Welcome to Our February Update The shortest month of the year but a lot going on! I am sure you, like me, have been to a seminar because you wanted to know more about a specific topic, but thought “ahhhhh I’ll have to listen to all those other speakers that I have no interest in…
Key Points to Remember in Keeping Your SMSF Compliant A self-managed super fund (SMSF) is a way of saving for your retirement. It is different from a regular super fund as the members are usually also the trustees. This means the members make the investment decisions for the fund and are responsible for complying with…
Keep the ATO Happy and They Will Work with You Better Whether you’re an individual, a new business or have been “in the game” for a long time, there is one government agency we all have to report to…the Australian Taxation Office (ATO). Now, for some this may seem daunting, especially when you’re taking the…
Garnishee Orders: What It Means For You and Your Business The Australian Tax Office (ATO) has several methods of recovering debt and have recently made an appearance in the headlines as they are facing an investigation over their garnishee orders, which appears to have become their preferred avenue and certainly we have seen an increased…
Welcome to Spring! We have had a frenetic month with our Businesses Driving A Difference Seminar on 22nd August. The night was a huge success with over 220 businesses registered to learn more about how they can have a greater corporate social responsibility and make a difference in our community. Thank you to all those involved in…
New Legislations and Guidelines For Financial Year 2019 The new financial year is now in full swing! So too are some of the new legislations and guidelines that may affect the way you report to the ATO for the 2019 financial year. First off, I encourage you to read our FBT blog (FBT Exempt Vehicles…
So I paid super a few days late…crucify me. Many small business owners often end up with superannuation paid late. This is especially the case when they’re trying to pay super quarterly as opposed to monthly. The black letter of the law actually denies businesses an income tax deduction for superannuation which is paid late. …
ATO Finds Common Areas That Cause Concern For SMSF Trustees Are you the trustee of one of the approximately 577,000 SMSFs in Australia at the moment? As the SMSF sector continues to grow and the number of funds continues to increase, the workload of the ATO as the regulator increases. Instead of the rigid enforcement…
It’s tax time again! As you gather your receipts and other assorted tax documents, you should also turn your mind to what the ATO is paying close attention to this year. This year, the ATO is focusing on taxpayers who claim “other” work-related expense deductions at label D5 on individual tax returns. According to the…
What is “Single Touch Payroll”? Single touch payroll (STP) is a reporting change that will soon become compulsory for all with 20 or more employees (regardless of whether they are full time, part-time, or casual). It’s part of an ATO initiative for digital “real-time” reporting in payroll. This initiative will also extend to Superannuation reporting,…
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