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 makes bookkeeping easier:

• Keeping all records (tax invoices, stocktake records, a list of creditors and debtors, wages records, Superfund contributions) that are relevant to your business’s tax and super affairs

• Safely storing your records in a way that protects them from being changed or damaged

• Keep records for five years

• To be able to show the Tax Office your records if we ask for them

• They must be in English or easily converted to English

 

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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. Many conditions have applied in the several phases of applications, with the ATO receiving heavy criticisms around encouraging people to access their funds based on self-assessment rather than comprehensive income checks.

 

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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 a result.

While there are conditions to the scheme, it’s worth finding out if Jobmaker can benefit your business.

Read more, or get in touch with us to see if Jobmaker could benefit you.

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 need from them during this time, visit their website.

 

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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 a few things they’d like small business owners to keep in mind:

• It’s never too late to ask for help from the ATO or your registered tax or BAS agent.

• Payment plans, deferred lodgements, and fast-tracked returns are all possibilities.

• Whether or not you’re a new business owner, or you’ve been in the game for a while, their range of tools and services will offer you support to identify and rectify struggles.

Check out the resources