Small employers were required to transition to reporting through STP by 30 September 2019. Hundreds of thousands of small businesses are yet to register and are on the ATO’s radar. If any clients who have not yet commenced using STP the ATO has provided some guidance for these taxpayers encouraging them to contact the ATO … Read more
When we set out on a fishing trip or hike, we always check the weather forecast. It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading. Your forecast will tell you: Whether you have enough sales in the pipeline to give you … Read more
It’s important to be prompt and organised when scheduling appointments, as your clients need to feel important and valued. Having a process and plan to make sure this is happening correctly in your business is essential. 1. Administrator reviews appointments first thing each day. Your first appointment may be at 9am, so you need to … Read more
As the director in a limited company, dividend payments are the usual way for you to take money out of the company – and see a financial return on your investment into the company. Dividends are payments made to the company’s shareholders when the business has made a profit. What’s not re-invested into the company … Read more
Cash vs Accrual Accounting – It’s All About Timing While your accountant may have selected the option for you, you may like to change it or take advantage of it at different times. What’s the difference between cash and accrual accounting? Cash accounting is all about money in and out. Accrual accounting is all about … Read more
From July 1 2019, If you don’t meet PAYG withholding obligations for your workers, by not withholding tax from their payments and not reporting it to the ATO, you could lose your tax deduction. This will apply to income tax returns lodged for the 2020 financial year and beyond. If you withhold tax from payments … Read more
You’re in business, congratulations, that takes courage and commitment. It’s not easy, and at times you might find yourself questioning why you’re even doing it, but you’re here because you had a vision. You decided being in business was a better way to achieve that vision than working for someone else. And, you’re right; you … Read more
With more choice than ever in consumer goods, brands are turning to individuals who will promote products to their large social media fan base. Each new trend is often an iteration of a previous way of doing things. Companies have long used celebrity endorsement to advertise their brands to customers, but influencer marketing is a … Read more
Prepare now for your taxable payments annual report (TPAR) lodgement. Whether you lodge your own report directly with the ATO or if you use our lodgement services, this form is due by the 28th August. There are a number of supplier details required in the TPAR. If you have not kept up-to-date supplier records throughout … Read more
When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption. The question is, what about Uber and other ride sharing services, do they also qualify for the exemption? If Uber is … Read more
