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Your taxable payments annual report (TPAR) is due soon

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 the year, start updating your records now to ensure timely TPAR lodgement. Things to review before finalising your TPAR: Make sure you …

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Weird deductions and FBT issues with Uber style ride sharing

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 considered to be a taxi for GST purposes, that is, all drivers need to be registered for GST and charge GST as …

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Your business can accept no more the $10,000 cash

Why the Government does not want your business accepting cash payments of $10,000 or more From 1 January 2020, the Government intends to restrict the value of cash payments a business makes or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison and/ or $25,200*. Payments of $10,000 or more will need to be made electronically or by cheque. We’ll, easy enough you say, …

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Confusion over personal income tax changes

Personal income tax changes – what are you really entitled to? The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how they can access the $1,080 they now believe is owing to them. What changed? From 1 …

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Client meetings, coffee or a catch up… is it deductible?

Do you meet with clients You go out and meet at the cafe for lunch, coffee or otherwise, it always comes up, I can claim this, its a client and a work meeting. But this is not always the case, and you may want to avoid the dreaded “entertainment” expense tag that might mark it as non-deductible. We often get queries about claiming expenses for when we meet with clients/customers at external venues eg cafes–meals, travel etc. …

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Put the customer at the centre of your business to drive sales

A starter’s guide to selling relevantly Advances in technology have impacted the way customers research products and services, and how they shop. Customers have often done their homework and researched all the various options available, and as a result, they think they have all the answers. They will confidently walk into your business telling you that they already know what they want. For those who are customer facing, you may be wondering: how do I actually tell them …

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12-steps for hiring employees, the basics

Hiring employees can be extremely time-consuming, but it’s important if you want to grow your business. If you get the process right, you’ll ensure you hire the right people. And if you look after your employees, they’ll stay with you longer and your business will perform better. Here are 12 steps to follow in your next hiring process: Create a clear job description Determine who is doing the recruiting Ensure each employee has a Tax File Number …

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tax planning for directors

Paying tax is something you’re likely to see as a necessary (but not hugely enjoyable) part of running your business. But are you doing enough to plan your own personal tax liabilities? As a director, you’ll pay your income tax annually on a self-assessment basis. But there are plenty of ways to make this a less costly and onerous task to complete. Planning ahead when it comes to tax By taking a forward-looking approach to your own …

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2019 Financial Statements & Business Tax Returns Year End

To assist us in preparing your 2019 Financial Statements and Income Tax Returns, we have a Year End Questionnaire here. It is important that your records are complete and that any supporting documentation is included before forwarding to us. Filling in the questionnaire will help you identify transactions and any accounting issues that may arise as a result. Please fill in the questionnaire to the best of your ability and don’t forget to sign it!  If you …

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Self-employed, keep your Tax and expenses in or for your Tax Return

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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