Tax

Type of News

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…

Christmas parties and the tax department

It’s that time of year, the silly season has officially started. So what things do you need to consider in regard to the Australian Tax Office (ATO) when you organise your work Christmas party? There are probably two main areas an employer needs to concern themselves with; Fringe Benefits Tax (FBT) and tax deductibility.  …

Small business wins from personal income tax cuts

Small businesses may benefit from the new income tax laws passed in the Senate in June.  The new legislation means as of 1 July 2018, anyone earning between $19,000 and $90,000 will receive a personal income tax cut. The owners of 1.3 million unincorporated small sized businesses in Australia who earn up to $90,000 will…

Hunter Valley craft beer tax battle brewing

Hunter Valley craft beer tax battle brewing   Boutique home-brewed craft beer producers at Hunter Valley Beer Co, Lovedale Brewery, Hope Brewhouse and Ironbark Hill Brewhouse are being discriminated against by a cost-prohibitive and outdated tax system. This persists despite a burgeoning craft and boutique beer market and a plethora of fresh brewing businesses supporting…