Tax

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Differences between BAS and IAS

Running a business comes with a lot of financial responsibilities, and as a business owner, you’ve probably come across terms like BAS (Business Activity Statement) and IAS (Instalment Activity Statement). While they may sound similar, understanding the differences between these two statements is crucial for maintaining compliance and staying on top of your tax obligations. […]

Maximise Efficiency with Tax and Super – Join the ATO’s Webinars

As a business owner, it’s important to prioritise good planning and spend your time wisely to focus on areas that can help your business succeed. The Australian Tax Office (ATO) recognises this and is offering two webinars in January and February to help streamline processes and improve profitability. The first webinar, “Connecting Online with the […]

Employee Benefits with Electric Cars – A Tax-Exempt Option for Employers

Electric cars have been gaining popularity due to their eco-friendly nature and lower operating costs. As an employer, you now have the option to provide electric cars to your employees as a tax-exempt benefit. Previously, employers were required to pay Fringe Benefits Tax (FBT) on electric cars provided to employees, but as of July 1, […]

Apply for your director’s ID before it’s too late!

Director of companies in Australia have until the 30th of November to apply for their director’s ID number. Failure to obtain a director ID before the cut-off day is an offence under the Corporations Act 2001 and can result in heavy penalties of up to $13,200 criminally or $1,100,000 civilly. In the case of intending […]

What you need to know about the MyGov update

If you have logged into your MyGov account recently, you may have noticed it has changed, and we’re pretty happy about it. The brand new interface makes it much easier to navigate, it has some great new features and all the government-related information you need all in one place! We’ve also noticed it runs a […]

Top tips to get you through tax-time

Tax time is a busy, stressful time of year for business owners. You’re busy with the day-to-day demands of operating your business and then have to add the additional challenge of preparing for the end-of-financial year. During this labour-intensive time, it’s important to take care of yourself and prioritise the well-being of your staff members. […]

Important changes to fuel tax credits

Generally, GST-registered businesses are entitled to a credit for most types of fuels acquired. This includes for use by vehicles and certain non-vehicle uses, such as for plant and machinery. Exclusions include aviation fuel and the fuel used by vehicles weighing 4.5 tonnes or less travelling on public roads. The exclusion means, for example, that […]

Are you tax-return ready?

Leading up to the end of financial year it’s a good idea to brush up on your tax knowledge. Here’s a little quiz to test your knowledge to see if you’re tax ready. The TestAre the following statements True or False? Cash, cryptocurrency, online sales, capital gains and income from the sharing economy are all […]

COVID-19 tests tax deductions

One expense many companies will be dealing with this year is the purchase of COVID-19 RAT tests. Fortunately, COVID-19 tests purchased from 1 July 2021 for work purposes are tax-deductible. Anytime you have provided, or reimbursed, the cost of COVID-19 tests for your employees you will able to add it as a tax deduction. If […]

Motor vehicle expense claims

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. […]

Withholding employee tax

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 […]

The ATO’s advice on getting your tax returns right

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 […]

Grants and Tax

A common misconception is that government grants and payments are not eligible for tax. Although technically not thought of as ‘income,’ most grants and payments will still need to be detailed in your tax return. With taxable government payments such as JobKeeper now becoming commonplace, it’s important to understand what is and isn’t relevant for […]

Tax scam warning

The ATO has warned taxpayers and businesses to be extra vigilant to guard against scammers throughout the COVID-19 pandemic, pointing out that scammers often work to steal your money and identity while you’re most vulnerable. “Life’s busier than ever for small business owners. Scammers hope you’re too busy to check what they’re saying so you’ll hand over your […]

Tax deductions now disallowed for non-compliant payments

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 […]

You might be getting a call from the ABR

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 […]

What does the minimum wage increase from 1 July mean for employers?

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 […]

$30,000 instant asset write-off

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 […]

Single Touch Payroll

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 […]

2019 Business Resolution Tips from the ATO

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 […]