When it comes to selling or purchasing a business, there are crucial and less apparent issues you might not remember. Here are our top 3 hidden matters to consider when buying or selling a business: Debtors and creditors: In an asset sale, the parties must agree on who takes on the debtors and [...]
In April this year, we published an article regarding the ATO recommencing the issuing of Director Penalty Notices (view article here). During the pandemic, the ATO had offered administrative relief to businesses who were experiencing financial difficulty. However, that relief was always going to come to an end… As at 30 June 2021, the tax [...]
During the COVID-19 pandemic, the ATO offered administrative relief to businesses who were experiencing financial difficulty. However, Directors were not absolved from their personal liability under the director penalty regime. Now that lockdowns have ended and we are resuming something that resembles a ‘normal life’, the ATO has recommenced its quest to recoup unpaid taxes, [...]
Uber has recently lost an 18 month battle with the ATO where the Federal Court ruled that Uber ARE a taxi service. What this means is that Uber drivers, whether they are full time or only casual, will have to pay 10% GST to the ATO on top of the 25% commission to Uber. Uber’s [...]
