- Changes to overseas working holiday tax
- Exciting new service offering at YML!
- Right Corporate Structuring
- Stamp Duty
- Annual Wage Review
- Interest Only Loans
- GOVERNMENT ANNOUNCES CHANGES TO THE WORKING HOLIDAY VISA MAKER PROGRAM
- Six Things that Can Keep a Business from Growing
- ATO ANNUAL REPORT
- How The Cloud and Automation Make Business Management Easier
- Avoiding the Wealth Creation Con Artists
- Why Business Owners Should Think Like Futurists
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- Buying property through SMSF – what are the rules?
- 4 reasons to consider refinancing your home loan
- Big data for small business
- Does your super fund provide enough life insurance cover?
- HIFX - INTERNATIONAL PAYMENT EXPERTLY DONE
- Succession plan basics for small business
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- FBT 2016 - WHAT YOU SHOULD KNOW
- How New Laws May Impact Your Use of an Earnout Right when Buying or Selling a Business.
- Transfer of Business Assets & Private Company Shares
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- 6 Things that Work Better in The Cloud
- Can better inventory management improve business performance for Manufacturers?
- Should you register for GST?
- 5 Reasons for Cash Flow Problems in Small Businesses
- Key man insurance, who do you need to insure?
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- Should You Take Your Small Business National?
- Upfront costs when buying a home and how you could save
- Insourcing vs outsourcing vs co-sourcing
- 7 Useful Web-Based Software Programs for SMEs
- Saving Tax Through Successful Loan Structuring
- Buy/sell agreements - do you need one?
- New Work Tax Exemption (WTE) granted to SMSF Members
- YML Finance – LOOK at these loan Interest Rates…
- New Tax Relief Introduction – Parliamentary Bill 2019
- Australian Immigration Visa Changes from 1st July 2019
- Single Touch Payroll (STP) Phase 2: What Your Business Will Have to do to Comply and How YML can Help
- Land Tax Surcharge and You
- YML Insight April 2015
- Tax Liabilities to be reported to Credit Agencies
- Insurance in your Superannuation Policy
- Business Process Improvement
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- Carry forward your unused Concessional Contributions
- 2015 Federal Budget Report
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- YML Insight June 2015
- Prepaying Interest
- Superannuation Contributions at EOFY
- Financial Year End Planning
- Small Business Cyber Security
- How Business Process Outsourcing can bring value to your customers through technology
- Equity Crowd-Funding
- Low and Middle Income Earners – Tax Offsets
- Mortgage Insurance
- RBA Cash Rate Reductions - What it means for your Loan
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- GENERAL SKILLED MIGRATION (GSM)
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- How RPA and Bots are making Employees happier
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- UPDATE YOUR WILL
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- JobKeeper 2.0 – Extension 1 and Extension 2
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- 2020-21 Federal Budget – Update
- UPDATING SMSF TRUST DEEDS
- SMSF - $1.6 MILLION TRANSFER BALANCE CAP
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- TAX PLANNING
- THE IMPORTANCE OF WITHDRAWING YOUR MINIMUM PENSION
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- AUDIT INSURANCE – ATO Increasing Audit Activity in the Areas of Income Tax and Supe
- 5 Everyday Examples of IPA in Practice
- Deed of Variation – NSW Surcharge Land Tax
- Deed of Variation – NSW Surcharge Land Tax
- Is Your SMSF Investment Strategy Compliant?
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- INVESTMENT LOANS – IS IT WORTH TAKING OUT PRINCIPAL + INTEREST at 3.89% RATE*?
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- Business Intelligence (BI) in Small Business
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- Over 65? Downsize your home to contribute to your super!
- NEW Skilling Australians Fund (SAF) Levy
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- Managing your Money through this Crisis!
- Proposed Partner Visa Changes – NEW Two-Step Process
- YML Insight – Special Edition COVID-19
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- Annualised Salaries – New Rules from 1 March 2020
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- Federal Budget 2014-15 Update
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- STP – COMPULSORY Cloud-based Payroll Reporting
- AI and RPA changing the Future of Work
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- YML Insight February 2015
- Happy NEW Financial Year – ATO Changes Update
- Economic Stimulus Package Updates – JobKeeper 2.1
- Does your SMSF have an investment strategy?
- Business Process Outsourcing (BPO) – Remote / Offshore
- YML Insight March 2015
- General Outsourcing Services provided by YML
- How to get on top of your finances post COVID-19
- Other Topics
- FAMILY TRUST DEED VARIATION
- ENCOURAGING NEWS FOR Permanent residency (pr) APPLICANTS
- WORK RELATED CAR EXPENSES - WHAT'S LEGAL?
- WHAT IS THE BEST WAY TO PAY OFF YOUR DEBTS?
- Business Protection Insurance
- Aiming to Make a Final Non Concessional Superannuation Contribution for 2016? Be Careful!
- Getting Organized and Planning Effectively This EOFY
- New Withholding for Non Residents
- Four Per Cent Stamp Duty Surcharge for Overseas Investors Buying Residential Real Estate in NSW
- Co-Sourcing: An Alternative To Out-Sourcing
- What Small Business Expenses Can You Claim?
- Israeli Tax of Trusts
- New Superannuation Rules
- YML Group App - Coming Soon
- Obtaining a Business Skills Visa
- Quick Tips to Pay Off Your Mortgage Sooner
- FBT on Christmas Gifts and Tax Deductibility of Christmas Parties
- Changes to the Assets Test for Centrelink Aged Pensions from January 1st 2017
- Why You Should Consider Co-Sourcing for your Business
- Is It Worth Fixing Your Loan?
- Co- Sourcing
- Shareholder's Agreements
Tax Liabilities to be reported to Credit Agencies
The 2017-2018 budget will be released very soon, and End of Financial Year is rapidly approaching. We’d like to remind you about one important change coming into place on 1 July this year: from 1 July 2017 the Australian Taxation Office (ATO), will disclose tax debt information on businesses to credit reporting bureaus.
What does this mean?
The ATO will disclose to credit reporting bureaus the tax debt information of businesses who have not effectively engaged with the ATO to manage these debts ( i.e. entered into payment arrangements) and initially will only apply to businesses with Australian Business Numbers (ABN) and tax debt of more than $10,000 that is at least 90 days overdue.
I don’t have any debt. Why should I care?
Alongside these changes, it was announced that the ATO is currently owed up to 19 billion in overdue tax, of which 13 billion is owed by small businesses with a turnover of up to 2 million dollars.
“This means that the outstanding tax liabilities of many small businesses will be in the public domain and for the first time banks and suppliers will know the tax position of the small business. It is assumed that the information disclosed to credit agencies will be deemed to be a default and accordingly will stay on the
database for 5 years.“
This has the potential to affect small business owner’s abilities to secure additional finance, and even enter into contract arrangements with suppliers.
I fall into this category, what do I do?
It’s quite important that any small business owners with tax debt take the time to address these tax debts with the ATO prior to 1 July 2017. You will need to either pay off any existing debt, or enter into a payment arrangement with the ATO.
Has YML Group been involved with any of these matters yet?
YML has successfully entered into payment arrangements with the ATO on behalf of clients to help reduce their debts and interest charges on these. YML also has assisted clients with their personal and business budgets and cashflows to allow the client to successfully clear these debts within a reasonable time frame and help improve their cashflow management and improve the profitability. To discuss further, contact your YML business advisor today.
How can YML help?
Talk to our tax professionals today to see how YML Group can assist you with your tax needs. Contact us on (02) 8383 4400 or by visiting the Contact Us Page.
Changes to overseas working holiday tax
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