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 […]
After many changes in light of the ever-evolving COVID-19 situation in Australia, most of us have finally gotten our heads around JobKeeper, JobSeeker, and JobMaker: JobKeeper to help employers subsidise wages and keep their employees in work, JobSeeker to financially support those looking for jobs, and JobMaker to provide financial incentives to employers to create […]
Early withdrawals of superannuation funds have been fairly uncommon in the past, but with many anxious about the security of their jobs and income, the Australian Taxation Office has seen an increase like never before. Currently under review by the ATO are approximately 1,900 applications for early Super access, of which around 1,700 are flawed. […]
COVID-19 has seen all of us confronted by an ever-changing nation, with restrictions and government support looking different from one day to the next. Bookkeepers and accountants have also found their roles and relationships with their clients are looking very different than before. All around the world bookkeepers and accountants have taken on the role […]
We’ve all heard a lot about Jobkeeper and the increased funding to Jobseeker, both government responses to the job losses resulting from the pandemic. However, less has been discussed about Jobmaker. Jobmaker was created as an incentive for employers to create new roles, with government contributions to these employees’ pays, keeping more Australians working as […]
It’s been well-publicised that COVID-19 has forced some businesses to adapt the way they work, while it’s completely destroying others. 2020 has not discriminated between businesses small and large, and in many ways – it’s been business owners who have suffered the largest consequences as a result of lockdowns. However, lesser discussed are the ways that […]
The Australian Tax Office, like many of us, are preparing to take some time off during the festive period. Their offices, social media channels, and contact centres will all share the following closure times: CLOSED FROM: 12 noon, Thursday 24 December 2020 OPEN FROM: 8 am, Monday 4 January 2021 For any tax-related information you may […]
Understanding what public holidays mean for you if you’re an employer or an employee can be a little bit confusing. Often they vary from state to state, and the entitlements can become a bit unclear. The Fair Work Ombudsman has released a comprehensive guide to public holidays, including a list of public holidays, and what working or not working […]
There’s no doubt that Coronavirus has brought trying times to everyone. However, at the heart of adversity have been small business owners nationwide. The Australian Tax Office have released a new article to their website noting that “running a business in times like these can add stress which may affect your mental health.” There are […]
Read More… from ATO recommends that small businesses seek support
You’ve heard it before: Doing your own bookkeeping, payroll and accounting can result in costly mistakes. For The University of Newcastle, payroll mistakes have cost $6 million in errors over a six-year period. These errors were results of the mismanagement of “overtime, span of hours, minimum engagement and meal allowance provisions.” Read more Worried you might be making mistakes? […]
Read More… from Payroll discrepancies costing businesses millions
Several accounting bodies across Australia and New Zealand have banded together to advocate the mental health first aid upskilling for accountants working with small businesses. This comes off the back of last year’s $1 million grant through the National Health and Medical Research Council who were developing mental health training material. These organisations believe this […]
Read More… from Accounting bodies unite for mental health training
This year’s budget has been the most highly anticipated we can remember. COVID-19 has not only made itself known in our lives and health system but made an unprecedented impact on the Australian economy. This impact, while sure to be felt for years to come, has been reduced by the government’s quick responses, and this […]
When it comes to doing the bookkeeping yourself, the scope for making errors is endless. This isn’t because people doing their own bookkeeping are hopeless – it’s simply because as a business owner, there’s often just too much to manage. These are some of the most common mistakes that are costing Australian businesses: Losing track […]