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Tag: Small Business

Business Structures – Key Tax Obligations

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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Before You Start a Business

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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Update Your ABN Details

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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Positioning Your Small Business For Growth: Essential Tips For The New Financial Year

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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Are You a Super Expert?

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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Common Business Mistakes You Can Avoid This New Financial Year

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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ATO: Helping Employers Get It Right This Tax Time

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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4 Things Investors Should Consider As The Economy Slows

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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Everything You Need For Business, Personal and Investment

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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Be Cyber Safe This EOFY

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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Supporting Your Small Business

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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You Have Options To Resolve Your Dispute

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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How You Can Help Employees With A Study Loan

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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15 Pro Tips To Improve Cash Flow Management

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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It’s 2023 Fringe Benefits Tax (FBT) Time!

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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Taking Care Of Small Business

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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4 Tips To Help Nail Your Record Keeping

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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How to Stop Wasting Time Once and for All

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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Tips for Changing Payroll Frequency

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 Businesses want the SME Recovery Scheme Replaced

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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Food Services Financial Reporting: Three Must-Review Items on your Financial Statement

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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Businesses expect to return to pre-COVID profitability levels by the end of 2022 – but supply chain chaos remains a concern

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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Important Message for all Company Directors

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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How to become a customer centric organisation

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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1 in 4 Businesses Impacted by Late Payments

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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What is depreciation and how is it calculated?

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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Why you need a documented succession plan

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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40 Team Building Activities for Businesses of Any Size and Budget

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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