Essential tasks for the end of financial year
End of the financial year is an important time for small businesses, completing bookkeeping, tax returns and planning for the new financial year. Putting the hard work in each financial year can help you get your business organised and work smarter in the year ahead. Also consider planning for the end of year as well. […]
Read More »
Scammers impersonate ATO phone numbers
The ATO is warning that scammers have adopted ‘Robocall’ technology to target taxpayers across the country. Assistant Commissioner Gavin Siebert said: “Scammers are sending pre-recorded messages in record numbers and are manipulating caller identification so that your phone displays a legitimate ATO phone number despite coming from an overseas scammer”. “If the scammers do make contact, […]
Read More »
New industries entering the taxable payments reporting system
The ATO has reminded businesses that provide road freight, information technology (‘IT’), security, investigation, or surveillance services that they need to lodge a Taxable payments annual reports (‘TPAR’) each year to tell the ATO about the payments they make to contractors who use an Australian business number (ABN) (even if these services are only part of […]
Read More »
2019/20 Budget Update
The Government handed down the 2019/20 Federal Budget on Tuesday 2 April 2019. Some of the important proposals include: – Increasing and expanding access to the instant asset write-off from 7:30pm (AEDT) on 2 April 2019. (i.e. ‘Budget night’) until 30 June 2020, as follows: Increasing the instant asset write-off threshold from $25,000 to $30,000. […]
Read More »
Federal Election called!
The Federal Election has been called for Saturday 18 May 2019, and the Governor-General has ‘prorogued’ the Parliament from 11 April 2019 until 18 May 2019, and dissolved the House of Representatives. The election will also be for half the Senate. As a result, all outstanding Bills have also lapsed (so any measures not yet […]
Read More »
FBT issue on the ATO’s radar
The ATO has updated its list of ‘What attracts our attention’, with six items the specifically relate the fringe benefits tax (FBT), as follows: Failing to report motor vehicle fringe benefits, incorrectly applying exemptions for vehicles or incorrectly claiming reductions for these benefits. Incorrectly calculating car parking fringe benefits due to: significantly discounting market valuations; using […]
Read More »
Good habits begin at home
Many of the routines and lessons that we learn as kids stay with us into adulthood. In today’s digital age, it can be difficult for kids to grasp the concept of money when it’s not in the tangible form of notes and coins. The increase in ‘tap and go’ payments, internet banking and online shopping […]
Read More »
Benefits of early return to work
When a worker is injured at work, it doesn’t always mean they need time off work. Getting back to work is an important step in recovering from a work-related injury and means a worker can return to a normal life, often reducing the financial and emotional impact on them and their family. Returning to work […]
Read More »
Are your payslips compliant?
Did you know that the Fair Work Act has particular requirements in terms of what information should be included on a pay slip? Do you know if your pay slips are compliant? Employers have an obligation to pay their staff on time, but many fail to provide pay slips on time. It is a requirement […]
Read More »
Common questions about Super
When can you withdraw money from your Super? You can withdraw money from your superannuation when you reach preservation age, which is anywhere between 55-60, depending on when you were born. A key point to note is that the preservation age in increasing to 60 by 2024. Once you have reached the preservation age and […]
Read More »