Tax
With the end of financial year fast approaching, small and medium-sized businesses are being reminded they could be eligible for an instant asset write-off of up to $30,000. The Federal Government boosted the threshold on the Instant Asset Write-off Scheme last month, in a move designed to stimulate growth for small and medium-sized business. The […]
Scott Morrison plans to prioritise his promised tax cuts after he settles his new ministry line up, as the nation waits to see if the coalition gets a majority in the lower house. As counting continues on Monday the Liberal and Nationals were on 75 seats – two seats short of the 77 it needs […]
Have you taken the next step and started reporting through Single Touch Payroll (STP)? Employers with 20 or more employees should have already started reporting their employees’ salaries and wages, pay as you go withholding and superannuation information to the ATO through an STP-enable payroll solution. If your business employs 19 or fewer employees, you […]
Insufficient cash flow means lost opportunities Australian small businesses have lost opportunities worth an estimated $5.8 billion due to insufficient cash flow1 Nearly half (46 per cent) of Australian small business owners have been at risk of being unable to pay their employees1 More than a quarter (26 per cent) of Australian small businesses that […]
Research reveals financial and emotional burden of administration on small businesses ahead of new Single Touch Payroll reporting regulation Australian small businesses estimated to collectively spend over $20B a year on admin and payroll Half of small business owners also willing to sacrifice wellbeing Reckon launches hub to help small business owners get ‘in the […]
Managing expenses is a common headache for managers and finance teams, who often need to sort through hundreds of receipts, invoices, pay cheques, and reimbursement claims daily. Digitalisation has highlighted the flawed nature of traditional expense management practices, signalling that spreadsheets and paper document filing are insecure and error-prone. Small businesses should introduce simple technology […]
Sam Allert, Reckon Group CEO, shares his thoughts on the impacts of the expected federal budget announcement this evening. General Outlook “Our survey uncovered that 65 per cent of small business owners do not believe this year’s Federal Budget will deliver positive change for their business, suggesting that they have been disappointed by budget announcements in the past. “As a result, many are […]
The accounting app Xero share their Small Business Insights with us to shed light on what small businesses should be aware of, which is now made especially relevant with the federal budget announcement later today. The anonymous and aggregated data is collected monthly from hundreds of thousands of Xero’s Australian subscribers through the Xero platform. […]
The tax system of Australia is extremely vast to say the least. The citizens therein are liable for the payment of 125 different forms of taxes every financial year. Like every other country, the Australian government levies leveled taxes on its citizens on the basis of: Taxes to be paid to the Australian government Taxes […]
John Shepherd, Assistant Commissioner, Australian Taxation Office delves into some of the finer detail ahead of the 1 July move to Single Touch Payroll (STP), a change to the way larger employers report tax and super to the ATO. The 1 July start for Single Touch Payroll (STP) is fast approaching, and all larger employers, […]
Almost $18 billion worth of superannuation is still waiting to be claimed in Australia, with the ATO revealing the top ten postcodes for unclaimed super. According to the ATO, as at 30 June 2017, there were over 6.3 million lost and ATO-held super accounts with a total value of $17.87 billion. Super funds are holding […]
An increasing number of small business owners will complete their tax returns themselves this year, according to research undertaken by cloud accounting provider MYOB. The company’s June SME Snapshot revealed that 41% of owners plan to complete their own returns, up from 41% last year. John Moss, MYOB’s chief strategy officer told Dynamic Business that […]
With the end of the financial year almost upon us, now is the time to make the most of your tax planning. If you are like most business owners, chances are you are putting off thinking about your tax until after 30 June. However, you MUST act now. If you wait until after 30 June, […]
Are you across all of the changes and how they will affect your business before this financial year ends? As an owner of an SME, the onus is on you to make sure that your business is prepared. Here are my top tips to ensure you end the year on a positive note, rather than […]
The phrase ‘tax time’ can all too easily translate to feelings of boredom, dread and uncertainty for the small business owner. There’s the income tax return, BAS, payroll tax, super, and more. However, instead of viewing the annual marker as a time-sapping and difficult box-checking exercise, it should be seen as a spring board to […]
More than half a million small businesses stand to benefit from tax cuts included in the 2017-18 NSW Budget, according to Treasurer Dominic Perrottet. In a statement, released yesterday, the Treasurer announced: “From 1 January 2018, the NSW Government will abolish insurance duty for small businesses on commercial vehicle insurance (including aircraft), professional indemnity insurance, […]
It’s nearing that time of year that all business owners dread, as the June 30th deadline approaches, SMEs are forced to get their last year of financials in order and prepare for tax time. As we close in on the end of the financial year, here are some top tips and expert advice for Australian […]
After the Federal Budget was announced on Tuesday, 9 May, small business owners will be trying to work out what matters most to them. Here are three main things we have been reviewing that may impact how small business do business – and it is mostly for the better. 1. Less red tape It is […]
Businesses that employ foreign workers will be subject to a new levy that will be used bankroll a fund for training Australian job seekers, the Government announced in the Federal Budget. From March 2018, businesses will be subject to a levy of $1200 per foreign worker or $1800 if they’re on a temporary skilled visa. In […]
