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Contractors V Employee If you engage or intend to engage subcontractors in your business, then what we have provided below is essential reading, which in most circumstances will require some action to be taken sooner rather than later. There has been more scrutiny from the Tax Office in recent months to make a distinction between...

Reportable payments – Building & Construction From the 1st July 2012, all businesses in the Building & Construction industry, will on a yearly basis need to report to the ATO, the total payments they make to ‘each’ contractor. It’s more red tape from a government that promised to cut red tape for small business. All...

New Director’s Penalty Regime Companies are often used as a vehicle by clients to conduct their businesses and have historically speaking, provided a level of protection for the director’s personal assets. The level of protection afforded to Company directors has been known as the “Corporate Veil” and would often protect directors from claims in relation...

Business Structures – Pros & Cons Sole Trader This is the simplest and easiest form of business structure.  The owner will utilise their own TFN, and then register for an ABN and potentially GST. They have their place and are normally reserved for micro / hobby type businesses. Pros: Cheap to establish Lower compliance costs...