Being targetted by scammers can happen to anyone – so it’s important to educate yourself on how to spot warning signs, and how to get help if you believe you’ve been scammed. With so many platforms and unlimited technology available for scammers to compromise, staying one step ahead of scamming trends is the best way […]
As the end of the year approaches, it’s easy to relax into holiday mode. However, there are still some important dates to remember! Write these dates down before you put up the Christmas tree. 22 November 2021 October monthly BAS due 29 November 2021September quarter SG charge statement due 21 December 2021 November monthly BAS […]
If you want to stay up to date with Phase 2 of Single Touch Payroll, you can register for webinars with the ATO. Webinar sessions will be hosted by specialists throughout October, touching on various topics and considerations you may have. You still have time to register for the following session: Friday 22nd October 1:00-2:30 […]
If you run your business as a sole trader or in a partnership from home, you may be able to claim more expenses than you think. If home is your main place of business, expenses such as electricity, cleaning and depreciation of your business assets are all up for deductions! The ATO cite the following […]
MYOB is a user-friendly accounting software platform designed to make running your business easier. They provide solutions for small and large businesses across Australia and New Zealand. MYOB provides insights that allow you to make data-driven decisions and gauge how healthy your finances are. MYOB has four accounting plans to choose from, as well as […]
Do you pay for or reimburse your employees for expenses such as gym memberships, office items, or phone and internet costs? If so, you may be providing a fringe benefit. The ATO provides webinars for small business owners on various topics, including what providing fringe benefits means for you. You can read more on the […]
If you’re a business owner, you’ll undoubtedly benefit from our professional bookkeeping and accounting services. You’ll benefit even more if you come to us with everything in order! QuickBooks is an excellent solution for keeping things organised, rather than trying to maintain a DIY paper filing system or trying to scramble records together right before […]
Will you be claiming motor vehicle expenses? Doing so can be tricky, especially if you use your car for both personal and business purposes. The ATO has provided a comprehensive fact sheet around claiming motor vehicle expenses as a business owner. Registration, fuel, loan interest, and servicing are all among the costs you can claim. […]
If you’re a small business owner, chances are that you’ve had many people ask you whether you use Xero. Xero is the user-friendly software employed by business owners to perform bookkeeping and accounting tasks. Xero’s capabilities include: Submitting and calculating company expenses Submitting detailed timesheets and managing payslips Calculating leave balances and applying for leave […]
Are you unsure about the amount you should be withholding from your employees’ wages for tax contributions? Making sure you withhold the right amount of tax is the most important way of ensuring that your employees’ EOFY requirements are met, and they aren’t left owing the ATO money. You can work out how much tax […]
In this return of harsh lockdowns and uncertainty, we’re here for you. The COVID-19 Delta variant’s arrival has impacted a huge amount of business, both big and small. While some support for employers is available, it can be difficult to find unless you speak to a professional. We’re constantly staying informed with the latest in […]
Last month we spoke about the consequences of avoiding payroll tax for employers. However, if you’re an employer, it’s equally important to make sure that you’re paying your employees’ super on time. Missing the due dates for superannuation contributions results in extra fees for your business, such as a ‘super guarantee charge.’ Learn more […]
Read More… from Consequences for employees making late super payments
With all that has happened surrounding COVID-19 since 2020, it’s easy to forget what came before. Bushfires in Australia were a devastating result of the drought that continues to plague some of us. The result of this is increased financial pressures – but if you’re an eligible small business, the ATO may be able to […]
Read More… from Those impacted by drought set for government assistance
Avoiding mistakes in your tax return is important. Part of getting your tax return right is consistently maintaining all your records – something we can help you with. The ATO cites the following as the most important things to do: Declare all of your income accurately, including capital gains. Record what funds have been taken out […]
Read More… from The ATO’s advice on getting your tax returns right
When you’re an owner, a shareholder, or director of a company, it’s easy to blur the lines between your company as a “separate legal entity” and yourself as a person. It’s important to remember that company money cannot be used flippantly for personal transactions, as the funds belong to the company, not you. The Australian Tax Office requires that all […]
Account Daily’s article warns business owners of the increased penalties associated with avoiding payroll tax payments. Points to note from the article are as follows: Penalties to increase by 400% Penalties include jail time and fines of up to $110,000. Revenue NSW may ‘name and shame’ offending businesses. This information is to be made available to Fair […]
Due to the mounting needs of the workforce created by COVID-19, the end of JobKeeper was extended from September 2020 until March 2021. However, this still will come as a blow to several employers and employees who have relied on government funding for almost a year. The JobKeeper program is set to officially end with […]
Melissa Caddick was last seen in November and disappeared after accusations against her emerged about financial misconduct. Her case is one that has captivated the nation – not just because she is a missing person with evidence of her ill fate being found, but because her crimes are ones we’re all afraid of. Although she […]
In a year from now, the Single Touch Payroll system will enter its second phase of growth, requiring further information to be provided. The increase in providing information to the Australian Taxation Office means that you will no longer be required to issue it to additional government agencies, as is the case currently. This means […]
We’re on the wrong side of mid-February, so everyone has run out of excuses as to why they haven’t implemented the fresh, new accounting habits they’d promised themselves. You can find out what sort of shape your record-keeping systems are in by using the record-keeping evaluation tool provided by the Australian Tax Office. Here’s what they say […]