Type of News

EOFY – Keeping it together!

The end of financial year is fast approaching. End of financial year doesn’t just mean ensuring the books are in order, tax returns and planning for the new financial year ahead. Here is our small business checklist to get you through end of financial year. Keep it Together! Make sure your documents are organised, and…

EOFY, get your expenses right!

  In the wake of the COVID-19 pandemic and the recent drought and bushfire crisis, people are being urged to be on the front foot leading up to tax time. The Australian Taxation Office (ATO) is preparing for a massive task and is taking a range of additional measures to help businesses process tax returns…

Micro Businesses and Single Touch Payroll

By now most people have heard of Single Touch Payroll (STP). If not, it’s a relatively new process that requires businesses to report employee earnings and superannuation to the Australian Tax Office (ATO) each pay period via an online report. This has been rolled out progressively since 1 July 2018 for large businesses, and 1…

Government delivers support in response to COVID-19

The Australian Government has announced a $17.6 billion economic plan to keep Australians in jobs, keep businesses in business and support households and the Australian economy as the world deals with the significant challenges posed by the spread of the coronavirus. The targeted stimulus package is focused on keeping Australians in jobs and helping small…

Working from home or running a home based business – the tax implications

In Australia nearly 1 million people run a business from their home. But how does running a home based business differ from working from home? What does it mean for you in terms of tax deductions and potential capital gains tax?     Running a business from home means you have set up a small…

A clean tax record is required to tender for major government contracts

Clean tax record required for government tender bids

New rules require companies to prove they have a clean tax record when tendering for major government contracts.   Australian Small Business and Family Enterprise Ombudsman Kate Carnell welcomed the change, but said more needs to be done to protect small businesses subcontracted to these projects.     What do the new rules involve? From…

Tax apps saving time and money

Keeping track of your finances in a small business can be a full time job. Tools that make this less of a headache can save you time and your sanity at tax time. There are numerous receipt scanning apps out there that can do a range of different things.     Some apps just take…

The ATO are targeting businesses illegally trading in cash

ATO targeting cash economy

The cash only, or black economy, is widespread in Australia. It was thought that it would be all but eliminated through the introduction of the GST, but it’s as prevalent as ever. While many think of it as a victimless crime, the Australian Taxation Office (ATO) understandably has a vastly different perspective. From 1 July…

Beware of EOFY scams purporting to be from the ATO

ATO scams

The end of financial year (EOFY) is looming and that means…a new round of scams. As account departments and small business owners’ ramp up to finalise their EOFY accounts and compute their group certificates, cybercrime also increases.     According to the Australian Competition and Consumer Commission (ACCC) Australian business reported more than 5800 scams…

pay rise of $21.60 will apply to the minimum wage

1 July: Minimum wage up, penalty rates down, STP starting

It’s ‘all happening’ on 1 July 2019! First there’s the much touted rise to the minimum pay rate, plus further changes to some penalty rates, and the beginning of the mandatory Single Touch Payroll (STP) system for small businesses who employ fewer than 20 staff. Minimum wage increase The Fair Work Commission has announced a…

Single Touch Payroll

Say goodbye to group certificates

Since July 1, 2018 businesses with more than 19 employees have been required to report their employees’ wages/salaries, tax and super to the Australian Taxation Office (ATO) through Single Touch Payroll (STP). From July 1, 2019 this will now be extended to include businesses with 19 or fewer employees. Once the changeover has been made…

When should I register for GST?

The goods and services tax (GST) is a broad based tax of 10% on most goods and services. A small business or sole trader must register for GST once they have an annual turnover of $75,000 ($150,000 for not-for-profits). However, this isn’t the whole story. GST registration – the nitty gritty If you aren’t registration…