What to do when a worker ceases to work for you Do you know what to do when a worker ceases to work for you? When EWha, there are no special fringe benefit tax (FBT) or superannuation requirements, other than to remember to include any obligations that relate to them in your next superannuation and FBT […]
What to do on a worker’s first day
What to do on a worker’s first day When your worker begins working for you there are a few things you will need to do to meet tax and super obligations. If you haven’t done so already, you need to determine whether your new worker is an employee or contractor; see Employee or contractor. End […]
How to transition back to work post holidays
How to transition back to work post holidays 1. Don’t turn on your computer straight away- sorting through all the emails from your absence will put you in major fix it mode, instead write a list of things you want to achieve and approach everything in a systematic way 2. Think about the money- ensure […]
People driven to accountants by tax pack ‘flop’
People driven to accountants by tax pack ‘flop’ The Tax Pack was a disaster for the Tax Office. Introduced two decades ago to empower Australians to prepare their own tax returns rather than using agents, the magazine-style document did the opposite. Ahead of the new tax year, commissioner Michael D’Ascenzo has told a Senate hearing […]
Five ways to disrupt an industry
Five ways to disrupt an industry The team have found this interesting article on five ways to disrupt an industry/building your market share. http://www.smh.com.au/small-business/growing/five-ways-to-disrupt-an-industry-20131202-2ylgp.html Interested in joining our team? Why not apply today? About Our Traineeships:- Join the Market Leader in 2016 – Accounting Traineeships Looking to study a B.Com at University of Newcastle […]
Data identifying all motor vehicles sold
Data identifying all motor vehicles sold The ATO has obtained, or will obtain, data identifying all motor vehicles sold, transferred or newly registered in the 2011/12 and 2012/13 income years, where the transfer and/or market value is $10,000 or greater, from all of the State and Territory motor vehicle registering bodies. Data relating to approximately […]
Are you sure your ‘independent contractors’ are not ‘employees’?
Are you sure your ‘independent contractors’ are not ‘employees’? Two recent cases have highlighted how important the distinction between ‘independent contractors’ and ‘employees’ is: in one case, it was held that a plumbing business did not meet its superannuation guarantee obligations in respect of five of its plumbers that it had treated as independent contractors; […]
A million in super won’t be enough for retirement
A million in super won’t be enough for retirement A 30-year-old worker on an average salary of $60,000 a year would have an estimated $1.1 million in superannuation at age 65 in 2048. However, according to Russell Mason, $1.1 million would sustain a comfortable retirement only until age 77. For a comfortable retirement, today’s 30-year-old […]
Helping you get control of your business budget’s & cashflow
Helping you get control of your business budget’s & cashflow Xero is an easy to use, online accounting system, specifically designed to minimise the time and hassle of business financial bookkeeping & administration. Xero function includes: Bookkeeping/Record Keeping Invoicing/debtors Payables/creditors expense claims GST reporting Bulk payments Benefits of Xero are: Transactions automatically imported automatically from […]
Damaged or destroyed property may affect your Tax
Damaged or destroyed property may affect your Tax If your property is damaged or destroyed in a disaster, you may receive an insurance payment. How this is treated for tax purposes depends on: The type of property (your home, other buildings, cars, personal property or work-related items) Whether or not the property is income-producing (for […]
The New Business Tax System
The New Business Tax System The New Business Tax System (Debt and Equity) Act 2001 determines what is equity in a company and what is debt in an entity for tax purposes with effect from 1 July 2001.The debt and equity rules aim to improve certainty in the tax law by establishing tests that provide […]
Website Business Directories
Website Business Directories The Bottrell Business Consultants team have extensive expresence in website development. We have the following website business directories;- http://www.findaaccountant.com.au/ http://www.listofsolicitors.com.au/ http://financialplannerlist.com.au/ http://hunterregionbusinessdirectory.com.au/ If you would like a website built, please contact the team today 0249336888 nterested in joining our team? Why not apply today? About Our Traineeships:- Join the Market Leader in […]
Australian Taxation Office-Exempt Vehicles-Vans
Exempt Vehicles – Van As described in the Fringe benefits Tax legislation, a van is an exempt vehicle. This basically means, that as long as the vehicle is used for personal use if it is minor, infrequent and irregular, then there is no Fringe Benefits Tax payable on the benefit provide to an employee. Please […]
FBT Exempt Vehicles
FBT Exempt Vehicles As described in the Fringe benefits Tax legislation, a ute is an exempt vehicle. This basically means, that as long as the vehicle is used for personal use if it is minor, infrequent and irregular, then there is no Fringe Benefits Tax payable on the benefit provide to an employee. Please look […]
Super update from the ATO
Super update from the ATO Some SMSF statistics As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets […]
