Tax is one of the most important challenges facing small, growing businesses. The impact of the pandemic brought changes on the business structure of many. Despite these challenges, opportunities are still existent to reduce taxes. Review bad debts Take time to review and assess outstanding debts if they can be… read more →
Before answering whether you should get an SMSF today or save it for later, it’s worth enumerating the benefits and its possible drawbacks. But first, let us briefly discuss what an SMSF is and why more Australians are setting up their own self-managed super fund. Understanding what an SMSF is… read more →
Its a really challenging time at the moment for all but no doubt we will all come out stronger at the other end. For some of us this means working from home – while keeping their kids from going crazy! Social distancing is an important part of us staying… read more →
Resource: Accountants Daily The Tax Office has repeated its focus on foreign income this tax time, warning practitioners that they may be contacted if certain red flags crop up. The ATO will be paying close attention this tax time on taxpayers correctly reporting all sources of foreign income on their… read more →
Resource: Accountants Daily Black economy behaviour is contributing heavily towards the $11.1 billion small business tax gap, making it over six times larger than the large corporate tax gap, prompting the ATO to caution accountants on their due diligence. The small business tax gap currently stands at 12.5 per cent,… read more →
Did you know? On 30 May 2019, the Fair Work Commission (FWC) has declared a 3.0% increase to minimum wage effective from the first full pay period on or after 1 July 2019. New National Minimum Wage The enactment of the 3.0% percent rise on the minimum wage rate will… read more →
From the 1st July 2019, employers who do not comply with their PAYG Withholding obligations will be denied of their tax deductions. What business owners needs to know: Among the prevalent law changes administered by the Australian Tax Office (ATO) is the streamlining of our payroll process via Single Touch… read more →