If you disagree with a decision the ATO have made about your tax affairs, you may be able to use one of their free options for resolving disputes. You can use their in-house facilitation service for tax and super matters at any stage from audit up to litigation, where appropriate. It’s a free mediation service where an independent accredited ATO…
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Don’t let rising indexation on study and training loans catch you or your employees unaware. Earn that ‘World’s greatest boss’ mug by informing and advising your employees of the following key points. The compulsory repayment threshold for the 2022–23 financial year is $48,361. If you have employees with a study loan who earn more than…
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Are all Lenders the same ?? The answer to this question is a resounding NO. Not only within the traditional banking sector, but even between the big four themselves, there are differences of approach. These differences can be subtle but some are not so subtle. One obvious example may be a particular bank’s expertise with…
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Download a copy of our April Newsletter… Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with: – an experienced team of Accountants providing Tax & Business Advisory services– Bookkeepers to help you with BAS, IAS & Payroll– Financial Planning advice around Wealth Creation, Super & Aged Care Strategies– Mortgage…
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Many small businesses struggle with cash collections, and finding enough cash to operate each month can be a challenge. Speeding up cash collections, even by a day or two, can have a meaningful impact on your finances. If you could receive customer payments faster, how would your business improve? To understand your cash inflows and…
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Over the last few years we saw lenders add premiums to interest rates for Investment Home Loans and then add even higher premiums for Interest Only Loans (also once the most common repayment setting for Investment Home Loans). Hence it’s understandable that borrowers could come to the conclusion that lenders had “gone off” Investment Loans,…
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Research conducted by AHURI has found that a large number of young homeowner hopefuls are expected to rely on the bank of mum and dad. The research entitled, Pathways to home ownership in an age of uncertainty, was undertaken by The Australian Housing and Urban Research Institute (AHURI) researchers from the University of Sydney and Curtin…
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If you’ve provided fringe benefits to your employees or their associates between 1 April 2022 and 31 March 2023, it’s now time to lodge and pay your 2023 fringe benefits tax (FBT) returns. Make sure you note the following in your calendars: While it’s important to lodge and pay on time, we understand there may be circumstances…
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If you registered your self-managed super fund (SMSF) during the 2022 income year and you have a tax professional, your SMSF annual return (SAR) was due on 28 February 2023. If your return has not been lodged, you should do so immediately to avoid penalties. If you registered your SMSF prior to the 2022 income year…
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Have you ever wanted to help deliver the tax system of the future for small business? If so, our Small Business Stewardship Group (SBSG) might be for you. The SBSG is a part of our commitment to consultation. We aim to co-design our administration of the tax and super systems in partnership with those across…
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If over half the income you’ve received from a contract is a reward for your personal efforts or skills (rather than from the use of assets, the sale of goods, or from a business structure), then your income is classified as personal services income (PSI). You can receive PSI in almost any industry, trade or…
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Good record keeping helps you manage your business and cash flow, and ensures you get the right outcome with your tax return. Check you’re setting yourself up for success with these top 4 tips: Remember, registered tax agents can help advise you on your record keeping requirements. Source: ATO Welcome to Accountplan, proudly assisting the community…
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The ATO’s generous Instant Asset Write-Off comes to an end as at the 30th of June this year. So there may not be a better opportunity for those who are self-employed to buy vehicles or equipment for their business than there is right now. Accountplan has a large number of lenders on our Vehicle &…
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Following its 10th consecutive interest rate hike, the Reserve Bank of Australia has hinted that the end could be near. Speaking at the Australian Financial Review (AFR) Business Summit on Wednesday (8 March), Reserve Bank governor Philip Lowe reflected on this week’s 25-bp rate increase. “At our Board meeting yesterday, we discussed the lags in…
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How to lodge an FBT return, the due date for lodging and paying, and what to do if you pay by quarterly instalments. Do you need to lodge a return? You must lodge a fringe benefits tax (FBT) return if, for the FBT year (1 April to 31 March), you either: If you paid FBT instalments and…
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Download a copy of our March Newsletter…
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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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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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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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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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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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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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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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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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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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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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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Download a copy of our February Newsletter…
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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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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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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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 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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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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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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Download a copy of our January Newsletter…
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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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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Download a copy of our Tax Organiser for 2022 below…
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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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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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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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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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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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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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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