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March 2023 Newsletter

Download a copy of our March Newsletter…

Check Your myGov Account For Your Share Of $16 Billion In Lost And Unclaimed Super

There is $16 billion in lost and unclaimed super across Australia, new data from the Australian Taxation Office (ATO) reveals. This is an increase of $2.1 billion since last financial year and the ATO is urging Australians to check their account to see if some of the money is theirs. Deputy Commissioner Emma Rosenzweig said finding lost…
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Most Taxpayers ‘Will Be In The Dark’ About WFH Changes

The ATO should have postponed its revisions to the work-from-home claims  regime until next financial year, says H&R Block. Most taxpayers will fail to notice the ATO publicity campaign about changes to work-from-home deductions and will learn about them when they do their tax return after July, says the director of tax communications at H&R…
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Some Observations On Home Loan Interest Rates

There is a staggering 800,000 Australian fixed rate home loans coming due during the 2023 year, that’s right 800,000.  That means 800,000 mortgage holders having to make a decision whether to re-fix or allow their loan to convert to variable. Either way it is going to involve a significant increase in the cost of an…
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What You Need To Know About Varying PAYG Instalments

Pay as you go (PAYG) instalments allow you to make regular prepayments of tax on your business and investment income throughout the financial year. Paying the right PAYG instalments can help you maintain a healthy cash flow and avoid a large tax bill when you lodge your tax return. If you think your current PAYG instalments…
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Fixed Rates vs Variable Rates – Which is Better & How do I Choose ??

The Fixed Rate Cliff I am sure that most of you reading this will have also read recently about what the media are describing as a “Fixed Rate Mortgage Cliff”. Well what is it ?? Historically, far more Home Loan borrowers elect to remain on variable rates rather than taking up a fixed rate option.…
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Do You Need To Vary PAYG Instalments?

Pay as you go (PAYG) instalments allow you to make regular prepayments of tax on your business and investment income throughout the financial year. Paying the right PAYG instalments can help you manage a healthy cash flow and avoid a large tax bill when you lodge your tax return. If you think your current PAYG instalments…
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Concessions For Your Small Business

We’re here to provide you with information to help you identify concessions you might be eligible for. There are many types of concessions available. The ones you can qualify for will depend on factors such as your company structure, the industry you’re in and your annual turnover. There’s lots to know about small business concessions; but…
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Inflation, Interest Rates And Recession: Understand The Cycle

There are echoes of the past as rising inflation and interest rates threaten to push Australia and other developed economies into recession, but what is recession, exactly? How can inflation and interest rates interact to trigger a recession? Former Australian prime minister and treasurer Paul Keating infamously stated in 1990, following the release of data…
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How To Help Protect Your Business

Good cyber security is closer and easier than you think. Here are 4 easy steps you can take right now that can help make your business security stronger. 1. Get your passwords in shape How? You can use a Password Manager to set and save passwords. Also consider switching from passwords to passphrases, which are…
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Verify Or Report A Scam

Check or report an ATO impersonation scam and get to know some warning signs of phone, email and SMS tax scams. Verify a scam Scams trick you into paying money or giving out your personal information. Scammers often pretend to be from trusted organisations like the ATO. We will sometimes contact you by phone, email,…
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Non-Bank Funding Replaces COVID-19 Stimulus Measures For SMEs

Small businesses have replaced COVID-19 stimulus and support programs with non-bank funding to help them ride out the economic downturn. According to the latest round of ScotPac’s biannual SMW Growth report, around one in five SMEs plan to divest or merge operations and a quarter added non-bank funding facilities in 2022 — more than double…
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February 2023 Newsletter

Download a copy of our February Newsletter…

Received A Business Support Grant?

You may have received a business support grant recently to help your business through tough times. Remember, when it comes to tax time, it’s important to check if you need to include the payment in your assessable income. Grants are generally treated as assessable income. However, some grants are formally declared non-assessable non-exempt (NANE) income.…
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Illegal Early Access To Super

When running your self-managed super fund (SMSF) it’s important to know that accessing your super can be illegal at times. You should also be wary of people, known as ‘promoters’ who want to help you set up an SMSF for the purpose of illegally accessing your super. As a trustee of a SMSF it is…
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Businesses Must Account For Family & Domestic Violence Leave

The additional respite category commences in February with firms warned to prepare for the added classification. Businesses must account for the government’s added family and domestic violence leave as it becomes available from 1 February.  The additional leave, which was announced by Employment Minister Tony Burke in October last year, entitles full-time, part-time and casual…
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How To Start A Business In 15 Steps: Guide, Checklist, And Canvas

You’re ready to take the leap and start a business. Congratulations! Making that decision might feel risky, but it’s a good thing. In fact, 74% of small and medium business owners are willing to take big risks to ensure they succeed. “Fortune,” as the saying goes, “favours the bold.” Still, you should also consider ……
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What And When To Report

What events self-managed super funds (SMSFs) must report by certain dates and what happens if reporting is late. Events you need to report An SMSF must report events that affect a member’s transfer balance account. Common events are: Where the death benefit income stream is paid to a reversionary beneficiary, the start date will be…
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Do You Have Employees?

There are some extra things you need to do if your business has employees (even if they are family). TFN declaration On the first day a worker starts working for you, you should ask them to complete a Tax file number declaration (NAT 3092). They don’t have to tell you their TFN, but if they don’t, you…
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Protect Your Business From Cyber Scams

Cybercriminals are targeting small businesses with business email compromise scams. They send fraudulent emails posing as a legitimate business contact or staff member. They typically request a change in bank account details for a deposit, wages or invoice payment. Victims then unknowingly send money to the cybercriminal. These fraudulent emails may come from hacked email…
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January 2023 Newsletter

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What do Lenders Look for in a Borrower?? and the rise in Buy Now Pay Later Services

What do lenders look for in a borrower ?? This is a really good question and one that is not often easy to answer, mostly because different lenders can have very different approaches to how they view process and of course price applications for finance. There are a few reasons for this…….. Specialisation. Not unlike…
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Finding It Hard To Meet Your Tax Obligations?

The Commonwealth penalty unit amount will increase to $275 from 1 January 2023 for infringements on or after that date. Failure to meet a tax obligation, like not lodging on time, may result in a penalty being applied. We understand there may be occasions when businesses experience financial difficulties and can’t pay on time. Even if you can’t…
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Missed The Director ID Deadline?

Read our questions and answers about director ID to find out, what to do if you’ve missed the deadline, more about who needs one, and how you can get it. I’ve missed the 30 November deadline, what now? If you missed the deadline, you can still apply for your director ID. We’re taking a reasonable approach…
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Electric Cars Exemption

From 1 July 2022 employers do not pay FBT on eligible electric cars and associated car expenses. Eligibility You do not pay FBT if you provide private use of an electric car that meets all the following conditions: Benefits provided under a salary packaging arrangement are included in the exemption. The government will complete a review…
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Refresh Your ABN Details

When did you last check your details on the Australian Business Register? If you’re not sure, it’s time to check your details are up to date. Emergency services and government agencies use ABN information to identify businesses in affected areas during emergencies. This helps them determine who might need help or support during and after…
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The Fate Of SMSF Lending

The Council of Financial Regulators (CFR) is the coordinating body for Australia’s main financial regulatory agencies – APRA, ASIC, the RBA and The Treasury. In 2014 the Financial System Inquiry recommended the removal of the exception from superannuation funds, allowing limited recourse borrowing arrangements (LRBA), more commonly known as an SMSF loan. In 2015, The…
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Have Yourself An FBT-Free Christmas

It’s fine to throw a work party and buy staff presents but give the Cartier watches a miss, say accounting bodies. Companies going overboard on parties and gifts this Christmas will fall foul of FBT, say the professional accounting bodies, because there’s a strict limit on how much you can spend. “It’s about the $300…
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End-of-Year Checklist for Small Businesses

The end of the year is a busy time for many reasons. Prepping for the holidays, making time for family, and planning for the new year keeps most of us busy through 1 January and beyond. As a small business owner, you have an even longer list of things to think about at the end…
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How Have Australians Reacted to Interest Rate Hikes?

Interest rates have been on the rise in Australia, and this has caused a lot of concern among consumers. Many people are worried that they will not be able to afford their monthly mortgage payments, and some are even considering selling their homes. In this blog post, we will take a closer look at how…
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11 Free Small Business Marketing Ideas

As a small business looking to grow, you’ll often be looking at new ways of attracting customers.  The first step would be to create a marketing plan that will set out how to improve your business outreach, customer service and revenue.  The second step is to find the right type of campaign that will assist you in…
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Tips to Avoid a Cyber Attack

Data protection is no longer just a job for the IT or security team. Stay one step ahead of cyber crimes with these common-sense tips. A major data breach at Australian telco Optus earlier this year sent shockwaves through the business world. Some reports suggest that Optus may have been hacked through an unprotected application programming interface…
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Almost 800k Directors Could Miss ID Deadline

Latest figures suggest almost one-third of company directors will fail to apply by the November 30 cutoff. Almost 800,000 directors will miss the November 30 deadline to apply for an ID number with just 1.5 million out of the 2.5 million eligible in the system, according to figures supplied by the ATO this week. The…
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Do You Need to Close Your Business?

Deciding whether you need to close your business can be a difficult decision, so we’ve put together a few key points to help you understand the process. If you decide to close your business, remember to finalise your: If you have sold or closed down your business, you need to cancel your GST registration within…
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Do You Use Business Money for Private Purposes?

If you use money or assets from your company or trust for private purposes, it’s important to consider there may be tax consequences. This applies for business money and assets such as: To ensure you get it right, take these 2 simple steps: By following these steps and keeping your business and private transactions separate…
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Did You Pay Your Employees’ Super on Time?

Employee super guarantee (SG) contributions for the quarter ending 30 September were due by 28 October. If you didn’t pay the correct amount of SG to your employees’ super funds in full and on time, you will need to pay the SG charge (SGC). You need to: lodge an SGC statement to us by 28 November to avoid additional…
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A Bank Just for Essential Service Employees

Accountplan’s mortgage broking arm, Accountplan Finance Solutions, is proud to confirm our accreditation with the Teachers Mutual Bank (TMB).  TMB has for over 50 years provided bespoke banking and mortgage solutions to not just teachers, but most essential workers via the following divisions: Firefighters Mutual Bank Health Professionals Bank Teachers Mutual Bank Uni Bank Hence…
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Hiring Holidays Employees? Be Aware of Changes to Super

If you hire staff on a short-term or occasional basis, you need to be aware of recent changes to super guarantee (SG). The changes mean more of your employees may be eligible for super. The changes started on 1 July 2022. You need to pay super for employees at a rate of 10.5%, regardless of how…
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The Five Most Common Problems Businesses Hit Over The Holiday Period

How are you looking this festive season?  While Covid travel restrictions have eased, businesses are experiencing continued challenges with rising fuel costs, interest rate hikes, supply chain issues, staff shortages and depressed demand for services or products.  Despite this, according to ScotPacs SME Growth Index, SME confidence is growing and it’s important for businesses to be aware…
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COVID-19 Provisions Axed from Modern Awards

The Fair Work Commission has issued a determination to delete the expired COVID-19-related provisions in modern awards. In 2020 it varied 99 modern awards to include unpaid ‘pandemic leave’ and the flexibility to take twice as much annual leave at half pay. The Fair Work Commission has issued a determination to delete the expired COVID-19-related…
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Introducing Rohit Maheshawari

Rohit has joined the Accountplan team and brings with him over 15 years’ experience in the Financial Planning industry. As well as being a Certified Financial Planner, Rohit as an array of further specialist areas including: Retirement planning, Centrelink entitlements Aged care strategies Superannuation strategies (including SMSFs) Tax-effective investment strategies Personal insurances (Life, Disability, Critical…
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Introducing Tahni Blewett

Tahni gave our already experienced accounting and tax team a massive boost after coming on board as a Senior Accountant in April this year.  Tahni had already acquired over 12 years’ experience in the Accounting and Taxation Industry, the last 5 years of this was spent operating her own accounting business at North Lakes. This…
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Crypto Asset Investments and Tax

Find out about managing your tax when you buy, sell or invest in crypto assets. Tax responsibilities Crypto assets (crypto) are a digital representation of value that you can transfer, store or trade electronically. This also includes non-fungible tokens (NFTs). When you buy, sell, or dispose of crypto assets in any other way, you have tax…
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Important Changes to Fuel Tax Credits

If you claim fuel tax credits, multiple rates may apply to your business activity statement (BAS) that is due in October, depending on when you acquired the fuel. Changes to fuel tax credits occurred on 30 March, 1 July (biodiesel only),1 August, and 29 September 2022. Fuel tax credit rates change regularly. The easiest way to ensure you are using…
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Do You Need to Vary Your PAYG Instalments

Pay as you go (PAYG) instalments are regular prepayments of tax on your business and investment income. When you pay regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return. If you think the amount you pay now will be more or less than your expected tax…
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Now is the Time to Protect Yourself Online

Throughout October the Australian Cyber Security Centre (ACSC) is sharing guides and resources that will help you protect all your information from cyber criminals. Update your devices and applications Cyber criminals hack devices by using known weaknesses in systems or apps. Check your devices for updates, and turn on automatic updates so that future updates are made…
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URGENT | Apply for Director ID NOW

Directors need to apply for their director identification number (director ID) by 30 November 2022. If you have a corporate trustee for your self-managed super fund (SMSF), then you’re a company director, and need a director ID. Not sure if you need to apply? You can check if you need a director ID at who needs to apply.…
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Quarterly TBAR Lodgment Reminder

The quarterly transfer balance account report (TBAR) for self-managed super funds (SMSFs) is due on 28 October 2022. You’re required to lodge your TBAR by this date if: a transfer balance account (TBA) event occurred in your SMSF between 1 July and 30 September 2022, and any member of your SMSF has a total super balance greater than…
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Do You Run Part or All of Your Business from Home?

If you’re a sole trader or in a partnership, you may be able to claim the business-use portion of running expenses (the costs incurred using your home’s facilities) and occupancy expenses (what you pay to own or rent your home). For example, Georgia is a sole trader and runs a hairdressing business from her granny…
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Use a Motor Vehicle for Business Purposes?

Here are 4 things to keep in mind when claiming motor vehicle expenses – such as fuel, oil, servicing and registration – for your business. If you operate your business as a sole trader or partnership (where at least one partner is an individual), the method you must use to calculate your deduction depends on…
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Banking Your Business Income to a Private Account?

Do you keep track of any business income in your private accounts so that you can report it correctly in your business tax return? We have no concerns with business owners banking their business takings or other sales in private accounts. However, it becomes an issue when this income isn’t reported. A good way to…
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Declare Cash Sales or Run the Risk, Business Told

Off-the-books transactions and side hustles have a habit of showing up the ATO’s tracing technology, says Assistant Commissioner. Make sure your business includes all income and avoid the temptation of undeclared cash transactions, the ATO is warning SMEs. Speaking on this week’s Accountants Daily podcast, Assistant Commissioner Andrew Watson said cash was making a comeback…
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Overdue Invoices Cost Small Business $1.1BN a Year

Overdue invoices are costing small business $1.1 billion a year and waiting times for payment have reached an average of 6.4 days, according to the latest report from Xero. It found that almost half of all invoices are paid late — one in 10 by more than a month — and said overdue payment is…
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Paid Contractors? Don’t Forget Your TPAR

With all the changes due to COVID-19, you may have contracted out more services in the past year. This could mean you need to lodge a Taxable payments annual report (TPAR) for the first time. TPARs are due on 28 August each year. You may need to lodge a TPAR if your business pays contractors or subcontractors…
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September 2022 Newsletter

ATO Payment Plans

What is a payment plan? A payment plan is an agreement with the Australian Taxation Office (ATO) to pay your tax liability in instalments over a period of time. Not only is it a practical way to meet your payment obligations, but it allows you to break down your payment into smaller amounts that are…
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Tax-Exempt Landlords in for a Shock Under QLD’s New Regime

Changes to Queensland’s tax code that will charge investors land tax based on the value of their entire Australian portfolios regardless of location have broad implications for the country’s landlords, particularly those who might previously have been exempt from some taxes. Speaking on a recent edition of The Smart Property Investment Show, a podcast produced…
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120 DPNs a Day Drive Insolvencies Back to Pre-Pandemic Level

The ATO’s ramp-up of debt collection activity on small businesses shows up in the figures for July. Business insolvencies are back to pre-pandemic levels with the ATO firing out 120 director penalty notices a day as it ramps up debt collection to full speed. July recorded 674 businesses being wound up or entering administration, line-ball…
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Crypto Buyers Fail to Understand Risks, ASIC Says

Time for regulation, says ASIC, as survey finds huge rise in popularity of digital assets but investors motivated by fear of missing out. Crypto assets are now the second-most popular investment but too many holders are unaware of the dangers and there is “a strong case” for regulation, according to ASIC. The call comes after…
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Parental Leave Super ‘Essential to Narrow Gender Gap’

Industry bodies increase pressure on Labor to deliver equality between men and women come retirement. Women are retiring with fewer savings than men because superannuation is not payable on parental leave, but industry bodies have begun to mobilise on the topic. Superannuation firm HESTA has been joined by several industry groups in calling on the…
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What Does High Inflation Mean for the Australian Housing Market?

While inflation has implications for housing demand, housing itself influences inflation. By understanding how inflation and housing fit together, the market outlook for the year ahead becomes a little clearer. ABS figures showed the highest annual rate of inflation in June 2022 in almost 32 years. As we head into the new financial year, annual inflation is…
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Appoint an Auditor Before Lodging Your SAR

You need to appoint an approved self-managed super fund (SMSF) auditor no later than 45 days before you lodge your SMSF annual return (SAR). Don’t risk approaching an auditor the day before you need to lodge as it will result in an overdue lodgment. Approved SMSF auditors are an important part of your lodgment and reporting…
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Do You Know What Business Expenses You Can Claim?

You can generally claim a tax deduction for most expenses you incur, as long as: the expense relates directly to earning your business’s assessable income you only claim the business-use portion of an expense that’s for a mix of business and private use you have records to substantiate your claims. You can claim deductions for:…
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Disclose Contractor Payments by 28 August, ATO Warns

Small businesses told under-reporting will be exposed by powerful data matching.  The ATO is warning businesses that they have until 28 August to complete a taxable payment annual report (TPAR) for last year as it cracks down on the shadow economy. Around $350 billion in payments made to 950,000 contractors were reported last year and…
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Is Your System Updated for the Latest SG Changes

As of 1 July 2022, the $450-per-month super guarantee (SG) eligibility threshold was removed. This means that if an employee meets the other SG eligibility requirements, you must pay them SG, regardless of how much they earn. However, employees under 18 must still work more than 30 hours in a week to be eligible. It’s important…
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Do You Need to Pay the Super Guarantee Charge?

We recognise there can be times when super is not front of mind for employers. Super guarantee (SG) obligations were due on 28 July for the last quarter. If you missed or didn’t pay the full amount of your employees’ SG, you’ll need to: lodge a super guarantee charge statement to us by 29 August to disclose any missed or…
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To Survive or Thrive: 7 Tips on How to Make Your Business More Resilient in a Recession

A perfect storm is currently brewing in the wake of the COVID-19 pandemic. Soaring energy prices, supply chain disruptions, labour shortages, an increasingly high cash rate (currently at 1.35 per cent), and inflation expected to hit 7 per cent by end of this year – are all signs of a weak economy.  In the 2022 financial year…
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Small Business Getting Started with eInvoicing

How small businesses can get started with eInvoicing to exchange invoices with trading partners through software. How to start eInvoicing eInvoicing will help your small business save time and simplify invoice management. It’s a standardised and easy way to send and receive invoices between the buyer’s and supplier’s software through a secure network. You and…
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Tax Refund SMS Scams | July 2022

We’re concerned about a high volume of SMS scams pretending to be from the ATO. These scams tell you that you’re owed an income tax repayment and ask you to click a hyperlink and complete a form. Clicking the link takes you to a fake ATO webpage that asks for your personal identifying information, including…
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Do You Know What Counts as Business Income?

You may receive your business income in the form of: cash and digital payments, such as EFTPOS, online, credit or debit card transactions, and through platforms such as PayPal, WeChat or Alipay vouchers or coupons, such as state government stimulus vouchers. When calculating your business’s assessable income, it’s important that you include all income from…
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Rates to Boost by 50 BPS, Pause by September: Westpac

The bank’s chief economist has pitched its latest Reserve Bank prediction, predicting another half-percentage hike next month, followed immediately by a freeze. If the major bank’s prediction of a fourth consecutive lift over August to 1.85 per cent is correct, this will be the highest that the cash rate has reached in over six years. …
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Accountplan Tax Organiser 2022

Download a copy of our Tax Organiser for 2022 below…

Australians Targeted in a New myGov Refund Scam

Each year as end of financial year (EOFY) draws closer, scammers come out in troves looking to score a quick buck, and it’s apparent 2022 is no different. The latest phishing scam that MailGuard has now intercepted claims to come from myGov and could steal your account and credit card credentials.   If you’re not a…
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80¢-an-Hour WFH Shortcut Ends in July

Accountants should alert clients of the need to keep receipts to claim using other methods, says IPA. People who work from home will need more detailed records to claim expenses after the shortcut method ends in July and tax agents should start telling clients, said the IPA. The general manager of technical policy at the…
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ATO Urges Small Business to ‘Nail’ its Tax 

A comprehensive toolkit gives a run-down on expenses and deductions.   The comprehensive guide also highlights three areas of concern: deductions, omissions of business income and record-keeping.  On deductions, the ATO reminded small-business owners to only claim what they are entitled to and outlined three rules for valid business deductions: The expense must have been for…
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Timely Action Needed on UPEs Ahead of 30 June

SMSFs should ensure they have received any outstanding unpaid present entitlements relating to the 2021 financial year by 30 June to avoid major compliance issues, an SMSF lawyer has warned. With 30 June fast approaching, DBA Lawyers director Daniel Butler said now is a good time to check that SMSFs with entitlements in a related…
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Over Half of Aussie Property Investors Concerned about Rising Interest Rates – Study

A massive 63% of property investors were feeling concerned about rising interest rates, 40% were concerned about the cost of living, and more than one in 10 fear they may have to sell, according to new research commissioned by Australian fintech startup TaxTank. Following the Reserve Bank’s recent decision to lift the cash rate by…
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How Important is your Credit Score?

A recent survey of nearly 1,600 people revealed almost all respondents believed knowing their credit score was critical to improving their finances. The survey also found the majority of people have no clue what their score is. A credit score is a number that depicts a consumer’s creditworthiness. The higher the score, the better a…
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ATO Promises 12-Day Turnaround on Error-Free Returns

But common mistakes will lead to longer processing times, it says. The ATO has pledged to process most electronically lodged tax returns within 12 business days, but said delays are being caused by common mistakes. Tax agents and their clients needed to ensure information is correct, it said, because every year the ATO received inaccurate…
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Disclosure of Business Tax Debts

The ATO is writing to thousands of businesses with outstanding tax debts to warn them that they will be reporting the debts to credit reporting bureaus unless action is taken. This move could obviously have a very detrimental effect on the businesses concerned, not only in terms of tainting their credit history and/or credit score,…
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ATO Zeroes in on Work Expenses & Crypto Investments

The ATO is warning taxpayers to be vigilant on a range of claims that will come in for greater attention during tax time this year, from work-related expenses to cryptocurrency gains. Assistant commissioner Tim Loh said the ATO was targeting problem areas where it saw people making mistakes. “It’s important you rethink your claims and…
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A Guide to E-Invoicing in Australia in 2022

The potential for e-invoicing to save businesses both time and money can’t be understated, but are business owners even clear on what it is? There are over 1.2 billion invoices sent in Australia alone each year, with 89 percent of these sent by small to medium sized businesses. The sheer volume of invoices sent each day leaves them open…
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Why You Should Resolve to Make Your Will This Year

More than half of Australian adults die without a will. Last year delivered Australia a lot of unexpected blows. We started 2021 expecting the worst of COVID was behind us, but by October Melbourne had become the world’s most locked-down city. Who would have predicted the Dees and the Bulldogs would be playing an AFL…
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What is a Micro Business?

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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4 Tips for Getting Superannuation Payments Right

Getting superannuation contributions right is an important element of any employers end of financial year period. These tips will guide you on the right path. Superannuation contributions have been compulsory for three decades in Australia, and as the years have ticked over, the requirements have evolved quite substantially. Simply put, superannuation – or ‘super’ –…
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ATO Issuing 30-40 Penalty Notices a Day – And Rising

Office steps up debt collection with scores of director penalty notices and hundreds of credit referrals. The ATO is sending out 30-40 director penalty notices every day and has begun referring taxpayers to credit agencies as it steps up debt collection post-COVID. The DPNs follow 52,319 warning letters dispatched last month to directors of companies with…
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EOFY Checklist for Businesses: 2022 Edition

Getting your business’s end of financial year work done smoothly is no small task. This handy checklist offers a quick overview of the key processes and major to-do items. End Of Financial Year (EOFY) isn’t just a marketing opportunity for businesses looking to entice business customers to make the most of available tax deductions (although…
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ATO Flags Super Guarantee Charge Deadline

Businesses that have trouble paying employee super will need to lodge before 30 May. Employers that will struggle to pay an employee’s minimum superannuation guarantee (SG) amount on time and to the right fund, must remember to pay the superannuation guarantee charge (SGC) this tax time, says the ATO. “We understand that paying your employees’…
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ATO ‘Should have Acted Earlier’ on 100A

Widely used trust practices had been known about for years, says IPA. Advisers have relied for years on common practices “considered legitimate” for trust taxation and the ATO should have acted earlier if they were unacceptable, the IPA says in its 100A submission. As a result, IPA members were “blindsided” by the 100A draft ruling…
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Our Extended Hours During Tax Season 2024

From Saturday 13th July 2024 through till Saturday 31st of August 2024 we will be offering extended hours during Tax Season as follows:                 Mondays             8:30am to 5:00pm                Tuesdays             8:30am to 7:00pm                Wednesdays      8:30am to 7:00pm                Thursdays           8:30am to 5:00pm                Fridays                 8:30am to 5:00pm                Saturdays           9:00am to 1:00pm We will extend the additional hours should…
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May 2022 Newsletter

Download a copy of our May Newsletter…

ATO will take Hard Line this Year: H&R Block

Expect a stronger compliance regime after the office returns to business as usual. The ATO is focusing on a range of claims that have come into greater attention this tax year, from changing work-related expenses to the sharing economy and digital currencies, said H&R Block. Speaking to Accountants Daily, H&R Block director of tax communications…
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Inflation Hits Highest Level in 22 Years

Inflation has hit its highest level since the introduction of the GST, with the market to now eagerly watch for how the Reserve Bank manoeuvres the cash rate. New data from the Australian Bureau of Statistics (ABS) has revealed the Consumer Price Index (CPI) rose by 2.1 per cent over the March quarter. During the year to…
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Construction Costs Rising at the Fastest Annual Pace Since Introduction of the GST

CoreLogic’s Cordell Construction Cost Index (CCCI) for Q1 2022 showed national residential construction costs increased 9% over the 12 months to March 2022, the highest annual growth rate on record outside of the introduction of the GST (10.2% over the year to March 2001). The CCCI quarterly growth rate reaccelerated in Q1 2022 to 2.4%,…
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