Sep 16, 2019 | Uncategorized
The ATO is focusing this year on beneficiary tax file number (TFN) reporting for closely held trusts and family trusts. If you are a trustee of a closely held trust you’ll now have additional reporting obligations beyond the lodgement of the trust tax return each...
Aug 30, 2019 | Uncategorized
From July 1 2019, if you don’t meet PAYG withholding obligations for your workers, by not withholding tax from their payments and not reporting it to the ATO, you could lose your tax deduction. This will apply to income tax returns lodged for the 2020 financial year...
Aug 30, 2019 | Uncategorized
What are the two methods? Understanding cash and accrual accounting comes down to timing. In a cash-based accounting system you recognise income and expenses when they happen, that is, when the money arrives into or leaves your bank.In an accrual-based accounting...
Aug 2, 2019 | Uncategorized
Single Touch Payroll (STP) is a new system of reporting wages, tax and superannuation information to the ATO. Initially, large employers were required to report from 1 July 2018. Now, all employers must enter into the reporting system from 1 July 2019. Small and micro...
Aug 2, 2019 | Uncategorized
Your business is there to serve you; not the other way around. In other words; you should never be a slave to your business. Being a slave implies a victim mentality – that the world has simply dealt you a bad hand, that you have no say in the matter. Perhaps...
Jul 25, 2019 | Uncategorized
Starting your own business is a BIG leap of faith. Will you find any customers? Will you make enough income? These are questions that any founder will ask themselves. But with the right planning, preparation and support, you can set the best possible foundations for...
