Tax Raids
The Australian Taxation Office (ATO) announced it raided 35 properties across the country, in a crackdown on companies suspected of using technology to hide sales and avoid taxes, Key points: It has been reported by the Australian Taxation Office that the raids were conducted in New South Wales, Victoria, Western Australia, Queensland, and Tasmania. Many […]
Guide: Phase 2 of Single Touch Payroll Reporting explained (STPR)
An expansion of Single Touch Payroll (STP) was announced in the 2019-20 Budget. The amount of data required to be reported to the ATO has increased significantly. This additional reporting will assist in ensuring the correct payments to employees and reduce the number of government agencies where employers must report employee information. In addition, it […]
Changes to Xero Payroll’s automatic superannuation system
Xero Payroll will introduce a new security measure in late November 2022 for automatic superannuation (auto super) payments. It is expected that this requirement will result in the connection of an active bank feed to your registered auto super account. Why? Xero wants to offer you a safer way to make payments to your employees […]
How Much Does Accounting Cost for a Small Business?
Partnering with a business accounting firm is much cheaper than you might think and a better option that risking errors and ATO fines when trying to go it alone. In Australia, a private accountant can end up costing your business anywhere from $50 to $350 an hour! This means that even if you chat with them for […]
On July 1 2022, what will change?
For business Superannuation guarantee increase to 10.5% From July 1 2022, to July 1 2025, the Superannuation Guarantee (SG) rate will increase from 10% to 10.5%. After that, it will increase each year by 0.5% until it reaches 12%. Depending on the contract you have with your employees, this may mean different things for you. […]
The ATO is chasing directors personally.
Director letters were sent to companies whose directors may be in breach of their obligations to ensure that the company they represent met all its PAYG withholding, superannuation guarantee charge, and GST obligations throughout March. It is important not to ignore these warnings. Directors are personally liable if they fail to actively manage debts of […]
120% Tax Deduction for Skills and Technology
That’s a nice thought, isn’t it? Spend $ 100 and get a $ 120 tax deduction. Days after the federal budget announced that companies could demand a 120% tax deduction for training costs and technology costs, we began receiving marketing emails urging us to spend immediately to gain access to the tax deduction. However, there […]
Are Gym Memberships Tax Deductible?
It is important to keep fit for a variety of reasons, but very few of them are linked to income. Therefore, most people cannot deduct gym memberships from their taxes. There has been a lot of argument from taxpayers about keeping fit in order to reduce sickness and earn an income, as well as ‘the […]
Record Keeping Tips for Shares and Crypto Currency.
Many of our clients have Share and Crypto Currency transactions. We want to minimise these accounting fees for our clients with Crypto and Shares. Shares: For individuals, your investment companies send the details of Dividends paid to your MyGov record and provide the details to us as your tax agent. However, we do not receive […]
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 […]
