Business

Deduction rules for small businesses

By On August 12, 2019

Spending on capital assets usually cannot be deducted immediately. Instead, small businesses claim the costs over time in accordance with the asset’s depreciation. There are many different processes that businesses can employ… Read More

Super

Ineligible downsizer contributions and how they are administered

By On August 12, 2019

When a downsizer contribution is ineligible, the fund must re-assess the amount in accordance with the Superannuation Industry (Supervision) Regulations 1994 and the trust deed. This is to determine if the amount… Read More

Tax

New ATO toolkit helps small businesses get expenses right

By On August 12, 2019

The ATO has developed a new toolkit that helps small business owners to understand their entitlements and avoid mistakes in their tax returns. The 2019 Tax Time Toolkit Small Business covers information… Read More

Money

Getting on top of cash flow

By On August 6, 2019

Managing cash flow is critical to the success of a small business. While it is necessary to be profitable, your profit is a number that shows up on your accounts at the… Read More

Tax

Be wary of unregistered tax preparers

By On August 6, 2019

The Australian Taxation Office (ATO) is warning taxpayers to keep an eye out for people posing as tax agents who are not registered with the Tax Practitioners Board (TPB). Only a registered… Read More

Business

Boost employee productivity

By On August 6, 2019

All businesses need to look at ways to increase the productivity of their staff. When your employees get more work done, it will ultimately lead to the business making a bigger profit.… Read More

Super

Illegal early release of super on ATO watch-list

By On August 6, 2019

Illegal early release of super (IER) is one of the risk areas that the ATO has identified as being of most concern and in need of action. Each year, the ATO analyses… Read More

Business

Supporting mental health in the workplace

By On July 29, 2019

Business owners have a responsibility to look after their staff and ensure they have a healthy working environment. This extends to mental health as well as physical. With one in five people… Read More

Super

Tax requirements for capped defined benefit income streams 

By On July 29, 2019

Members who receive income from one or more capped defined benefit income streams may have additional tax liabilities. They would then need to calculate their entitlement to the 10% tax offset if… Read More

Tax

New tax toolkit for rental property owners

By On July 29, 2019

The ATO has developed a new rental property owners toolkit for property investors to ensure that mistakes are avoided in their tax returns. Each year, the tax office identifies fairly common mistakes… Read More

Money

Strategies for achieving your financial goals

By On July 22, 2019

Setting financial goals can be a great way to ensure that you’re always in control of your money. However, we all have frivolous spending habits that can derail us from achieving these… Read More

Super

What SMSF records should you keep?

By On July 22, 2019

A key responsibility for trustees of self-managed super funds (SMSFs) is to ensure proper and accurate tax and superannuation records are kept for the fund. When you have been running your fund… Read More

Tax

What is replacing AUSKey?

By On July 22, 2019

The ATO is developing new online services systems to replace AUSKey, which is due to retire in March 2020. Taking the place of AUSKey will be myGovID and Relationship Authorisation Manager (RAM).… Read More

Business

Managing business growth

By On July 22, 2019

It can be exciting and reassuring when your new business venture achieves growth and success. However, it can also become hard to manage and keep under control. When things reach a certain… Read More

Business

What makes a successful business plan

By On July 15, 2019

When starting a new business, there are many elements you need to consider. Careful planning is essential to ensuring the longevity of your business, but what exactly goes into a good business… Read More

Super

SMSF rollovers in SuperStream to be deferred

By On July 15, 2019

The 2019-2020 Federal Budget suggested a deferral of the extension of SuperStream to self-managed superannuation fund (SMSF) rollovers from 30 November 2019 to 31 March 2021. The commencement of this deferral has… Read More

Tax

Maximising your tax return as a home-based business

By On July 15, 2019

Small business owners may be able to claim deductions for the costs of using your home as a principal place of business when filing your 2019 income tax return. Tax deductions may… Read More

Money

Using your tax return wisely

By On July 9, 2019

Getting your tax refund back is exciting, but as tempting as it is to splurge, consider other ways you can put that money to good use. It is easy to get caught… Read More

Tax

Tax bracket changes passed

By On July 9, 2019

In the 2019-20 Federal Budget, the Government announced their plans to change and build on the Personal Income Tax Plan. These changes affect the low and middle-income tax brackets and were passed… Read More

Business

Improving the efficiency of your business

By On July 9, 2019

As a business owner, making the most of your day to optimise productivity is crucial to your success. The most efficient businesses are those that can create more with less and are… Read More

Super

Claiming a tax deduction for personal super contributions

By On July 9, 2019

Members of self-managed super funds (SMSFs) that are eligible can claim an income tax deduction on personal super contributions. Members that intend to do this must notify their fund trustee before lodging… Read More

Business

The art of reinvention 

By On June 28, 2019

Small businesses often rebrand or reinvent themselves to keep up with marketplace trends. Knowing when to let go of an idea so you can grow is a smart trait for a modern… Read More

Super

PAYG reporting dates approach

By On June 28, 2019

Changes have been made throughout the year regarding SMSFs and their pay-as-you-go (PAYG) withholding. As the end of the financial year and the due date for PAYG reporting approaches, SMSF trustees should… Read More

Tax

End-of-year Single Touch Payroll changes for employers

By On June 28, 2019

Single Touch Payroll (STP) will change how employers report their employee’s end-of-year information to both employees and the ATO. The first year of STP for employers with 20 or more employees will… Read More

Uncategorized

What to consider in an employee share scheme

By On June 24, 2019

Employee share schemes (ESS) provide employees with a financial share in the organisation that they work for. They can be offered by organisations as a way to grow their business by attracting,… Read More

Business

How bullying brings your workplace down

By On June 24, 2019

Bullying is a serious issue in workplaces and can affect your business on many levels. Workplace bullying is where repeated and unreasonable behaviour is directed towards an individual or group of employees.… Read More

Tax

Penalty interest deductibles

By On June 24, 2019

The ATO has recently replaced the Taxation Ruling (TR) 93/7W on whether penalty interest is deductible to the new TR 2019/2. This new ruling highlights the circumstances in which penalty interest is… Read More

Super

Is your SMSF adequately diversified?

By On June 24, 2019

When forming a fund’s investment strategy, diversification is a notable consideration for SMSF trustees. By spreading the investments of a fund across different asset classes and markets that offer varying risks and… Read More

Business

Good record keeping practices

By On June 18, 2019

Starting your business with a good record keeping system can help you track your business performance, meet reporting responsibilities and access financial history with ease. Since different rules apply to different types… Read More

Super

First Home Super Saver Scheme

By On June 18, 2019

The First Home Super Saver (FHSS) scheme was introduced in the Federal Budget 2017–18 to reduce pressure on housing affordability. The scheme allows people to save money for their first home inside… Read More

Tax

Tax planning tips for businesses

By On June 18, 2019

Although the 2018-19 financial year is coming to an end, there are still a number of tactics you may be able to employ to ensure that you get the most out of… Read More

Money

Ratio analysis methods for your business

By On June 11, 2019

Financial ratios are useful tools for business owners to monitor, analyse and improve their business performance. By using ratio analysis methods, you can gain insight into a company’s liquidity, efficiency and profitability… Read More

Tax

Tax time changes

By On June 11, 2019

The ATO will start processing 2018-19 tax returns on 5 July 2019 and are expected to start paying refunds from 16 July 2019, with the majority of electronically-lodged current year tax returns… Read More

Business

Building the right team for your business

By On June 11, 2019

While hiring the right staff is a key element when running a business, to be successful you will need to build a strong team. Here are some tips on turning a group… Read More

Super

How the ‘Protect Your Super’ changes will affect you

By On June 11, 2019

A number of changes to superannuation will come into effect from 1 July 2019. The ‘Protect Your Superannuation’ Bill passed through Parliament in February and forms part of the Government’s package of… Read More

Super

What and when you need to report in your SMSF

By On June 3, 2019

The event-based reporting (EBR) framework for self-managed super funds (SMSFs) commenced on 1 July 2018. This system allows the ATO to administer the transfer balance cap. Reporting under the EBR framework commences… Read More

Business

Startup essentials to help your business succeed

By On June 3, 2019

Starting your own business can be as daunting as it is exciting. There are many aspects that need to be considered when making the change to becoming your own boss. Here are… Read More

Tax

Changes to the ABN application process

By On June 3, 2019

The ATO has made recent changes to the application process for an Australian Business Number (ABN). The changes have been made as a measure to protect the process’ integrity and identify those… Read More

Business

How to get the most out of business meetings

By On May 29, 2019

Conducting meetings is a regular way of communicating what needs to be done around the office, but if nothing gets accomplished it can be discouraging. Business meetings that don’t produce results can… Read More

Tax

Reducing errors when claiming business expenses

By On May 29, 2019

The ATO has identified particular areas relating to business expenses that are commonly entered incorrectly in tax returns. Owners should take the time to carefully review tax returns to ensure all information… Read More

Super

In’s and out’s of the super downsizer scheme

By On May 29, 2019

Under the super downsizer scheme, eligible individuals that are 65 years and older may be able to make a contribution into their superannuation of up to $300,000 from the proceeds of selling… Read More

Money

Risk management strategies for investors

By On May 29, 2019

When it comes to investing your money, there is the possibility that it may not perform as well as expected with you losing some or all of the original investment. While no… Read More

Business

Choosing the right business location

By On May 24, 2019

When setting up your business, choosing a location can be a critical factor in its success. Unless you are completely home-based, you will need to decide where you will conduct your business… Read More

Super

What disqualifies you from an SMSF

By On May 24, 2019

Self-managed super funds are regulated by the ATO and have specific eligibility criteria that members and trustees must follow. While anyone 18 years old or over can be a trustee or director… Read More

Tax

Tax incentives for start-up investors

By On May 24, 2019

Tax incentives may be available to investors that are considering putting their money into qualifying start-up businesses. Eligible businesses are defined by the ATO as early-stage innovation companies (ESICs). The two key… Read More

Business

Common mistakes to avoid when launching a business

By On May 10, 2019

Starting a new business is an exciting time for many entrepreneurs. However, there are 5 common mistakes many new business owners make. By being aware of these mistakes, you will increase your… Read More

Money

Consolidating your debt

By On May 10, 2019

Debt consolidation loans are a financial solution that may be suitable when you have multiple debts at once and are struggling to manage them all. Debt consolidation is the process of bringing… Read More

Tax

ATO impersonation scam report

By On May 10, 2019

The ATO has released an Impersonation Scam Report for the month of February 2019. Highlighted are the various ways in which scammers have attempted to contact people, posing as the ATO. The… Read More

Super

ATO warns of TBAR lodgement errors

By On May 10, 2019

With upcoming annual lodgement dates for Transfer Balance Account Reporting (TBAR), the ATO is alerting funds of common lodgement mistakes that could lead to delays and additional processing time. The Transfer Balance… Read More

Business

Handling negative feedback

By On May 6, 2019

Customer complaints are an inevitable part of running a business. How you handle negative feedback can help or hinder retaining existing customers. Complaints can be a great learning tool for businesses looking… Read More

Super

Super changes to protect employees’ entitlements

By On May 6, 2019

Several revisions from the Treasury Laws Amendment (2018 Measures No.4) Bill 2018 took effect from 1 April 2019. These measures are designed to help reduce the super guarantee (SG) gap, protect employees’… Read More

Tax

ATO monitors personal living expenses

By On May 6, 2019

In an ongoing effort to address misuse and abuse of the tax and regulatory systems, the ATO has implemented a new tool to monitor what constitutes reasonable personal living expenses. Information is… Read More

Super

Is your SMSF meeting its PAYG obligations?

By On April 29, 2019

The ATO has called on self-managed funds to check whether they are meeting new pay-as-you-go (PAYG) withholding obligations for capped defined benefit income streams paid to their members. SMSFs have PAYG obligations… Read More

Tax

Increase to fuel tax credit rates

By On April 29, 2019

The ATO has increased fuel tax credit rates from 4 February 2019. As fuel tax credit rates are updated regularly, it is important to check the rates each time you lodge a… Read More

Money

Ensuring your invoices are paid on time

By On April 29, 2019

Having a healthy supply of cash is vital for the survival of small businesses, as it is required to operate and enables you to pay workers, rent and other expenses. Unpaid invoices… Read More

Business

Accounting during every stage of business

By On April 29, 2019

Professional help with accounting and financial decisions is useful at every stage of business. Accountants can assist with a variety of tasks during different periods of operation within your business to improve… Read More

Super

Expanded super for older Australians

By On April 12, 2019

The 2019-20 Federal Budget has placed a strong focus on the growth of the economy whilst also having the intention to look after older Australians. Older Australians will benefit from the work… Read More

Business

How collaboration can help grow your business

By On April 12, 2019

In a market that is full of entrepreneurs and small businesses, collaborating with a business that complements yours can be a powerful tool to share your marketing budget and be introduced to… Read More

Tax

Made a mistake on your BAS? Here’s what you need to know

By On April 12, 2019

Lodging a business activity statement (BAS) is something all business owners will be familiar with, however, mistakes can still be made. You must ensure that you have reported carefully and correctly to… Read More

Tax

2019 Budget: Rewarding working Australians

By On April 2, 2019

The 2019 Federal Budget focuses on rewarding working Australians, with the emphasis on a two-pronged approach for “hard-working” individuals. Individual taxes:From the 2018-2019 income year, the low and middle-income tax offset (LMITO)… Read More

Business

2019 Budget: A business growth based Budget

By On April 2, 2019

The 2019 Federal Budget focuses on building a better tax system for Australian businesses in order to create a stronger economy. Instant asset write-off:The instant asset write-off threshold will be increased from… Read More

Tax

Getting your GST at settlement right

By On April 1, 2019

The ATO has seen a number of common errors made on forms submitted by property purchasers since changes were made to the way GST is collected at settlement in July 2018. Supplier… Read More

Money

The pro’s and con’s of using someone else’s money

By On April 1, 2019

Borrowing money to invest, also known as ‘gearing’, can be a risky business. While it can increase your returns when markets rise, losses can be extreme when markets fall. It is important… Read More

Business

What employee benefits apply for FBT

By On April 1, 2019

When an employer provides certain benefits for their staff, they are required to pay Fringe Benefits Tax (FBT). Employers pay FBT on the benefits they present to employees and their families or… Read More

Super

What is your preservation age?

By On April 1, 2019

Superannuation laws can be confusing for everyone. These procedures often make it difficult to work out when you can retire or if there are any special conditions you need to meet before… Read More

Super

ATO to monitor high-risk LRBAs within SMSFs

By On March 25, 2019

The ATO is focusing on risky Limited Recourse Borrowing Arrangements (LRBAs) and failures in Transfer Balance Account Reporting (TBAR) in SMSFs this year. They have announced plans to contact trustees with high… Read More

Business

Cashless business

By On March 25, 2019

Advancements in technology continue to digitise our world in many ways, including financially. In recent years, more businesses and events are turning to cashless systems. Whilst cash still remains popular in businesses… Read More

Tax

Changes to personal income tax

By On March 25, 2019

The Personal Income Tax Plan has gone through recent changes regarding rates, thresholds and offset entitlements. These changes were announced in the 2018-2019 Federal Budget and were implemented at the start of… Read More

Money

Income investing: Managed funds vs. ETFs

By On March 18, 2019

There are a number of options when it comes to choosing an income investment scheme. Investments that generate regular income can be useful in a number of various situations, such as funding… Read More

Business

Raising early stage capital in your business

By On March 18, 2019

Raising capital is a step that every startup faces. When a business is brand new, the question of how to get money must be addressed. If you intend to launch a business… Read More

Super

Pension income streams within an SMSF

By On March 18, 2019

One of the best ways to ensure regular, flexible and tax-effective income as a pensioner is through an income stream from your SMSF. As a member, you can receive an income stream… Read More

Tax

PAYG withholding: New penalties for non-compliance

By On March 18, 2019

New penalties for business’ pay-as-you-go (PAYG) withholding and reporting obligations will commence 1 July 2019. The new legislation will now prevent businesses from claiming deductions for payments to employees and certain contractors… Read More

Tax

Determining whether GST is for business or private use

By On March 8, 2019

The goods and services tax (GST) is applied to most goods and services sold in Australia, taxed at a rate of 10%. If you run a business, you are likely to have… Read More

Business

Before selling your business

By On March 8, 2019

Deciding to move on from your business can impact a lot of different people. When selling your business, you will need to consider the effects on all areas of operation from the… Read More

Super

Superannuation guide for retirement planning

By On March 8, 2019

As the time comes for you to consider leaving the workforce, it is necessary to plan how to make the most of your superannuation in order to strengthen the chances of a… Read More

Super

SMSF areas being monitored by the ATO

By On March 1, 2019

Self-managed super funds are closely monitored by the ATO to ensure regulations are being met across all areas. As SMSF are run by members, it is their responsibility to comply with all… Read More

Money

Invest in your investments

By On March 1, 2019

If you are in a position to invest, it can be a great venture to help grow your wealth as well as provide opportunities for others through your contributions. Before investing though,… Read More

Business

Challenges your business can face

By On March 1, 2019

Owning and running a small business comes with positives and negatives that maintain a balance. When the negative elements start to outweigh the positives, you have a problem. Every business will face… Read More

Tax

ATOs small business benchmarks

By On March 1, 2019

The ATO small business benchmark guides are designed to help small businesses compare performance with similar companies in the same industry. These guides have been updated to include data from the 2016-2017… Read More

Business

What advertising avenue is best for you?

By On February 21, 2019

Without exposure, businesses would come and go very quickly. In this new digital age, there are even more options for how you want to advertise your business. There are a variety of… Read More

Super

Do you know where your super is?

By On February 21, 2019

If you’re not close to retiring, you may not be thinking about your super or where it is. Even if you are a way off from retiring, you should be keeping track… Read More

Tax

STP extension for small businesses

By On February 21, 2019

The ATO has released a statement in relation to transitioning to Single Touch Payroll (STP) for small businesses. Parliament has passed legislation to extend STP to include employers with fewer than 20… Read More

Tax

“Building a Better Tax system” What does this mean for you?

By On February 14, 2019

The Australian government has launched the Better Tax campaign in order to help inform the public of tax reforms coming into effect. Designed to “better Australia”, here is a look at what… Read More

Money

Payday loan apps and websites; the pros and cons

By On February 14, 2019

Personal loans have become a fast-growing financing option for consumers, with payday apps and websites gaining popularity. For aid between paychecks, payday loans can be very helpful for the pay cycle lull.… Read More

Business

Creating a positive business culture

By On February 14, 2019

Business culture is a reflection of what your company stands for, it’s your voice. Employee relations are what establishes this voice and can always be improved. A work environment that everyone enjoys… Read More

Super

Superannuation tips for each stage of your working life

By On February 14, 2019

A 2018 study revealed that almost 40% of Australians think they won’t have enough money to retire on – and that number is on the rise. Managing your superannuation fund can be… Read More

Business

What we can learn from ‘introverted’ people

By On February 7, 2019

Most of us fall somewhere in between the introvert-extrovert spectrum but our concept of a great leader often looks to someone who exudes characteristics we often associate with ‘extroverts’ – including being… Read More

Super

Didn’t pay your employees’ super on time?

By On February 7, 2019

How to reduce the hassle of missing your employee’s super payment. The Super Guarantee Charge (SGC):The SGC may apply to employers who do not pay the minimum super guarantee (SG) to their… Read More

Tax

Travel allowance and expenses

By On February 7, 2019

On the occasion that you are required to travel overnight for work, you may be eligible to receive a travel allowance from your employer for accommodation, food, drink or incidental expenses. The… Read More

Business

Instagram for business

By On January 31, 2019

You may think that Instagram is only for millennials obsessed with photographing themselves or their lunch but really it is a whole new area of marketing and business opportunities to explore. Instagram… Read More

Tax

Instant asset write-off for small businesses to be extended and increased

By On January 31, 2019

As of 29 January 2019, the Instant Asset Write-Off Scheme will be extended to 30 June 2020 for assets purchased under $25,000. The Instant Asset Write-Off affects small businesses with a turnover… Read More

Money

Switching banks for your business

By On January 31, 2019

Businesses need to access finance with ease in order to sustain and develop themselves. Is your current bank still cutting it? Here are some indicators and tips to effectively assess your business’… Read More

Super

How to get out of a SMSF

By On January 31, 2019

Sometimes a self-managed super fund (SMSF) isn’t for you. While that is ok, getting out of a SMSF can be a tricky and complicated process. Before starting down this path, you need… Read More

Tax

How the ATO is teaching our kids about tax

By On January 24, 2019

Having a good knowledge of the Australian tax and super systems is important, this is why The School Education Program works with parents and teachers to help educate students. Tax, Super +… Read More

Business

Effective Team Performance

By On January 24, 2019

Teams, like workplaces, are becoming increasingly diverse, dynamic and digital. But the principle behind managing teams effectively remains the same. Are you providing the right conditions for your team to thrive? Here… Read More

Super

SuperStream to be extended to SMSF rollovers

By On January 24, 2019

First introduced in 2015, SuperStream is a government standard for processing superannuation payments electronically in a streamlined manner. Currently, SuperStream can only process rollovers between two APRA funds electronically but a change… Read More

Money

Areas of investment you might not have considered

By On January 18, 2019

People and internal processesArguably one of the best forms of investment is in the employees you hire, and the talent, experiences and skills that come with them. Take the time to reflect… Read More

Tax

Single Touch Payroll to include all businesses in 2019

By On January 18, 2019

On 1 July 2018, the Australian Tax Office (ATO) rolled out Single Touch Payroll (STP) reporting. This changed the way employers with 20 or more employees reported their employees’ tax and super… Read More

Business

Challenging the use of country as a proxy for culture

By On January 18, 2019

Business managers are required to work in increasingly diverse environments, facing issues that are increasingly dynamic, complex and uncertain in the face of global economic, social, and technological shifts. The behaviours used… Read More

Super

Superannuation for Women

By On January 18, 2019

It’s no secret that the median super balance for Australian women at the time of retirement is significantly lower than that of their male counterparts. The Australian Commission & Investments Commission (ASIC)… Read More

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