It’s always a good idea to think about your retirement. Many people in Australia use a Super Fund to manage their retirement savings. But some people opt to do something a little different, and set up a self-managed super fund (SMSF). What is an SMSF? At a basic level, setting up an SMSF means creating […]
All employers have to report payments made to employees and closely held payees to the ATO using Single Touch Payroll reporting from July 2021. Single Touch Payroll (STP) Phase 2 was initially planned for 1 July 2021 to align with the mandatory reporting for all employers, but it has been postponed to 1 January 2022. […]
Are your staff asking to cash out annual leave? There are some important rules to remember before paying out annual leave. Firstly, you must review the employee’s modern award to check that cashing out leave is explicitly allowed. Most awards do allow for excess annual leave to be paid out, and we give you the […]
Christmas is a great time to acknowledge and reward your employees and other associates by celebrating and giving gifts. But don’t get caught out by entertainment rules! Claiming entertainment and gifts as business expenses is not always straight-forward, as there are implications for GST, income tax and fringe benefits tax (FBT). Is it Entertainment? Entertainment […]
Projecting your cashflow pipeline forwards during a crisis is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash position. Plus, when you have access […]
A capital gain (or loss) occurs when an asset is sold. The difference between the purchase price and the sale price is the gain or loss. Capital gains tax (CGT) applies to money you have made from selling an eligible asset. Capital gains tax events occur when an asset is sold, or other triggers arise, […]
What is Director ID? A director ID is a 15-digit identifier given to a director (or someone who intends to become a director) who has verified their identity. Directors need to apply for their own director ID. It’s free to apply. Directors will only ever have one director ID that will remain with them, even […]
Western Australia is known for its amazing food and beverage industry. The Department of Primary Industries and Regional Development has announced the Agrifood and Beverage Voucher Program to help these local businesses grow to the next level. Western Australian food and beverage manufacturing and processing businesses can apply for up to two vouchers with a maximum combined […]
Companies and schemes can choose to pay their annual review fee 10 years in advance at a discounted rate. Your company or SMSF can avoid price increases for the length of the payment. Fees: Things to note: Refunds are not available. Advance payments of annual review fees are separately recorded and do not appear as […]
Working from home is becoming the norm for many businesses, either due to lockdowns or greater employee flexibility. It’s important to think about the deductible expenses that you may be able to claim when working from home and make sure you include them in your tax return. There are three ways of calculating your working […]