Common Mistakes When Changing Business Structure

There are four commonly used business structures in Australia: Sole trader- an individual operating as the sole person legally responsible for all aspects of the business. Like other structures, as a sole trader, you can employ people to help you run your business....

ATO to Report Small Business Debts to Credit Agencies

Tradespeople, cleaners, taxi drivers, farmers, doctors and lawyers could be inadvertently caught up by a proposed law that would allow the Australian Taxation Office (ATO) to report alleged debts to credit reporting agencies, according to submissions to a federal...

Employees and payment summaries

The ATO has also reminded employees that how they get their end of financial year information from their employer, showing their earnings for the year (i.e. their payment summary or income statement) depends on how their employer reports their income, tax and super...

What you should know about credit reporting bureaus?

A credit bureau is a body that collects, holds and distributes data from credit providers that pertain to a borrower’s financial history. This information forms your credit report. Each of the credit reporting agencies operating in Australia has to send you a...