BY: JAMES HARKNESS More than 450,000 small businesses have become SuperStream compliant ahead of the 30 June deadline. If your businesses will struggle to adopt the new payment standard in time, don’t worry: the ATO has announced it is extending the deadline by four months. Deputy Commissioner James O’Halloran said small businesses that need extra time to become SuperStream […]
BY: GUEST AUTHOR Business planning tends to be done in cycles. A cycle may be a week, a month, a quarter or a year. At the end of every cycle, you have the opportunity to compare your business plan to your actual results. The insights you gain from this are used to plan for the next […]
By: Taxpayer It’s human nature to avoid painful administrative tasks – even when completing those tasks results in clear benefit. Superannuation is one of those tasks. ATO stats suggest too many taxpayers are setting-and-forgetting their super responsibilities; in 2014, $14 billion in lost super went unclaimed. With the advent of MyGov, though, it’s now easy […]
BY: GUEST AUTHOR The end of a financial year is just a date in a calendar, we use this date to draw a line in the sand and say to ourselves – this is how my business has performed. We then report that data to the relevant stakeholders and measure our performance, pay our tax, meet […]
BY: GUEST AUTHOR The end of the financial year can be a stressful time for small businesses, especially if your finances aren’t completely in order. Unfortunately, that’s an all-too-common situation. A recent Xero survey found that three-quarters of Australian small businesses still store their receipts in shoeboxes. With the average Australian business churning through 100 receipts […]
BY: GUEST AUTHOR After spending years getting yourself up and running, working on sales and the front end, it’s likely that the back end— accounting practices and accounts receivable —have been somewhat forgotten. With more and more companies defaulting on payments, going into administration and getting wound up by the ATO, now more than ever is the […]
By: Anthony Keane EXCLUSIVE E-TAX, the free online tax return system used by millions of taxpayers, has been shut down by the Australian Taxation Office. The ATO will announce next week that it has retired e-tax and is replacing it with its simpler, internet-based sister myTax. The move means that all of the three million Australians […]
By: Campbell King The 2016 federal budget builds on the favourable tax cuts for small businesses in last year’s budget and confirms a number of measures announced in the government’s innovation statement released earlier this year. I’ve outlined these measures below along with some practical advice about how to take advantage of them. It is important to […]
By: Steve Burnham Administrators of SMSFs and trustees may find that occasionally a particular form is needed to be able to complete an administrative task for the ATO. Rather than have you searching the vast labyrinth of the ATO’s website for SMSF forms, we thought it helpful to list some of the required forms here (you […]
By: Steve Burnham This non-exhaustive checklist is designed to provide an easy reference guide to the types of deductions that might be claimed by businesses. Note that these deductions may not necessarily be available, and before deciding on the deductibility of an outgoing, the business’s particular circumstances should be taken into account. All businesses are required […]
