small business is still a vote winner with the Government and Opposition teaming up to accelerate tax cuts for the sector by 5 years impacting on an estimated 3.3 million businesses.

In Australia, around 34 million gift cards are sold each year with an estimated value of $2.5 billion. On average, an estimated $70 million is lost because of expiry dates.

Across Australia, entrepreneurs are starting innovative business, and according to the last Census, women make up more than 33% of them. At Aspen Corporate, we work every day with women who are passionate about building and running a business which gives them the flexibility and control over their life and work.

If you purchase a new phone, or need to factory reset your phone, you need to do some things first BEFORE destroying, resetting, selling your old phone.

New laws passed by parliament last month directly target the behaviour of taxpayers that don't meet their obligations.

A former Foodora Australia delivery rider, Joshua Klooger, recently won an unfair dismissal claim despite a service agreement that classified him as an independent contractor. We explore the implications of the case.

The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades.

Do you find you need to open multiple files at the same time?

Christmas means different things to all of us. Whether it be religious beliefs, celebrations with family & friends, gifts, holidays or Father Christmas, it is a great time of the year to wind down, enjoy life and be thankful for what we have.

What changes did the 2019 New Year bring with it?

Do you earn income overseas? A recent case highlights why you might pay more tax than you thought on foreign income.

Another year, another scam. While data driven crime is more sophisticated and difficult to address than ever, human error and judgement remains one of the major problems.

At the end of last year the Small Business and Family Enterprise Ombudsman, Kate Carnell, announced that small businesses with 19 or less employees would have access to a grants for certified cyber security health checks.

Life does not always go to plan. While we logically know that, most of us don't plan for the worst - it's all a bit morbid and time consuming.

As of 1 July 2019, businesses will only be able to claim deductions for payments made to workers when they've met the pay as you go (PAYG) withholding obligation for that payment.

From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts.

A budget, an election and the legislation that hasn't made it through. The February 2019 Parliamentary sitting days were the last opportunity before the Federal Budget for the Government to introduce or push through new legislation.

If your business assists employees during an emergency, for example floods, bushfires etc., then fringe benefits tax is unlikely to apply to the assistance you provide.

Women and girls make up just over half (50.7%) of the Australian population. While women comprise roughly 47% of all employees in Australia, they take home on average $251.20 less than men each week (full-time adult ordinary earnings). The national gender "pay gap" is 15.3% and it has remained stuck between 15% and 19% for the past two decades.

Once you have taken the time to write your will and have it witnessed, it is important to consider how and where you store your will. An option to consider is the WA Will Bank.

One of the most common fringe benefits provided to employees is the use of a company vehicle. The Australian Tax Office (ATO) has recently released new guidelines for fringe benefits tax on exemptions to motor vehicles.

The Reckon One bank transactions coding process has changed, which has implications for those who use bank feeds.

In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billon in deductions and the Australian Taxation Office (ATO) thinks that is too much - one in ten is estimated to contain errors.

The Personal Property Securities Act is all about protecting suppliers from the insolvency of their customer. For far too long, suppliers of goods/equipment have been treated as unsecured creditors when their customer's collapse, leaving them at the end of a very long line of other creditors and with little likelihood of recovering what they are owed.

The Federal Budget announced a series of measures, some of which were legislated before the election was called.

The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy.

Trustees (or directors of a trustee company) need to consider and decide on the distributions they plan to make by 30 June 2019 at the latest (the trust deed may actually require this to be done earlier). And Has your trust lodged TFN reports for all beneficiaries?

Not making your full superannuation contribution? Now you can catch up

Work related deductions, Cryptocurrency, Rental property deductions and Earning money from the sharing economy

There are around 3.8 million small businesses, including 1.6 million sole traders in Australia. They employ around 5.5 million people and contribute $380bn to the economy. Small business is also in debt to the ATO to the tune of $15bn.

Single touch payroll (STP) reporting has changed the way businesses report salary and wages, PAYG withholding and superannuation contribution information to the ATO.

From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low balances will be moved to the ATO to try and unite the unclaimed super with its owner.

The ATO has extended the deadline for employers with 19 employees or less; and has provided a concession from single touch payroll for payments by small employers to "Closely Held Payees".

It's not uncommon for people to put assets such as their family home into a trust, particularly professionals working in litigious fields or family groups wanting to protect assets. A recent case highlights some of the tax problems that can occur.

The ATO is airing the 'dirty laundry' on work-related clothing and laundry expenses warning that it is closely reviewing claims.

New pay rates came into effect from 1 July 2019 with the minimum wage increasing by 3% from the first full pay period.

Superannuation contributions and tax deductions need to be listed on payslips, it's a common error to make.

Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year.

The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how they can access the $1,080 they now believe is owing to them.

One of the stranger pieces of legislation to be introduced into Parliament last month is an attempt to ensure that overseas welfare recipients over the age of 80 are in fact, alive.

From 1 January 2020, the Government intends to restrict the value of cash payments a business makes or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison and/ or $25,200*.

When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption.

By 30 June 2019, five major financial institutions paid $119.7 million in compensation for poor financial advice to 6,318 customers. The question is, how are these payments treated for tax purposes?

Would you claim the Lego you bought for your kids throughout the year as a tax deduction? One taxpayer did and it made the Australian Taxation Office's 2018-19 list of most unusual claims.

Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off.

The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity.

It's not uncommon for landlords to be confused about what they can and can't claim for their rental properties. What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO).

Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated 'tax gap'.

Can your business afford to lose $50,000?

An Adelaide operator of a number of massage parlours said he was "too busy and lazy" to keep proper records, and was penalised $43,200 for contraventions of record-keeping and pay slip laws, following legal action by the Fair Work Ombudsman.

The ATO's recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.

The Reserve Bank of Australia is widely tipped to reduce interest rates again to historic lows. Easton Wealth economist Emmanuel Calligeris explores the impact.

The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to "self-correct." This time however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action.

We have updated how you can pay invoices via our website.

The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents.

Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.

From 1 July 2020, new rules will come into effect to ensure that an employee's salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.

You might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that the Australian Tax Office (ATO) can take money from your account without you knowing. The question is, do you really know what powers the ATO have?

Woolworths is the latest company to face a fallout from the underpayment of staff. In what is believed to be the largest remediation of its kind, Woolworths have stated that they have underpaid 5,700 salaried team members with remediation expected to be in the range of $200m to $300m (before tax).

The Black Friday and Cyber Monday sale concepts have well and truly arrived in Australia with retailers embracing this latest retail event to stimulate what has been an economically lack lustre year.

The countdown to Christmas is now on and we're in the midst of the headlong rush to get everything done and capitalise on any remaining opportunities before the Christmas lull. Busy period or not, Christmas causes a period of dislocation and volatility for most businesses. This dislocation and volatility mean that it is not 'business as usual' and for many businesses, it is the change that causes the problem.

The ATO has provided relief from lodgement compliance and payment obligations for those impacted by the bushfires. An automatic two month deferral for activity statements lodgements and payments due has been provided to those in affected postcodes.

Employees with multiple employers can now opt-out of superannuation guarantee from all but one employer. Employers are required to pay 9.5% superannuation guarantee for all eligible employees. But what happens if you are an employee with multiple employers?

How employers are being caught out by the timing of superannuation guarantee payments.

Setting up myGovID - The government will cease using AUSkey to transaction with their online services by late March 2020. From 25 January 2020, myGovID will become the default login option for the online services for agents and clients who access the business tax portal.

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact.

Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer. We summarise the help available to those impacted by the bushfires.

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.

A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. The ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members.

Choosing the right accounting software and apps for your business is not easy. There are plenty of options on the market, especially when considering the different products MYOB, Xero, Reckon and Quickbooks all offer.

We often hear "Why do I need to do any estate planning, we all get along, a simple will do?" This may be possible for some, but everyone's circumstances are different. You could have a complicated financial situation, the possibility of family disputes, or it may be a treat you want to provide for grandchild. Whatever the circumstances, Estate Planning should be considered.

Empty restaurants and retail stores were one of the first signs of the devastating impact the coronavirus on Australian businesses.

With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position.

A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus.

The superannuation guarantee (SG) amnesty provides employers with a one-off opportunity to "self-correct." Now is the time to ensure that your payroll is correct and there are no hidden SG issues looming.

The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.

This guide has been designed as a quick reference to the COVID-19 related tax and financial support that might be available to you all in one place.