From 1/7/19 business may be denied a tax deduction for certain payments where there is a failure by the business to withhold a PAYG amount.
Importantly the measure only applies to payments made for work or services that fall into the following categories:
This measure will only be triggered (and a tax deduction denied for the payment) where no amount has been withheld on the payment, or the ATO has not been notified of the withheld amount. Note that the withholding of an incorrect amount will generally not compromise the deductibility of the payment.
Business need to ensure they have the appropriate accounting systems in place in order to capture the necessary information for reporting purposes as required.
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
…very professional, well prepared and organised. They have given us great business and personal tax advice, offered us good business insights, and more general personal planning advice too.
They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
At last! An accountant who has "not" had a totally successful charisma bypass operation! Sensible and knowledgeable advice. Excellent!
Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.