Terry Hayes, SmartCompany

Terry Hayes

SmartCompany

Sydney, NSW, Australia

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Recent:
  • Unknown
Past:
  • SmartCompany

Past articles by Terry:

Employees vs contractors: Beware the “myths”

The difference between an employee and an independent contractor has been an issue of confusion among SMEs for some time. Of course, the different tax and related consequences that flow from whether someone is an employee or contractor are important – but to some extent, they just muddy the waters. It’s important for SMEs to → Read More

Beware of the new tax rules when paying car allowances

Changes to tax law have made claiming car expense tax deductions simpler. → Read More

Streamlined tax and super reporting for SMEs is on its way

Let's be clear about this: Single Touch Payroll will be a major change for SMEs. → Read More

How to get your GST reporting right

GST is a major tax compliance issue for SMEs, so you need to be on top of it. → Read More

All done: ATO pilots "OK" tax return letters

The Australian Tax Office is piloting a scheme to give taxpayers some peace of mind and certainty about their tax returns. → Read More

ATO target: How to avoid being burnt by a ‘phoenix operator’

Recent figures show that phoenix activity costs the Australian economy $3.2 billion each year. → Read More

Asset valuations for tax purposes – don't get them wrong, says ATO

The Australian Tax Office has issued a warning to taxpayers who do their own valuations - or use valuations from people without adequate qualifications. → Read More

‘Excessive’ rental property deductions in ATO sights

The most recent statistics show that, in 2012-13, almost 2 million Australians returned rental income (or losses) in their tax returns. → Read More

CGT small business concessions continue to catch SMEs out

A lot has been written about the capital gains tax (CGT) small business concessions, not all of it complimentary. → Read More

Small business tax changes come into effect: What it means for you

Several beneficial SME tax changes announced in the federal budget in May are now law, after royal assent was given to the amending legislation yesterday. → Read More

ATO gathers data on visa holders ahead of crackdown

The ATO has announced that it will acquire names and addresses and other details of visa holders from the Department of Immigration and Border Protection. → Read More

What the ATO is doing for small business – really

The Australian Tax Office says it has been listening to what small business has been saying about what it wants from the organisation, and they're promising a "better experience". → Read More

Work-related car expenses: changes coming as ATO scrutiny increases

The Treasurer announced in the 2015-16 federal budget that the methods used for calculating work-related car expense deductions would be simplified and modernised. → Read More

The doctor, the Lamborghini and the Tax Commissioner

What constitutes the carrying on of a business for tax purposes is an age-old issue that has important consequences. → Read More

Don’t make a meal of changes to fringe benefit tax concessions for salary packaged meal and entertainment benefits

In May this year, the federal budget confirmed the government would introduce a grossed-up cap of $5000 p/a on the FBT concessions for salary-sacrificed meal entertainment benefits for certain organisations. → Read More

More good news tax changes coming for SMEs

Legislation was introduced in Federal Parliament last week that proposes to make changes to the tax law to implement 2015 budget measures that will be welcomed by SMEs. → Read More

Family assistance payments – don't forget the tax link

The cross-over and linking of the tax and social security systems, while sensible from a governmental point of view, has made both systems and the laws applying to them even more complicated. → Read More

Employee "fly-in fly-out" costs – no FBT for employer

The Federal Court recently considered a case involving engineering and construction company John Holland Group’s fringe benefit tax liability for fly-in-fly-out workers' travel. → Read More

ATO raids businesses over potential fraudulent phoenix activity: How to spot a phoenix

Phoenix activity has been the subject of scrutiny by the ATO for some time but the taxman has recently raided businesses without prior notice. → Read More

The $20,000 instant asset tax write-off explained: all the details

The sweetener in this year’s budget for SMEs was undoubtedly the short-term accelerated depreciation write-off up to $20,000. Here are some vital details you need to know if you plan to claim it. → Read More