Latest news - Mazars

Watch out! Director Identification Number required from 1 November 2021 for new companies

In June 2020 we advised that the Government had passed legislation introducing the concept of Director Identification Numbers (DIN) with up to a two-year implementation period. The DIN will assist regulators to track and combat illegal company phoenix activities.

The Government recently issued a legislative instrument confirming a transitional period for existing company directors to apply for a DIN.

NSW JobSaver scheme – Announcement of tapering and termination

The NSW Government has announced changes to the shape of the JobSaver scheme as the state moves out of lockdown on 1 December 2021.

ATO concerned with foreign gifts and loans

The world is becoming a much smaller place to hide. The Australian Taxation Office (ATO) has a robust data gathering process which includes tax treaties and tax information exchange agreements with well in excess of 100 countries. With new countries agreeing to information sharing on a regular basis, this may be a cause for concern where adequate records have not been kept

What’s your business really worth?

What's your business really worth? Is it really worth finding out if you're not intending to sell your business? Well, yes, actually it is. Conducting a business valuation has many benefits whether you're ready to sell up or not. In this article we dive into the details around both the process and the benefits of going through a business valuation exercise.

ATO turn up the heat on SMSF related party transactions

When a SMSF derives income through transactions that are not at arms-length, the income is taxed at 45%. This type of income is called NALI - ‘non-arm’s length income’.

New Victorian tenancy relief scheme gives tenants rent relief and landlords land tax relief

The Victorian Government will provide tenancy rules to give relief for commercial tenants struggling with rent payments, with new regulations finalised as part of the Commercial Tenancy Relief Scheme. The scheme will help small and medium-sized businesses with an annual turnover of less than $50 million that have experienced a loss in turnover of more than 30 per cent during the pandemic.

$111.9 Million Northern Australia Development Program launched

Are you considering undertaking a project in Northern Australia? With the announcement of the Northern Australia Development Program (NADP) set to launch in early November, now is the time to put your business plans into motion.

Funding support now available for regional small business

Are you a new business start-up? Embarking on a new business journey is exciting and rewarding, however, often highly capital intensive. In recognition of this, and to help you get a head start on success, the Queensland Government has announced funding available for small businesses based in regional Queensland, under their Business Basics Grants Program.

Divorce – A collision course for business?

Divorce is stressful enough but add the additional element of a family business to the mix and the complications can be magnified, especially when an amicable arrangement can’t be reached by the warring couple. As trusted business advisors, Mazars are well versed in supporting clients through the challenges of a divorce including the best way to reach an acceptable resolution that won’t trigger tax issues for either party down the track. In this article, we answer some of the commonly asked questions received when a family business is caught amid a divorce.

Payroll tax exposures for medical practices

A recent decision by the NSW Civil and Administrative Tribunal (NCAT) has confirmed the growing concerns of many medical practitioners that their administrative service entities have payroll tax exposures.