Do You Need to Report Trust Beneficiary Details?

Do You Need to Report Trust Beneficiary Details?

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...
Report PAYGW Correctly to Claim Tax Deductions

Report PAYGW Correctly to Claim Tax Deductions

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...
Cash vs Accrual Accounting – It’s All About Timing

Cash vs Accrual Accounting – It’s All About Timing

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...
Single Touch Payroll – Now compulsory for all employers

Single Touch Payroll – Now compulsory for all employers

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...
Are you a slave to your business?

Are you a slave to your business?

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...
5 key things to get right when starting a business

5 key things to get right when starting a business

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...