Deduction rules for small businesses
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
Ineligible downsizer contributions and how they are administered
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
New ATO toolkit helps small businesses get expenses right
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
Getting on top of cash flow
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
Be wary of unregistered tax preparers
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
Boost employee productivity
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
Illegal early release of super on ATO watch-list
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
Supporting mental health in the workplace
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
Tax requirements for capped defined benefit income streams
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
New tax toolkit for rental property owners
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
Strategies for achieving your financial goals
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
What SMSF records should you keep?
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
What is replacing AUSKey?
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
Managing business growth
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
What makes a successful business plan
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
SMSF rollovers in SuperStream to be deferred
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
Maximising your tax return as a home-based business
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
Using your tax return wisely
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 bracket changes passed
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
Improving the efficiency of your business
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
Claiming a tax deduction for personal super contributions
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
The art of reinvention
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
PAYG reporting dates approach
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
End-of-year Single Touch Payroll changes for employers
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
What to consider in an employee share scheme
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
How bullying brings your workplace down
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
Penalty interest deductibles
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
Is your SMSF adequately diversified?
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
Good record keeping practices
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
First Home Super Saver Scheme
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 planning tips for businesses
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
Ratio analysis methods for your business
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 time changes
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
Building the right team for your business
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
How the ‘Protect Your Super’ changes will affect you
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
What and when you need to report in your SMSF
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
Startup essentials to help your business succeed
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
Changes to the ABN application process
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
How to get the most out of business meetings
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
Reducing errors when claiming business expenses
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
In’s and out’s of the super downsizer scheme
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
Risk management strategies for investors
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
Choosing the right business location
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
What disqualifies you from an SMSF
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 incentives for start-up investors
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
Common mistakes to avoid when launching a business
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
Consolidating your debt
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
ATO impersonation scam report
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
ATO warns of TBAR lodgement errors
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
Handling negative feedback
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 changes to protect employees’ entitlements
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
ATO monitors personal living expenses
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
Is your SMSF meeting its PAYG obligations?
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
Increase to fuel tax credit rates
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
Ensuring your invoices are paid on time
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
Accounting during every stage of business
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
Expanded super for older Australians
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
How collaboration can help grow your business
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
Made a mistake on your BAS? Here’s what you need to know
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
2019 Budget: Rewarding working Australians
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
2019 Budget: A business growth based Budget
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
Getting your GST at settlement right
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
The pro’s and con’s of using someone else’s money
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
What employee benefits apply for FBT
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
What is your preservation age?
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
ATO to monitor high-risk LRBAs within SMSFs
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
Cashless business
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
Changes to personal income tax
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
Income investing: Managed funds vs. ETFs
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
Raising early stage capital in your business
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
Pension income streams within an SMSF
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
PAYG withholding: New penalties for non-compliance
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
Determining whether GST is for business or private use
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
Before selling your business
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
Superannuation guide for retirement planning
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
SMSF areas being monitored by the ATO
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
Invest in your investments
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
Challenges your business can face
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
ATOs small business benchmarks
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
What advertising avenue is best for you?
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
Do you know where your super is?
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
STP extension for small businesses
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
“Building a Better Tax system” What does this mean for you?
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
Payday loan apps and websites; the pros and cons
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
Creating a positive business culture
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
Superannuation tips for each stage of your working life
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
What we can learn from ‘introverted’ people
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
Didn’t pay your employees’ super on time?
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
Travel allowance and expenses
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
Instagram for business
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
Instant asset write-off for small businesses to be extended and increased
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
Switching banks for your business
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
How to get out of a SMSF
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
How the ATO is teaching our kids about tax
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
Effective Team Performance
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
SuperStream to be extended to SMSF rollovers
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
Areas of investment you might not have considered
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
Single Touch Payroll to include all businesses in 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
Challenging the use of country as a proxy for culture
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
Superannuation for Women
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
