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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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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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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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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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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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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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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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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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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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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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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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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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 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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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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As tax time approaches, you should start preparing to meet your annual tax and super obligations. We’ve kick-started the process by pulling together a list of key hints to help you keep on top of things: Check out the various resources and tools available for employers on our website. Remember, registered tax agents can help you with…
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The economy is facing headwinds this year, which will be unfamiliar to many after an almost 30-year run of growth and a post-pandemic boom. Here we explain what you might expect in the months ahead, and what history has taught us about economic highs and lows. What’s in store for the rest of the year? The Australian economy is forecast to follow many…
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My experience with Mick Doyle from Accountplan is that he is not only friendly but also very professional. His help has been integral in growing my business and investment portfolio over the last year or so. Mick and the team at Mark Accountants Caloundra helped me to set up an SMSF that went on to…
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Cyber criminals will be hunting more than just money this end of financial year (EOFY) – remember to keep your guard up. As Australia approaches the EOFY, brokers, individuals, organisations and their employees should stay alert to phishing, smishing (SMS phishing) and vishing (phone call phishing) scams. Cyber criminals attempt to take advantage of this…
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Tax time essentials, learning resources, tools and services to support small business. Tax time essentials The ATO offer a range of tools and services to make it easier for you to get your tax and superannuation right. They want to help you manage and grow your business and get back on track if you need…
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Small business owners often waste time. Even though a study conducted by TSheets (now QuickBooks Time) found that nearly 60% of self-employed workers in the U.S. said they either worked every weekend or every other weekend, if you’re truly honest with yourself, you’ll probably admit that there’s a difference between spending time on work-like activities…
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Switching to less-frequent payroll periods can save time and money on payroll processing costs, but to navigate the change successfully, you need to recalculate payments, make changes to your accounting software, and communicate with your employees about the change. Weekly Payroll Sending out weekly pay slips results in processing payroll 52 times per year and…
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Small Business Australia is appealing for Canberra officials to replace the SME Recovery Loan Scheme with the revenue contingent loan (RCL) of the Higher Education Contribution Scheme (HECS). The scheme allows SME owners to access low-rate loans with the option of deferring repayments for up to 24 months to give them more breathing space as…
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Whether you run a boutique restaurant, franchise, food truck or catering service, key areas of focus tend to be the same across business types—sales and cash flow; labour and food and beverage costs. And that’s as it should be: sales and cash flow ensure you have enough money to pay your bills and your staff, while…
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Business confidence has seen a resurgence across industries in October, as NSW and Victoria reopened and companies returned to pre-pandemic trading. A newly released survey conducted by HSBC found 65% of Australian businesses are optimistic they can generate growth over the next 12 months, in line with international peers. However businesses named supply chain chaos…
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New laws came into force from 1 November 2021 requiring all Directors to obtain a Director Identification Number (Director ID). This applies if they are the director of a company, registered Australian body, registered foreign company or an Aboriginal and Torres Strait Islander corporation. When must you apply for your Director ID? Date You Became…
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Most businesses like to think they’re a customer centric organisation, but nobody’s perfect, right? Here’s how to incrementally improve your customer relationships. Think about your clientele and ask yourself: what are their goals? What are they trying to do for them or perhaps their own customers? What keeps them awake at night? When are they…
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Cash-flow issues have reared their head again across Australia’s SME community again, with one in four small businesses reporting late payments. According to a new Xero survey of more than 1,000 SMEs, late payments have become a major stressor with 24 per cent of small businesses and sole traders delaying payments to themselves due to cash-flow challenges.…
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Every business uses assets to generate revenue. Think of depreciation as a warning light that tells you the remaining value of the life of each asset. To understand depreciation, you’ll need to know what assets depreciate, common depreciation methods and the impact depreciation has on your financial statements. What is depreciation? Depreciation is the decline in the value…
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Handing over your small business to a successor takes considerable time and effort. Here’s why you need a succession plan to help you do it. Small and family businesses have been the backbone of the global economy for decades. In Australia, small and medium-sized enterprises (SMEs) make up about 70 per cent of all businesses – about half a…
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Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40 years 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 Broking services for Home Loans, Investment…
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