The Australian Taxation Office (ATO) is making changes that will impact small businesses that have a history of non-compliance with their GST reporting. From 1 April 2025, the ATO will transition certain small business taxpayers from quarterly to monthly GST reporting. This shift will apply to businesses with a track record of late payments, missed … Read more
As of 1 January 2025, Australian businesses will face significant changes to wage theft legislation. Employers who deliberately underpay workers or fail to meet their obligations under Fair Work laws could face severe penalties, including fines up to $7.8 million and jail time of up to 10 years. These reforms mark a major shift in … Read more
2025 brings an election, rising cost-of-living pressures, and key legislative changes. Find out what Australian business owners need to know to stay ahead, from tax updates to economic forecasts
The festive season brings both opportunities and challenges for small business owners. While the cost of living has slightly eased, many households are still feeling the pinch. For businesses, the key to navigating this period is careful planning and strategic decision-making. Here’s how you can manage the volatility and make the most of the Christmas … Read more
Picture this: You log into your myGov account, only to discover that your activity statements for the past year have been altered, and GST credits of $100,000 have been issued. But you didn’t receive any such refund. What happened? Unfortunately, this scenario is becoming more common. Scammers are targeting myGov accounts, changing bank details, and … Read more
As we look ahead to 2024-25, the business environment is likely to be shaped by several key factors, from tax changes to economic forecasts. Here’s what you need to know to stay ahead: Personal Tax and Superannuation Changes Tax Cuts: From 1 July 2024, personal income tax cuts came into effect, impacting individual take-home pay. … Read more
This article covers the 2023-24 financial year. The instant asset write-off threshold and the eligibility rules are set year by year and have changed since. Before you rely on any figure below, check the current position on the ATO’s instant asset write-off page, or ask us what applies to your business this year. The Instant … Read more
With the rise of remote work, many individuals are looking to claim home office deductions on their tax returns. The ATO has provided clarity on how to approach these claims, focusing on two primary methods: the Revised Fixed Rate Method and the Actual Cost Method. Here’s what you need to know. Understanding the Revised Fixed … Read more
Due 28 August every year If you are in building and construction and you pay subbies, you probably do. The report itself takes ten minutes. Making sure it is not quietly missing half your contractors is the part nobody writes about, so that is what most of this page is. Am I even in scope?Or … Read more
As tax season approaches, it’s essential for businesses and individuals to be aware of the Australian Taxation Office’s (ATO) key focus areas. Understanding these hot spots can help you stay compliant and avoid potential audits. This comprehensive guide will provide you with detailed insights into the ATO’s primary areas of scrutiny for 2024 and how … Read more
