3 Ways to manage ATO debt before it’s too late

StuartTax

With small businesses accounting for $12.5 billion in overdue tax, it’s no surprise the Australian Tax Office (ATO) is reprioritising tax debt in order to balance the budget. From 1 July 2017, small businesses will risk outstanding debt being disclosed to credit agencies. While the measure will only apply to those businesses with an Australian Business Number and tax debt … Read More

Wrapping up the year that was and looking toward 2017 and beyond

CraigGeneral, Super, Tax

As we round out another year, we’re excited by what 2017 holds for business. There’s change in the air and it only means good things for you. Looking back at the year that was, there are 5 significant changes that occurred this year that will shape 2017 and beyond for you.   Small business and company tax breaks The Government … Read More

Spotlight on Payroll: The what, the how and the when of Payroll Tax

StuartTax

As we round out the last half of the calendar year, we thought we’d talk Payroll. We always get a lot of questions about Payroll, so our October blogs will cast a spotlight on Payroll. This week we’re talking Payroll Tax: What it is, how to find out if you’re liable to pay it and when. What is Payroll Tax? Payroll … Read More

A step-by-step guide to activating your ATO Business Portal

StuartBusiness Technology, Tax

As the ATO moves to become digitalised, businesses can now access the ATO’s Business Portal. The Business Portal is a safe, secure website where you can manage your business tax affairs to: View past and yet to be lodged Business Activity Statements (BAS); view your statement of account and payment options; request a refund or transfer of funds between accounts; … Read More

EOFY TO DOS: How to prepare an employee payment summary

StuartBusiness Technology, Cloud Accounting, General, Tax

Under pay as you go (PAYG) withholding, you must give each of your employees a payment summary showing the payments you have made to them and the amounts you withheld from those payments during a financial year. Preparing your employee payment summaries in Xero If you’re on Xero, providing your employees with their payment summaries and submitting them to the … Read More

BUDGET 2016/17: A Budget Of Targets

CraigGeneral, TaxLeave a Comment

As the Treasurer foreshadowed, this is a budget of targets – a big, long-term crafted budget designed to give enough pre-election glow but with structural measures to reign in spending and reduce concessions. Highlights included: Company tax rate reduced to 25% over 10 years Increase in tax discount for unincorporated small business to 16% over 10 years Small business entity threshold increase … Read More

Data matching: how you can avoid a fine from the ATO

StuartTaxLeave a Comment

Surprisingly to some, our tax system is based on a self-assessment model, where the ATO relies on everyone submitting the information it needs to work out how much tax we pay. Generally the Tax Office doesn’t check the figures on everyone’s tax return – that would be virtually impossible! So by default, the data we provide is accepted as relevant … Read More

Top 5 Tax Considerations for Small Business in 2015

CraigTaxLeave a Comment

We’re coming to our most favourite time of year! Tax time! (Not really, but as accountants most people generally assume we’re pedal to the metal). But at 542 it’s pretty much business as usual. We’ve been discussing tax planning with our clients over the past 12 months. Sure, we’ll give them a gentle reminder to pay super contributions before 30 … Read More

BUDGET 2015/16: The ‘Have A Go’ Budget

DarnelleGeneral, TaxLeave a Comment

As the Treasurer foreshadowed, this is a highly targeted budget with most spending measures targeting productivity gains. Highlights included: Tax rate for small businesses (under $2m turnover) cut to 28.5%. Franking credits still deemed to be 30%! 5% discount (paid as a tax offset capped at $1,000 per person) for individuals who receive business income as sole trader/partnership/trust. $20k asset … Read More