2018/19 Budget changes that may affect your business.

StuartBusiness Process, General, Super, Tax

2018-19 budget changes affect small business

Reward for work is a dominant theme in this year’s Budget. The seven year personal income tax plan initially targets low to middle income earners before making significant changes to the tax brackets. While there’s much to be said about the complete budget, we’ve reviewed the key highlights that may affect your business. $20k accelerated depreciation extended until 30 June … Read More

GST credits and how you can claim them

StuartTax

Most business owners wonder how to claim GST for their business. Little do many realise that there are three essential elements to claiming a deduction for a business purchase in your activity statement. Check your eligibility If your business turnover is more than $75,000 per year, the Australian Taxation Office requires you to be registered for GST. 542 Tip: Registering … Read More

Has the gift of giving cost you?

CraigTax

Has the gift of giving cost you?

With the silly season behind us, we’re urging small businesses to check they didn’t extend their party invitations and gifts to the tax man. We don’t mean to sound like the Grinch, but it may be worth considering the following when rewarding your employees with gifts or parties at any time throughout the year. Know your Limits It all depends … Read More

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