In October 2021 the Government introduced a new identification system for company directors, a Directors ID. A number of transitional measures were put in place to make it easier for existing directors to comply with the new regime. The last of those transitional measure is fast approaching on 30 November 2022. If you are a director and have not applied for your Directors ID by 30 November 2022 you could face stiff penalties.

We’re often asked the best way to sell a business.

There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market. Both elements are important and can significantly impact your result.

The ATO has increased its activity around recovering unpaid business debts. During the pandemic, it paused debt recovery, but has now resumed its pursuit of debts.

Fringe Benefits Tax (FBT) is one of the focus areas for the Australian Taxation Office. It is important for business owners to understand when FBT may apply, and what benefits they can provide employees that do not attract FBT. For most small and medium employers, it is best to avoid non-exempt benefits as record keeping when it comes to FBT can be quite onerous.

The Federal Treasurer, Mr Josh Frydenberg, handed down the 2022–23 Federal Budget at 7:30 pm (AEDT) on 29 March 2022.

In an economy emerging from the pandemic, the Treasurer has confirmed an unemployment rate of 4% and an expected budget deficit of $78 billion for 2022–23.