Blog

On 31 March 2021, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits as a result of COVID-19, the ATO will be reviewing whether all employers who should be paying FBT are paying it, and that they are paying the right amount.

On 13 September 2020, the Victorian Government announced the Small Business Digital Adaptation Program, to help Victorian sole traders, micro and small businesses adapt to a digital operating environment.

Accounting is a necessary and important part of running a small business, and it's important to understand the vocabulary used when managing your books.

Recently we’ve been focussing on asset protection and estate planning for all of our clients. A key part of that is to ensure that you maintain control of any companies you are a Director of if you are incapacitated in any way, or if you die.

With changing law and changing technology, it is important that a company's founding document – its Constitution – continues to be compliant, meets the requirements of its daily activities and is written in plain language.

While working from home may be a dream for some, switching from a structured office environment to the comfort of your own home can be challenging in surprising ways. Learning how to work from home is important if you want to be efficient and effective at your job, so we've compiled some tips to help you stay productive while working from home.

No matter the size, industry or successfulness of your business, you need a bookkeeper to manage your financial accounts. Beyond the convenience of managing day-to-day finances, a good bookkeeper keeps your business on track and gives you visibility over your business’ cash flow.

Don't get caught out - here are the due dates for income tax returns, activity statements, superannuation contributions and STP reporting.

This has probably been the most difficult year ever for business owners due to the impact of COVID-19. This makes Tax Planning for 2020 and key actions before 30 June more important this year than for any previous year.

With the ATO looking more diligently than ever at work-related deductions, it's vital to understand exactly what expenses you can claim. Travel expenses are often contentious - read on for more information on what expenses you can claim, and what evidence you need to keep to claim them.

As a business owner, there’s one key thing you need to totally focus on now – keeping your business alive during these difficult times. It’s not all doom and gloom either – withstanding the tough times sets a business up to be a fast turning cash flow business when everything bounces back in a positive way in the future.

With the end of the Fringe Benefits Tax (FBT) year looming on 31 March, businesses are being urged to review their FBT position.

The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.

Staying on top of cash flow is critical for every business and the biggest cause of cash flow issues are late payments. An Australian Small Business and Family Enterprise Ombudsman Inquiry revealed that more than 40% of small businesses spend over 12 days each year chasing unpaid invoices. This means that payment delays can impact your business’...

After the Royal Commission, banks are restricted with their lending abilities, so don't expect to get finance approved simply because you have in the past. There's some fairly strict criteria you have to meet, so if you contact us in the early stages of applying, we can help you ensure that you'll meet them.

Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business. To do this, you can increase your customers, find new markets, develop new products or services, and improve profit.

As a trustee of a self-managed super fund (SMSF), you are ultimately responsible for your own retirement savings and as part of this, you as trustees are required to consider how you manage your fund assets. As such, you are required to regularly review your fund's investment strategy.

When hiring a new worker, you must check if they will be an employee or contractor for tax purposes. It will affect your tax, super and other obligations and penalties may apply if you get it wrong.

If you use your own car in performing your work-related duties, you may be able to claim a tax deduction for car expenses. However, many people claim more than they're entitled to, or less, because they aren't sure of what they're allowed to claim.

The ATO has been releasing helpful factsheets to help taxpayers avoid various mistakes when lodging their tax returns. Below is a list adapted from the ATO of 10 tips to abide by to save you time and money when preparing your rental property information for your returns.

Don't get caught out - here are the due dates for income tax returns, activity statements, superannuation contributions and PAYG summaries

The correct business structure is essential for business improvement, tax minimisation, wealth creation and asset protection. Broadly, asset protection entails minimising your exposure to risks so that you may be able to protect or quarantine assets to reduce the damage if someone were to make a claim of some sort against you or your business.

There’s recently been a big tax law change that may reduce the tax deductions for many businesses across Australia.

There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election.

This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment.

The FBT year is about to end on 31 March 2019 and we want to ensure you meet the reporting and payment obligations for the 2019 FBT year.

Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more employees. The laws to extend the Single Touch Payroll (STP) reporting requirements so they apply to all employers with less than 20 employees has now passed the Senate and will be Law.

"No way. I can't reduce my expenses. I’m running as lean as possible." We sometimes hear this from our clients, but with respect, it’s rarely true. Businesses often have hidden expenses, or costs that contribute little to the growth of the business that can be cut.

The holiday season is nearly upon us, and business owners may be thinking about hosting Christmas parties or buying gifts for their loyal staff and customers. Read on for general information on the deductability and FBT implications of providing employee gifts and entertainment .

If you own an investment property and earn rent from it, of course you'll be wanting to claim any expenses you incur while earning said rental income. Unfortunately, the ATO has some pretty strict rules as to what expenses you can claim, and when. Read on for some detailed information on the types of rental property expenses you can claim as tax...