The end of the financial year can be a stressful time for small businesses, especially if your finances aren’t completely in order. Unfortunately, that’s an all-too-common situation. A recent Xero survey found that three-quarters of Australian small businesses still store their receipts in shoeboxes. With the average Australian business churning through 100 receipts and invoices […]
After spending years getting yourself up and running, working on sales and the front end, it’s likely that the back end – accounting practices and accounts receivable – have been somewhat forgotten. With more and more companies defaulting on payments, going into administration and getting wound up by the ATO, now more than ever is the […]
With just three weeks until small businesses must become SuperStream compliant, the Australian Tax Office (ATO) has urged those yet to implement the new standard to act now. From 1 July, it will be mandatory for employers with 19 or fewer staff to send all super payments and employee information electronically in a standard format using SuperStream. According to the […]
“Embrace your tax audit” are the last words you’d expect to drop from the lips of a financial advisor, but that’s exactly what the head bean-counter from First Class Accounts is asking us to do. Clive Barrett, Executive Chairman of First Class Accounts, said the very idea of a tax audit struck fear into the […]
Here is some must-know advice for Australians who find tax a handful and want to put more money back in their pocket. Tax time is great for one thing: the money you get might back from the Australian Taxation Office. The process itself isn’t always a joyride, and while everyone wants to know how they […]
An ATO pilot program – the external compliance assurance process – that allowed taxpayers to self assess has been named success and could be rolled out more widely. According to a Fairfax report, the program involving 56 companies with an annual turnover between $100 million and $5 billion, allowed the choice of using a registered […]
Instead of just complying with the fringe benefits tax legislation, why not use it to your advantage? Salary packaging can maximise take-home pay and attract talent. Could salary packaging be a cost-effective way to attract and retain talent? By combining cash salary with other benefits, organisations have greater flexibility to negotiate remuneration, but that’s just one […]
The ATO is helping Australians to better monitor their tax deductions with the introduction of a new online tool called myDeductions. The tool will allow users to capture work related expenses on the go. Recognising that tracking down one years’ worth of receipts is often be the most time-consuming aspect of lodging a tax return, […]
According to national SME finance specialist, Scottish Pacific, many small businesses may be using the Australian Tax Office (ATO) as a line of credit being unaware of alternative funding solutions. Scottish Pacific CEO, Peter Langham said the ATO was owed $35.3 billion in 2013-14 according to a recent report by the Inspector-General of Taxation. “It […]
Part of our role as small business accountants is to act as a barrier or intermediary between the tax office and the small businesses of Australia. It’s not that we don’t trust the two different interests to get along but it’s more about using our experience and knowledge to protect the best interests of the […]
