To work out if you have to report through Single Touch Payroll from 1 July 2018, all you need to do is count the number of employees on your payroll on 1 April. If you have 20 or more employees, you’ll need to get ready for STP this year. You can do the headcount after 1 April, [...]
A small business’s survival isn’t defined by its ability to innovate, its market share, or its growth strategy. A great idea is only as good as the next one. A competitive playing field is inevitable. Best-laid plans don’t always work out the way you want them to. What matters most is your ability to adapt [...]
They say time goes faster the older you get, but that doesn’t explain how the end of the financial year has raced around again already. You might be so busy with the day-to-day challenges of keeping your customers happy and growing your offering, that the 31 March deadline catches you off guard. And with Easter [...]
The Australian Securities and Investments Commission (‘ASIC’) is putting the financial advice sector on the notice about meeting requirements for witnessing signatures, after finding issues with advisers failing to correctly witness binding death nomination forms for superannuation benefits. Binding death nominations forms are an important part of estate planning – in the event of a [...]
The Australia National Audit Office (ANAO) Has released its report into whether the ATO effectively responded to the recent unscheduled information technology (IT) system outages (the most significant of which occurred in December 2016 and February 2017). The ANAO notes that online services have become the primary means of transacting with the ATO, so it [...]
The inspector-General of Taxation’s (IGT’s) report into aspects of the Pay As You Go (PAYG) Instalments system has been publicly released, which is the first IGT review undertaken in direct response to insights drawn from the IGT’s complaint handling service. It also had stakeholder support during consultation on the IGT 2017 work program and attracted [...]
The approved SMSF auditor application fee for registration with ASIC is proposed to increase from $107 to a staggering $3,429 from 1 July 2018. The reason behind this ‘price hike’ is that, while around 90% of Asic’s regulatory activities will be recovered via industry levies, the remaining 10% will be recovered via fees-for-service from 1 [...]
10 Life Hacks To Help You Get Ample Sleep So You Can Give Value To Your Business Life Hacks To be successful you need to give value. Moreover, to give value, you need to be focused, organised, energized and relaxed. These things are vital when it comes to business and if you aren’t quite executing [...]
If you own a negatively geared investment property you may be eligible to have less tax withheld from your wages each week and more money in your pocket. Simply lodge a PAYG Withholding Variation, if this is accepted, your employer is directed to withhold less tax from your which gives you more cash flow to [...]
Gifts and donations You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The [...]
The ATO has issued another DIS regarding the decision in the case of WTPG V FCT [2016] AATA 971, which concerned whether a taxpayer could claim deductions for travel expenses they incurred for their spouse to accompany them to a work-related conference in Lindon as their personal carer. The taxpayer suffered from medical conditions that [...]
The ATO have cracked down on Dual-Cab Utes being used for personal use by making changes to the Fridge Benefit Tax exemptions that are available. Previously, if you own a vehicle that is not principally designed to carry passengers there were Fringe Benefit Tax exemptions available. These are aimed at single cab utes and vans, [...]
