Use our income tax calculator as a guide to how much tax you might have to pay. […]
In August, three tax practitioners had their registrations terminated for five years after breaching the Code of Professional Conduct. Their offences included failure to: act honestly and with integrity, having falsified supplier invoices and personal bank statements lodge a personal income tax return and quarterly activity statements by their respective due dates and pay a […]
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As of 1 July 2019, you can no longer claim a tax deduction for a worker payment if you failed to comply with PAYG withholding and reporting obligations. Payments can include: employee salary, wages, commissions, bonuses or allowances directors’ fees labour-hire arrangements contractor services (except supply of goods and real property) where no ABN was […]
Read More… from Tax deductions now disallowed for non-compliant payments
There are almost 8 million active Australian Business Number (ABN) holders in Australia. Last month, the Australian Business Register (ABR) began contacting a randomly selected sample in order to measure the ABR’s data quality. If you’re contacted, you will be asked to confirm your business information and discuss your understanding, usage and experience of the […]
Any employer can hire a working holiday maker, especially when they need labour for a short period. Working holiday makers will hold a Working Holiday visa (subclass 417) or Work and Holiday visa (subclass 462). If your new employee has ticked the box on their TFN declaration that they’re a working holiday maker there are three […]
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The main difference between cash and accrual (non-cash) accounting is timing. If you record revenue or expenses when you pay and receive money, you’re using cash-basis accounting. This is the simplest method and is suitable for most smaller businesses who handle cash transactions. It can only be used if your aggregated turnover is less than $10 […]
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Do you have suppliers who don’t have or provide you with their ABN? In this scenario, you are required to withhold 47% from their payment and send the withheld amount to the ATO. However, some suppliers are not required to quote an ABN and can use a Statement by a Supplier to justify why payment should not […]
Read More… from Statement by a Supplier – What to do if your supplier doesn’t quote an ABN
A Taxable Payments Annual Report (TPAR) tells the ATO about contractor payments for services. This includes subcontractors, consultants and independent contractors who could be either sole traders (individuals), companies, partnerships or trusts. You may be required to lodge TPAR by 28 August if your business provides: building and construction services cleaning services for contractor payments […]
This month saw a 3% increase to the national minimum wage and the modern award minimum wages, lifting it to $19.49 per hour. This is slightly below last year’s increase of 3.5%, due to a recent dip in the economy. The 3% increase applies to any employee who gets their pay rate from: the national minimum […]
Read More… from What does the minimum wage increase from 1 July mean for employers?
Are you thinking of purchasing assets for your business? In a recent move, the government has increased the instant asset write-off from $25,000 to $30,000 for businesses with a turnover of less than $50 million. This means if you purchase an asset (new or second hand) costing less than $30,000 and it is used or […]
On February 12, the government passed legislation that requires even the smallest of employers to electronically file each pay run with the ATO using Single Touch Payroll (STP), starting from 1 July this year. What you need to know If you’re reporting through STP you no longer need to: Provide payment summaries to your employees […]
Did you know that the Australian Tax Office (ATO) is set to focus on small business tax returns this year, in order to crack down on the misreporting of income and expenses? Make sure you know exactly what type of business expenses you can claim by following these three golden rules. The expense must have […]
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Mez has been a valued member of our team at CCBB&P since June 2018. Mez has a Certificate IV in Bookkeeping, and is fantastic at organising books for existing businesses. Do you have messy books? Mez specialises in creating clean slates! Prior to joining the team, Mez worked in the pharmacy, fitness and construction industries. […]
Did you know that the Australian Taxation Office (ATO) has put out some business resolution tips that we concur with? We know that resolutions often quickly go out the window, but at CCBB&P we can help you to actually achieve them with as little effort and time as possible. On the top of the ATO’s […]
Happy New Year and welcome to 2019! We hope you had a chance to rest and enjoy the festive season with your family and friends, and that you are ready for another year. CCBB&P’s plans for 2019 At Central Coast BAS, Bookkeeping and Payroll (CCBB&P) we aim to continue to provide high quality services to […]
The background If you have valuable, skilful staff working on administrative tasks instead of focusing on your business, then your organisation isn’t concentrating efforts in the most efficient ways. The first step to alleviating those tasks is to define them, and here are the most important parts of the process: Conducting and analysing transactions Managing […]
We would like to take this opportunity to wish all our existing and future clients a very happy festive season. We hope you have a chance to rest and recharge, and we wish you a prosperous and happy new year. We look forward to helping you with all of your bookkeeping needs in 2019! Best […]
The Australian Taxation Office (ATO) has introduced single touch payroll requirements. For businesses with ‘20 or more employees’, it became a requirement on 1 July 2018. For businesses with ‘19 or less employees’ it is required ‘from 1 July 2019’. It means that pay, tax, and super information will automatically need to be reported to […]
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