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Getting Ready for EOFY Series – Individuals Sole Traders

We all would like to reduce our tax exposure and minimise the risk of an audit by the regulators. This end of financial year update series outlines the actions you can take to do exactly that! This particular blog is targeted for individuals that are Sole Traders. Superannuation Carry forward unused concessional contributions If you have: A total superannuation balance below $500,000 as at 30 June; and Not utilised your entire concessional contributions cap ($25,000) for the …

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Getting Ready for EOFY Series – Trust

We all would like to reduce our tax exposure and minimise the risk of an audit by the regulators. This end of financial year update series outlines the actions you can take to do exactly that! This particular blog is targeted for those that have a Trust entity. ATO focus areas TFN reporting Has your trust lodged TFN reports for all beneficiaries? Trustees of closely held trusts have some additional reporting obligations outside the lodgement of the …

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Get listed on Google & reap the rewards.

If you want information on any subject nowadays you usually ‘google it’! For this reason, it’s essential to make sure your online listing is accurate and up-to-date. It’s easy to claim your free Google listing and update the information that will show up on Maps and Google’s Local Finder, plus you give your business more chance of being found online. Google my business is the easiest way to get found because everyone has it in the pocket …

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Creating a small business budget with ease

Small business budgets are empowering. They give you the knowledge and insight to eliminate wasteful spending and get to profitability faster. Planning for business success with a solid budget When you’re running a business, it’s easy to get caught up in the cycle of busyness day in and day out fixing problems and forget the bigger picture. However, successful businesses invest time to create and manage budgets to regularly monitor finance and performance. Structured business planning can …

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Resistance to change & 8 ways to overcome it

Every business has been on a path to success only to find a sudden roadblock or issue that needs to be overcome. Change can be hard for owners and employee, but if the plan is on track the resistance will be overcome when the pain is too much. Research by Kotter International found that more than 70% of change projects within a business fail. Why is this? The research findings show that employee engagement is the biggest …

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How to prepare and lodge BAS online

When you’re in business and you have to do your own BAS, it can be frustrating. Each quarter, GST-registered small businesses submit a business activity statement (BAS) to the Australian Tax Office (ATO). The BAS will show how much GST was collected from customers, and how much GST was paid to suppliers. This lets the business work out their GST bill or refund, what tax needs to be withheld from payroll and submitted to the ATO, and …

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FBT hot spots for employers and employees

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the key hot spots for employers and employees. Important Issues Crackdown on salary sacrifice calculations Exempt fringe benefits during emergencies Employee contributions by journal entry Motor vehicles – using the company car outside of work Safe harbour for utes and commercial vehicles Car parking – are you really declaring the true cost of parking? The living away from home allowance – the common errors Salary …

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What we are doing to keep your data protected

For us and many of you, the internet is not just an intrinsic part of our lives, it’s integral to how we do business.  We took time out last week to join Harwood Andrews Annual Law Breakfast to ensure we are well informed of how we can stay ahead of technology risks for Business Edge Accountants and we are always looking towards adding value to our clients on sharing what we learn as we all know we …

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Keeping your tax and expenses in check when you are self-employed

Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to understand what expenses you can and can’t claim. This means you’ll keep the right receipts and track the right expenses. Figuring out …

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Updates on single touch payroll – extended to all employers

From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts.  Employers with 20 or more employees have been required to use single touch payroll since 1 July 2018. The new rules push all businesses with employees into the single touch payroll system. …

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