September 2022 | VOLUME 170
KSW Newsletter for clients and associates of Kreston Stanley Williamson
Director Penalty Notices are back on the ATO Agenda!
After a couple of years of the ATO being reticent to take any kind of recovery action on outstanding tax debts, recent months have seen the ATO collection tools being ramped up again. One of these collection tools is a Directors Penalty Notice (DPN). The ATO is currently issuing over 100 DPN’s each day. The ramifications of receiving a DPN are severe.
Our full article here explains the importance of taking action quickly if you receive a DPN and what to do next to protect yourself, as a director, from personal liability for the debt.
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What happens if I become bankrupt or enter into a Personal Insolvency Agreement and I have an SMSF?
With interest rates on the rise and the cost of living at an all-time high, some people may be experiencing financial headwinds and an impending thunderstorm of bankruptcy or entering into a Personal Insolvency Agreement (PIA).
Our full article here explains in detail what the effect of this may be to your SMSF.
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120% Deduction for Skills Training and Technology Costs
There were some announcements made in the 2022 Federal Budget to encourage expenditure on training and technology going forward. While these incentives are not yet law, you should be aware of what is in the pipeline.
Our full article here explains both incentives and how they can benefit your business.
Employee or Contractor?
The case between Deliveroo Pty Limited and a delivery driver has confirmed the position in relation to what constitutes an employee compared to a contractor.
Our full article here explains the details of the case and provides clarity on how the contractual terms agreed between both parties are so important.
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S&W Wealth
Business Succession
One element we find gets neglected is business succession planning which ensures an orderly change of ownership when you and/or your business partners are ready to move on or retire. A good succession plan can secure a business owner’s legacy and retirement.
Dean Holmes and Christian Tsiolis of S&W Wealth and Michael Goodrick of Kreston Stanley Williamson will be hosting a web event to discuss the importance of planning your business succession.
Event Date: 12 October 2022
Event Time: 1:00pm
Run Time: 30min + 15min for Q&A
REGISTER HERE
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Quote
“Success is not final; failure is not fatal: it is the courage to continue that counts”
Winston Churchill
DISCLAIMER
This newsletter has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the newsletter is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this newsletter, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under Professional Standards legislation.
Copyright © 2022 Kreston Stanley Williamson, All rights reserved.
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