Here’s our October Newsletter! In this month’s edition we talk about ‘Guide to Help You Understand the New Australian Government 5% Deposit Scheme’ and ‘What are the SMSF Investment Restrictions?’. Download a copy of our October Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an…
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Personal Financial Services is boring you say? Not according to our clients whose wonderful feedback has enabled us to reach this milestone 😁. We are both humbled and utterly thrilled at the same time. Click here to check us out and see what all the fuss is about…
Here’s our September Newsletter! In this month’s edition we talk about ‘How to Share Your Superannuation so You’re Both Better Off’ and ‘Difference Between Employees & Independent Contractors’. Download a copy of our September Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team…
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There are many reasons for small business operators to engage the services of an accountant. Not the least… Accountants Save You Time. You may be an exceptional mechanic, welder, doctor or teacher etc etc – but is your spare time really best spent around the dinner table at night doing hours of bookwork ?? Hiring…
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Here’s our August Newsletter! In this month’s edition we talk about ‘Stronger Security for ATO Online Services’, ‘APRA Holds Steady’, ‘Our Extended Hours During Tax Season 2025’ and ‘Interest Rate Watch’. Download a copy of our August Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: –…
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We know running a small business is serious business and we want to make it as easy as possible for you to get your tax right, the first time. There are a few things you can do to prepare for the end of the financial year, whether you’re lodging yourself or using a tax professional.…
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Here’s our July Newsletter! In this month’s edition we talk about ‘Insurance Premium Finance for WorkCover’, ‘Our Extended Hours During Tax Season 2025’, ‘The Final SG Rate Increase is Coming on 1st July’ & ‘Introducing Alex Dowse’. Download a copy of our July Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and…
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Accountplan can help you manage your cash flow this Workcover season with Insurance Premium Finance which can spread out the payment of your Workcover expenses over the year. Most current outgoings, such as salaries, rent, leases, phone and power are generally paid in manageable instalments. However, when it comes to business insurance and Workcover premiums,…
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We are pleased to announce that Alex Dowse has joined our team in an Admin/Trainee Bookkeeper role. Whilst accumulating 3 years experience in a Brisbane based business admin role, Alex had partially her Cert-IV studies in Accounting and bookkeeping with a view to entering this industry. Accountplan brought Alex onboard to further compliment our tax,…
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Here’s our May Newsletter! In this month’s edition we talk about ‘Pre-June 30 Tax Tips – For Individuals’, ‘How to Track Your Total Super Balance’ and ‘Interest Rate Watch’. Download a copy of our May Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced…
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Here’s our April Newsletter! In this month’s edition we talk about ‘Pre-June 30 Vehicle & Equipment Finance’, ‘Transition to Retirement’, ‘SMSF – Prepare to Lodge Your Quarterly TPAR’ and ‘Federal Budget 2025 – Highlight’. Download a copy of our April Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost…
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The ATO will notify non-compliant small businesses when they are moved from quarterly to monthly GST reporting. The Australian Taxation Office (ATO) has announced that from 1 April 2025, it will be moving around 3,500 small businesses with a history of non-payment, late or non lodgment, or incorrect reporting from quarterly to monthly GST reporting to improve…
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Here’s our March Newsletter! In this month’s edition we talk about ‘Cash Flow Drivers #4 – Gross Profit Margin’, ‘Considering Downsizing? Avoid Costly Mistakes’ and ‘Are You in the Business of Renovating Properties?’. Download a copy of our March Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs…
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The due date for your October–December business activity statement (BAS) is around the corner. We know small businesses are busy, so we want to help you get your BAS right. Here are some tips to help you before you lodge. Source: ATO
Start the year on the right foot and be ready for these key dates. If you employ staff, here are the important dates and obligations to remember throughout the year, to set yourself up for success. Super Guarantee (SG) Fringe Benefits Tax (FBT) 31 March 2025 marks the end of the 2024–25 FBT year. There are…
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Here’s our February Newsletter! In this month’s edition we talk about ‘Cash Flow Driver Articles’, ‘Cash Flow Drivers #3 – Stock Turnover Days’, ‘Retirees Reveal What They Wish They Knew About Retirement’ and ‘How to Lodge and Pay PAYG Instalments’. Download a copy of our February Newsletter below… Welcome to Accountplan, proudly assisting the community…
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Here’s our January Newsletter! In this month’s edition we talk about ‘Cash Flow Driver Articles’, ‘Cash Flow Drivers #2 – Creditor Days’, Financial Advice Can Help Ensure a Comfortable Retirement’ and ‘Sole Trader Vs Company: What Are The Key Differences?’. Download a copy of our January Newsletter below… Welcome to Accountplan, proudly assisting the community…
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Here’s our December Newsletter! In this month’s edition we talk about ‘Cash Flow Driver Articles’, ‘Senior Card Explained’, ‘Don’t Use Your SMSF for Bills or Presents this Christmas’ and ‘Introducing Demara Gates’. Download a copy of our December Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with:…
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It is with great pleasure we introduce you to Demara Gates who joined the Accountplan team in recently in a bookkeeping role. Prior to doing so Demara had accumulated nearly 6 years of bookkeeping experience in the SME sector, including that undertaken for her family owned electrical contracting business. Demara, who is currently completing studies…
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The Australian Government’s Digital ID app myGovID is now called myID. The Australian Government’s Digital ID app myGovID is now called myID. The updated app is being rolled out in app stores from 13–17 November 2024. During this time, you might see both myID and myGovID when using your app to log in to participating…
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The ATO continues to become increasingly aggressive in it’s debt collection activities, as an example, in the 8 months to 31st March they disclosed over 31000 business tax debts to Credit Reporting agencies. This disclosure can have a devastating effect on a business: Accountplan has access to a range of lenders who happily assist businesses…
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Here’s our November Newsletter! In this month’s edition we talk about ‘Borrowing to Invest via an SMSF’, ‘Why it’s Worth Checking Your Pension Eligibility Again’, ‘Eligibility for Compassionate Release of Super’ and ‘Introducing Qi Campbell’. Download a copy of our November Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for…
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Small businesses are Australia’s largest employers, generating over 5 million jobs. According to the Australian Tax Office (ATO), there are around four million small businesses in the country, representing about 87 percent of all business taxes paid. What Is Considered A Small Business? From a tax perspective, a business is generally classified as a small business when the annual turnover…
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We are incredibly pleased to announce that Qi (pronounced Chee) Campbell has joined our team in a bookkeeping role. Prior to joining Accountplan, Qi has had over 10 years’ experience working as an accountant in both mid-tier public practice and commercial industry settings. Her expertise in the bookkeeping area includes but is not limited to:…
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Find out about reviewing your pay as you go (PAYG) instalments to reflect your expected end-of-year tax. If you’re a pay as you go (PAYG) instalment amount payer, your instalments have been increased by the gross domestic product (GDP) adjustment factor. For the 2024–25 income year, the GDP adjustment factor is 6%. We’ll use the…
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Here’s our October Newsletter! In this month’s edition we talk about ‘What Residential Aged Care Changes Could Mean for You’ and ‘A Guide for Those in Their First Year of Business’. Download a copy of our October Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: –…
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Soon, myGovID will have a new name and new look – but you’ll continue to use it in the same way. The change from myGovID to myID, aims to reduce the confusion between the myGovID app and myGov. myID reflects the community’s understanding of Digital ID and demonstrates how a whole-of-government ID provider can help…
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Here’s our September Newsletter! In this month’s edition we talk about ‘Checklist: What to do When Someone Dies’ and ‘5 Reasons to Start a Transition to Retirement (TTR) Pension’. Download a copy of our September Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced…
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The trustee must manage the trust’s tax affairs including registering and reporting for tax. Trustees and beneficiaries The trustee is responsible for managing the trust’s tax affairs, including registering the trust in the tax system, lodging trust tax returns and paying some tax liabilities. The beneficiaries include their share of the trust’s net income in their tax returns and…
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An overview of the role of trusts, trustees and beneficiaries. Trusts Trusts are widely used for investment and business purposes. A trust is an obligation imposed on a person or other entity to hold property for the benefit of beneficiaries. While in legal terms a trust is a relationship not a legal entity, trusts are…
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Find out what you need to do when you plan to change, pause, sell or close your business. If you are changing, pausing, closing, selling or winding up a business, you should: If you registered a business but haven’t started If you have registered a business but didn’t start the business, and have now decided…
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If you’re in business, you may need an Australian business number (ABN) and to register for tax and super obligations. If you’re starting a new business, you may need an Australian business number (ABN). Not everyone is entitled to an ABN, so the registration process will ask specific questions to determine your entitlement to an…
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Work out whether you’re in business and when your business starts for tax purposes. What is a business? Generally, a business involves a set of continuous and repeated activities you do for the purpose of making a profit. Profit can be in money, but it can also be made through other means, like being paid…
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Micro businesses represent around 25% of all businesses in Australia – a pretty hefty chunk of our business landscape when you think about it. So, what are micro business and how are they different to simply being small? Let’s take a look. What’s the difference between a micro business and a small business? In Australia, a small…
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The myGovID login screen has been updated to improve your experience when accessing government online services. The next time you access government online services like Online services for business, Access Manager or Relationship Authorisation Manager (RAM), you’ll notice some changes to the myGovID login screen. These changes improve and modernise the login experience but do…
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If you missed the latest SG due date, you need to get your super obligations back on track and lodge an SGC statement. Employers play a critical role in ensuring the future financial security of employees through paying Super Guarantee (SG) contributions to the right fund and at the correct rate. The most recent due…
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Here’s our August Newsletter! In this month’s edition we talk about ‘Rental Properties – Repairs or Capital Expenses’, ‘What You Need to Know About Your Taxes in Retirement’, ‘Government Grants for Homebuyers’, ‘Insurance Premium Finance for WorkCover’ and ‘Our Extended Hours During Tax Season’. Download a copy of our August Newsletter below… Welcome to Accountplan,…
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Here’s our July Newsletter! In this month’s edition we talk about ’10 Signs You Won’t Run Out of Money in Retirement’, ‘If You Disagree with an ATO Decision’, ‘A Guide to Home Loan Refinancing’, ‘Insurance Premium Finance for WorkCover’, ‘Introducing Jadi Coe’ and ‘Our Extended Hours During Tax Season 2024’. Download a copy of our…
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During the year, you may have to pay some expenses for work purposes. When the end of the financial year comes, you’re entitled to claim these expenses as tax deductions. This will help you lower the total amount of taxable income and the amount of tax you have to pay. In Australia, the Australian Taxation…
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The ATO have now released the 2024 SMSF annual return and instructions, when lodging avoid these common errors. The SMSF annual return is more than a tax return. You are required to report regulatory information for your SMSF, member contributions and pay the SMSF supervisory levy. The SMSF annual return and SMSF annual return instructions for 2024 are now…
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Here’s our June Newsletter! In this month’s edition we talk about ‘Claiming a Deduction for Personal Super Contributions’, ‘We’re Living Longer, so Is the 4% Rule a Safe Guide to Retirement Spending?’, ‘New Broker Market Share Milestone Reached’, ‘Our Extended Hours During Tax Season 2024’ and ‘Introducing Ben Johns’. Download a copy of our June…
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Here’s our May Newsletter! In this month’s edition we talk about ‘Gifts and Donations’, ‘Pre-June 30th Vehicle & Equipment Finance’ and ‘Have You Thought About Retirement?’. Download a copy of our May Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team of Accountants…
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Here’s our April Newsletter! In this month’s edition we talk about ‘Seven Ways COVID Changed Housing Trends’, ‘Using ATO Business Benchmarks to Improve Your Business’, ‘Government Grants for Home Buyers’ and ‘Bigger Bonus for Working Pensioners is Now Permanent’. Download a copy of our April Newsletter below… Welcome to Accountplan, proudly assisting the community in…
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This information will help you if you are involved in running a business through a company or a trust and you are receiving financial or other benefits through the business. Key Points How to Record and Report the Use of Business Money or Assets There are different ways to take or use money or assets…
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This information will help you if you are a small business owner claiming a deduction for expenses you incur when travelling for your business. Key Points Types of Expenses As the owner of a small business, you can claim a deduction for expenses that you incur when you travel for your business. Common expenses include:…
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Here’s our March Newsletter! In this month’s edition we talk about ‘ATO Mandated Courses for Taxpayers’, ‘Five Financial Moves to Make in Your 40s’, ‘Your Bank has asked for a Business Plan? Where to Start’ and ‘When Someone Dies – a Practical Guide for Family & Friends’. Download a copy of our March Newsletter below……
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Avoid penalties and interest. The ATO are here to help you meet your tax and super obligations as an employer. Their resources can help you with: It’s important to stay on top of your reporting, lodgment and payment due dates. If you don’t, it could cost you more money in penalties and interest. Source: ATO…
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Find out information on your employees final pay and superannuation when you close a business. When you Close or Sell Your Business Your business must continue to meet its obligations until it is either closed or sold to the new owners. If you are an employer, it is important for you to consider finalising important tax…
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As a trustee you need to have time and skills to set up an SMSF. You need to have the time and skills to manage your Self managed super fund, and there are ongoing running costs. As a trustee of an SMSF you’ll be responsible for operating your fund within the law. If you don’t,…
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What to do if you receive an error message in the Small Business Super Clearing House. On the 15th of March the ATO’s Small Business Super Clearing House (SBSCH) will roll out self-managed super funds (SMSF) bank account validation. This checks that your employee’s SMSF bank account details match their SMSF records. If there is a mismatch,…
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As a small business owner, you may be eligible for concessions on the amount of tax you pay. This depends on your business structure, your industry and your annual turnover. If you have an aggregated turnover less than: Check your eligibility each year before you apply for a concession. You’ll generally need to keep records…
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Here’s our February Newsletter! In this month’s edition we talk about ‘How to Discover Your Perfect Retirement Age’, ‘ATO Sets Debt Collector Loose on 150,000 Taxpayers’ and ‘Interest Rate Watch’. Download a copy of our February Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an…
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An overview of FBT. Find out how FBT applies, what you need to do as an employer, and what deductions you can claim. What is fringe benefits tax? Fringe benefits tax (FBT) is a tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates. FBT is…
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Changes to Individual income tax rates and thresholds from 1 July 2024. On 25 January 2024, the government announced proposed changes to Individual income tax rates and thresholds from 1 July 2024. These changes are not yet law. From 1 July 2024, the proposed tax cuts will: For more information see Tax cuts to help with the cost of…
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Check fuel tax credit rates from 1 July 2021 to 30 June 2022. Fuel tax credit rates The following tables contain the fuel tax credit rates for businesses from 1 July 2021 to 30 June 2022. The fuel tax credit calculator includes the latest rates and is simple, quick and easy to use. You can use it to…
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How capital gains tax (CGT) works, and how you report and pay tax on capital gains when you sell assets. Capital gains tax (CGT) is the tax you pay on profits from disposing of assets including investments, such as property, shares and crypto assets. Although it is referred to as ‘capital gains tax’, it’s part of your…
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Find your tax file number online with ATO online services. Tell the ATO as soon as possible if your TFN is stolen or misused. Find your TFN online You will need your tax file number (TFN) when: If you already have a TFN and don’t remember the number, you can find it online in ATO online…
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If you’re new to Australia’s superannuation system for retirement saving, find out how it works and how to benefit. Super is an Investment in Your Future Australia’s superannuation system is the main way most people save for their retirement. Superannuation (super for short) is a long-term investment that grows over time. The more you contribute…
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Here’s our January Newsletter! In this month’s edition we talk about ‘Mortgage Cliff – Factual or False’, ‘Changes in Reporting Requirements for Sporting Clubs’ and ‘Seniors Card Explained’. Download a copy of our January Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team…
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How to get help if your business or not for profit can’t pay tax or super on time. When can you access help? If your business is having financial difficulties and can’t pay tax or super on time, support is available. Financial difficulties can occur from many situations, including: Support for your situation Depending on…
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Australian residents are subject to income tax from their domestic and foreign income. There may be exceptions for temporary residents and temporary residents who earn foreign income. Non-residents are liable for Australian income tax on their assessable income derived from Australian sources. Understanding Income Tax When an individual earns money, they have to pay income…
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Ready for a well-earned break? These tips will help you prioritise which loose ends to tie off before shutting down for the year. With the holidays on the horizon, business operators need to decide whether to shut up shop and, if so, for how long. Communicating that news to customers and suppliers is also really…
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Here’s our December Newsletter! In this month’s edition we talk about ‘How to Maximise Your Investment Property Tax Deductions’, ‘The Pros and Cons of Granny Flat Living’ and ‘Buying a Property with Family or Friends’. Download a copy of our December Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for…
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See your key tax obligations for a sole trader, partnership, company or trust business structure. Types of business structures A business structure: There are 4 commonly used business structures in Australia: Information about other business structures is available on business.gov.au If you’re unsure which business structure to choose, talk to your registered tax agent, or trusted business…
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Find out why you need a TFN, where to find it and how to keep your TFN and personal details safe. About your TFN A tax file number (TFN) is your personal reference number in the tax and superannuation systems. It is free to apply for a TFN. Your TFN is: Where to find your TFN If you…
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Tax, super and registration obligations you need to consider before you start a business. Are you in business? Before you register for an Australian business number (ABN), it is important you determine if you are in business and when your business starts. Knowing if you’re in business helps you know what records you need to keep, and…
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Find out about deductions and tax implications if you own a holiday home. Holiday Home – Not Rented Out If you own a holiday home and don’t rent out the property, you don’t include anything in your tax return until you sell it. When you sell the property, you will need to calculate your capital gain…
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What to do if you need to fix a mistake in a previously lodged BAS or make an adjustment for a change. What are mistakes or adjustments Correcting a mistake made in an earlier business activity statement (BAS) is different to making an adjustment: When to fix a mistake Examples of mistakes you may have…
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These steps help businesses use online services to nominate an agent. About client-to-agent linking steps Businesses can use the ATO’s online services to nominate an agent. These steps are for clients who need to nominate an agent. You only need to do this when you: Contact the ATO or your registered agent if you need guidance. Your…
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Mick’s guidance and advice throughout the entire process of buying our first home was beyond our expectations. From start to settlement he was there and made it feel easier and we felt we were in safe, experienced hands with our financial decisions. We learnt a great deal and saved so much time. We would not…
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The sole purpose of a self-managed super fund (SMSF) is to save up for your retirement savings. There are people promoting early access schemes which are illegal and could cost you more than your retirement savings. Be on the lookout for dodgy advice, don’t take up any offers without first checking if they are legal and learn…
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Find out about claiming an exemption from paying the Medicare levy if you were not entitled to Medicare benefits. 2023 Medicare Entitlement Statement (MES) processing delay If you applied to Services Australia for a 2023 MES and you’re waiting for it to be processed, you should still lodge your tax return by the due date.…
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Loans to members continues to be the highest reported contravention of the superannuation laws that we see in auditor contravention reports (ACR) lodged by self-managed super fund (SMSF) auditors. These loans comprised 16% of all reported breaches for the 2019 to 2022 audit years. It’s important to remember SMSF trustees cannot loan money or provide other…
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Here’s our November Newsletter! In this month’s edition we talk about ‘Guide to Tax Deductions in Australia’, ‘When Should You Make an Advance Health Plan’ and ‘Selling Your Home? Here Are the First Steps to Take’. Download a copy of our November Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for…
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If you find yourself in a position where you want or need to wind up your SMSF there are a number of key considerations and tasks involved. Before lodging your final SMSF return you need to dispose of assets and pay out (where a condition of release has been met) or rollover all member benefits (leaving an appropriate amount…
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When was the last time you checked your Australian business number (ABN) details on the Australian Business Register (ABR)? If you’re not sure, it’s time to check your details are up to date. Emergency services and government agencies use ABN details to identify businesses in areas affected by emergencies, so it’s important to check your…
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Throughout 2021–22, one cybercrime was reported every 7 minutes to the Australian Cyber Security Centre (ACSC). Throughout Cyber Security Awareness Month (October) we encourage you to implement these 4 quick steps to help protect yourself and your clients. Step 1: Install updates for your devices and software Regular updates ensure you have the latest security…
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Business vehicle depreciation is a topic that new small business owners may be unfamiliar with, and calculating it can be challenging. However, understanding this deduction is crucial since it can result in significant tax savings. Admittedly, car depreciation can be a complicated subject. But, to ensure you’re getting the most out of your car’s value, it’s essential…
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In this month’s edition we talk about ‘How to Choose the Right Business Structure for Your Business’, ‘The Difference a Decade Can Make to Your Retirement Savings’ and ‘The Benefits of Using Online Calculators’. Download a copy of our October Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost…
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Attracting and retaining good staff is essential for your business. If you’ve given your employees perks and benefits such as car parking or gym memberships, you should consider the FBT implications. These extras can be a great bonus on top of salary and wages – but they can attract an FBT liability. What kinds of…
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Self-managed super funds (SMSFs) must report certain events that affect members transfer balance account (TBA) quarterly using transfer balance account reporting (TBAR). These events must be reported even if the member’s total superannuation balance is less than $1 million. You must report and lodge within 28 days after the end of the quarter in which the event…
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If you’re in business, it’s important to know the difference between business losses and non-commercial losses. When it comes to business losses, you generally make a business tax loss when the total deductions you can claim for an income year exceed the total of your assessable and net exempt income for the year. If your business makes a…
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Clothing, jewellery, gaming products, flights and crypto assets are just some of the things you might have to account for in your tax return as part of your business income. If you received these or any other non-cash benefits instead of money for your goods or services, or as a tip or gift – you must…
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Pay as you go (PAYG) instalments are regular prepayments of tax on your business and investment income. By paying regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return. PAYG instalments are reassessed after you lodge your tax return. If you have higher or lower business and…
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Profitable companies that choose to relegate their tax and super obligations will be a focus of the ATO’s crackdown on collectable debt, Commissioner says. Too many businesses “roll the dice” on tax liabilities and treat them like a free loan, ATO Commissioner Chris Jordan says. He said small business owed more than its share of…
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The Australian Taxation Office (ATO) is reminding rental property owners and their tax agents to take care when lodging their tax return this tax time. ATO Assistant Commissioner Tim Loh explained that the ATO’s review of income tax returns show 9 in 10 rental property owners are getting their return wrong. ‘Landlords and their registered tax agents…
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The Pandemic saw the ATO take a much softer stance across a number of fronts: Since the pandemic has passed we had seen, until now, a gradual return by the ATO to situation normal. In recent weeks we have however seen the ATO take a far more aggressive approach – particularly with regard to PAYG…
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In this month’s edition we talk about ‘Crypto Tax: 5 Crucial Areas to Get Right’, ‘How Your Retirement Payments are Taxed and what is Exempt’ and ‘Understanding the Home Loan Process’. Download a copy of our September Newsletter below… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: –…
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The start of a new financial year brings fresh opportunities for small and medium businesses to set their sights on further success. It’s a great time to reflect on the past and plan for the future. Whatever your industry, we’ve collated some valuable tips that will help you position your business for growth in the coming…
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The Australian Taxation Office (ATO) is continuing to provide dedicated support to taxpayers this tax time. Assistant Commissioner Tim Loh acknowledged that for some, tax can seem overwhelming. ‘The ATO is here to help with the support you need to get it right this tax time.’ Tax Help The Tax Help program is a free…
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The ATO have released a series of videos to help you understand your super obligations as an employer. As a small business employer, you can find out about: Remember, registered tax and BAS agents can help you with your tax and super. Source: ATO Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds…
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Find information and examples on the latest tax and super-related ATO impersonation scams. Scam advice Be wary of emails, phone calls and text messages claiming to be from the ATO. If you think a phone call, SMS, voicemail, email or interaction on social media claiming to be from the ATO is not genuine, do not…
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Super guarantee contributions for the quarter ending 30 June were due to eligible workers by 28 July. If you missed the due date, didn’t pay the right amount, or didn’t pay to the right super fund, you’ll need to: The SGC statement can help you calculate the SGC. If you don’t lodge your SGC statement by the…
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Consider these key points about the R&D tax incentive before you lodge your company tax return this year. If you engage in research and development (R&D) activities and are eligible for the R&D tax incentive, you must lodge an R&D tax incentive schedule when you lodge your company tax return. Before lodging your 2023 company tax return and the…
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Tax time for a sole trader can be stressful, however with a little planning you don’t need to dread doing your tax return. Take Benzi for example. Benzi is a self-employed professional tiler whose total gross business income is $82,000 per annum. Benzi knows that he’ll have a tax bill at the end of the…
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You can claim tax deductions for expenses you incur while running your business if they’re directly related to earning business income (also known as assessable income). Take Rubi for example. Rubi is a sole trader who works as an IT consultant. As part of her work, she travels to deliver seminars and workshops. Rubi follows…
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As we forge ahead into a new financial year, it’s essential to look back at the previous year’s performance and plan strategies for improved outcomes. While analysing your successes is important, reflecting on your mistakes can often offer even more valuable insights. Accordingly, as a small business owner, avoiding common financial missteps can significantly enhance your operational…
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You need to appoint an approved self-managed super fund (SMSF) auditor for each income year, no later than 45 days before you need to lodge your SMSF annual return (SAR). Your SMSF’s audit must be finalised before you lodge, as you’ll need some information from the audit report to complete the SAR. You must ensure the correct auditor details…
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If your business conducted research and development (R&D) activities, you may be eligible to claim a tax offset under the R&D tax incentive. If you’re eligible, you can claim the R&D tax incentive by completing the R&D tax incentive schedule and lodging it with your company tax return. See the R&D schedule instructions for information on how to complete the schedule. You…
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“Hi, I’m Rebecca, director for Superannuation and Employer Obligations at the ATO. We understand that as employers you play a vital role in Australia’s tax and super system, and paying super is a very important responsibility. It’s important that you make super contributions for your eligible employees and contractors on time, in full and to…
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