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The Australian Taxation Office (ATO) has warned that businesses failing to submit their Taxable Payments Annual Report (TPAR) by the due date will face penalties.

 The TPAR, which must be lodged by 28 August every year, details payments made to contractors who provide the following services:

 * Building and construction

* Courier

* Cleaning

* Information technology (IT)

* Road freight

* Security, investigation or surveillance

The national economy is expected to rebound slightly better than originally expected, according to the Reserve Bank of Australia (RBA).

 In its November economy outlook, the RBA said that growth is expected to remain below trend over the next year. But, it has revised earlier predictions for short-term growth. GDP growth by December 2023 was originally predicted to be 1%, revised now to 1.5%. Similarly, forecasts for GDP growth by June 2024 were 1.25%, now revised to 1.75%.

If you are considering setting up a self-managed super fund (SMSF), different rules apply depending on whether it has an individual trustee or corporate trustee structure.

 For an individual trustee structure:

 1. The fund consists of two to six members.

2. Each member must be a trustee.

3. A member cannot be an employee of another member unless they are relatives.

Cashflow is the lifeblood of any business and key for financial sustainability. With the end of this calendar year approaching, business owners should start planning now for ways to improve cashflow in 2024.

Whether your cashflow is in the negative, meaning more money is going out the back door then coming in the front door, or you want to maximise growth, here are four effective strategies for improving cashflow next year.

New amendments proposed by Treasury aim to tighten multinational tax loopholes, increase transparency and ensure multinationals pay their fair share of tax.

 It follows on from the government's decision, in this year's federal budget, to introduce an integrity measure to address risks to Australia’s domestic tax base stemming from the use of excessive debt deductions.

 "Australians expect companies to pay their fair share. When global multinationals exploit loopholes to pay less tax, they’re gaining an unfair advantage over local businesses,” Treasurer Jim Chalmers said.

With the Christmas holidays fast approaching, it's time to start planning your business’s leave and shut-down.

 According to Fair Work, an employer can direct their staff to take annual leave while the business has shut down if your award or registered agreement allows it. In most cases, the direction must be reasonable, in writing and given to affected employees within the required notice period.

 If a staff member does not have enough annual leave to cover the shut down, they may take leave they haven’t yet accrued or take unpaid leave.

Australia faces a significant productivity challenge, with a 2% quarter-on-quarter decline in productivity reported for the June 2023 quarter according to the Productivity Commission.

 This decrease, added to a 1.2% decrease in 2021-22, is because the increase in hours worked surpassed the growth in output. Hours worked increased 2.4% for the whole economy but the rise in output was only 0.4%, resulting in negative labour productivity growth.

 The latest Skills Priority List (SPL) has revealed a talent shortage in 36% of assessed professions.

 Compiled annually by Jobs and Skills Australia, the SPL shows that the most affected sectors are technicians and trade workers, along with professional roles in engineering, health, ICT and science. Shortages are particularly bad in regional and remote areas.