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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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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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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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The success of your business is in your hand

The success of your business is in your hands. The path to success is a journey you can chart. And you can start right now. Change may be the only certainty in business, but you still need to know where you’re going. To plan for success, write it down or create a visual image of it. Then make sure you print it out, frame it, or put it somewhere so you won’t lose sight of it. This …

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What to do to get ready for the EOFY

There is a lot to deal with at the end of the financial year, and while your tax return may not be due for some months yet, it is good business to get your 2019 records in order before you get stuck into the next tax year! What records do you need to have ready? Have you bought or sold assets? If so, you need full details of acquisitions and disposals. Have you taken out a new …

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Big Changes for Payroll in 2019 with STP

If you are already reporting Single Touch Payroll (STP) to the ATO, there is a different process for issuing payment summaries from now on. Employers usually must provide payment summaries to employees by 14 July. In the STP reporting system, employers must make a finalisation declaration by this date, in order that the employee’s information will be released in their myGov account as an income statement and listed as tax ready. The ATO is allowing additional time, up to 31 …

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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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