Consumer Law Changes in July 2021
July 1 increase The financial threshold definition for consumers protected by consumer law will increase from $40,000 to $100,000 effective from 1 July 2021 Businesses selling goods or services valued up to $100,000 are required comply with the consumer guarantees set out and published as required by the ACL. What are Consumer Guarantees? Consumer guarantees […]
ATO Audit warning to contractors
Using data from the Taxable Payments Reporting System (TPRS) the Australian Taxation Office has discovered that more than $172 billion in payments made to contractors has not been properly declared. The ATO is using this data to contact contractors in the cleaning, road freight, building and construction, courier, information technology, investigation, surveillance, and security industries […]
Venessa – Bookkeeping Announcement!
We are pleased to announce some new additions to our already first class bookkeeping service. Venessa now heads our Xero Bookkeeping team, bringing her vast experience from a variety of industries. Venessa is our most senior bookkeeper and a Xero Certified Adviser. Currently studying for her Diploma in Accounting, Venessa has been with Accountants 2 […]
Super Guarantee Rate Icreases
The super guarantee rate is set to rise in July this year. A increase to 10% means an additional cost to your business. It will mainly affect employer expenses and may affect salary packages – so you should speak to your accountant. The superannuation guarantee has stagnated at 9.5% since July 2014. However, there are […]
Important: Know Your Tax Return Due Date
If you work and earn an income in Australia, you will be required to submit a tax return every year. This doesn’t have to be a stressful experience as long as you stick to the deadlines and get everything in on time. Who has to lodge a tax return? You must lodge an income tax […]
ATO Compliance Ramps up for Business Accountants after Covid
During the height of COVID-19 last year, the Australian Taxation Office (ATO) decided to pause its debt recovery, resulting in a $1.3 billion shortfall when compared to its compliance revenue target. Business accountants and their clients can expect to see this change over the coming months, as a restart to compliance-related activities took place at […]
ATO Access Vehicle Purchasing Data – Ask Your Business Accountant about it
In a new bid to catch tax-evading businesses, the Australian Taxation Office (ATO) has made the following policy announcement: “The Australian Taxation Office (ATO) will acquire motor vehicle registry data from state and territory motor vehicle registry authorities for 2019–20 through to 2021–22.” The data received will include ABNs or company numbers for sole traders […]
The Aussie Tax Scam – Check With Your Business Accountant
The Australian Taxation Office (ATO) has issued a warning that a new phone scam has already targeted upwards of 600 Australians over the last two months. Authorities, business accountants, the ATO, and the general public are equally concerned. The hardest-hit demographic was people aged 18-24, making up a third of the total number of people […]
Important changes to Single Touch Payroll
What are the changes? From 1 July 2021 all employers must lodge Single Touch Payroll (STP) with the ATO including those considered ‘closely held’ i.e. where the business employees are also the business owners or family. Previously businesses employing only family members were not required to lodge STP. Each closely held business can choose one […]
The Queensland State Budget 2021
The State government has delivered the Queensland state budget for 2020-21 with some welcome industry incentives. The Budget 2020-21 was delivered on Tuesday, 1 December 2020 by Treasurer Cameron Dick. Like other State Budgets, the Queensland State Budget is focused on the creation of new jobs, large infrastructure projects, construction and incentives for reskilling and […]
