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As the end of the financial year approaches, it is important to be aware of changes to compliance obligations for small business owners.
New penalties for business’ pay-as-you-go (PAYG) withholding and reporting obligations will commence 1 July 2019, with businesses now prevented from claiming deductions for payments to employees... more
Healthcare practitioners need an accounting strategy that reflects the medical sector's unique challenges. Time poverty and the need for impeccable customer service makes manual financial management a task many large-turnover organisations simply can't keep up with.
That's where business accounting assistance is critical to... more
Maximise your tax deductions for the 2019-20 financial year by planning and reviewing your records.
Here are some top tips for businesses and individuals when it comes to year-end tax planning:
Small business CGT concessions
Individuals operating a small business may be eligible for capital gains tax (CGT) concessions... more
Advancements in technology continue to digitise our world in many ways, including financially. In recent years, more businesses and events are turning to cashless systems.
Whilst cash still remains popular in businesses dealing in small purchases such as cafes, if you run a business that handles larger transactions then changing to a cashless... more
Making the choice to employ remote workers can enable your business to grow successfully by allowing flexibility and enhancing productivity.
Remote work is becoming an increasingly popular choice for businesses thanks to the ease and accessibility of the internet. The traditional 9 to 5 workday is being replaced by flexible hours that... more
The ATO will be enforcing stricter penalties for employers who fail to meet their superannuation guarantee (SG) obligations.
Penalties have been introduced to hold employers who are unable or unwilling to meet their SG obligations accountable. This includes non-payment, under- payment, or late payment of super contributions to an eligible... more
Fringe Benefits Tax (FBT) is required to be paid by employers who provide non-cash benefits to their staff. Accurate reporting of FBT is something that is consistently on the ATO’s compliance program.
FBT is calculated on the taxable value of the benefits that have been provided to employees. Types of benefits employers must pay... more
Staying on top of record-keeping all year round can save time, reduce stress for small business owners and help to maximise your tax return.
Although record-keeping can seem like a tedious job, it is an essential part of running a business. Good record-keeping makes it easier to meet your tax obligations, helps to manage your cash flow... more
The Instant Asset Write-Off has been extended to 30 June 2020 for assets purchased under $30,000.
The Instant Asset Write-Off affects small to medium businesses with a turnover of less than $50 million a year, allowing business owners to immediately deduct assets costing up to $30,000 which can then be claimed for tax return... more
Single Touch Payroll (STP) is changing the way employers report their workers’ tax and super information to the ATO.
Employers are expected to report information on a variety of areas through software that offers STP reporting or third-party service providers.
Withholding amounts, superannuation liability information, ordinary... more