Tip No. 1 – Recognise your Strengths and Limitations Many already over-worked business owners spend their valuable time trying to solve business issues themselves, and managed the books. This is obviously useful if it is cost effective to do so. A business owner certainly needs to be an expert on the fundamentals of their business.…
The ATO has announced that it will acquire data from businesses that it visits as part of its employer obligations compliance program during the 2016-17, 2017-18 and 2018-19 financial years. Data collected is as follows : ABN of the payer business ABN of the payee business (or contractor) the name, address and contact details of…
Coming up to Federal Budget time, the expectation among many taxpayers, tax practitioners and their clients is that the tax landscape may be in for a lot of changes. While there is no sure way to be certain what tax reforms are on the way, it is not unusual for “announcements” (not officially made, but…
The Federal Government’s Budget handed down on 3 May 2016 has proposed major changes to superannuation on a scale not seen since the introduction of the Simple Super reforms of July 2007. Most of these changes apply from 1 July 2017 so you have just over a year to plan. The reforms may be modified…
With financial year 2016 almost over, it is time for small businesses (and individuals) to think about year-end TAX PLANNING. Be sure to contact us now for your Tax Planning needs, so action can be taken to minimise your tax position, well in advance of 30 June 2016 …
An employment status that makes a difference If your business is looking to put on more staff, first of all: congratulations. But secondly, a warning. The engagement status of workers is an important distinction – whether they are employees or independent contractors – and has consequences that can get many employers into unforeseen hot water.…
The ATO says it has listened to the concerns of tax professionals, small businesses, industry associations and software providers, and is working towards reducing GST compliance costs for small businesses. “We are reducing the amount of GST information required for the business activity statement (BAS) to simplify GST record keeping and reporting requirements,” the ATO…