Did you know small and medium sized enterprises (SMEs) have the lion’s share in Australia’s GDP? According to a report, small businesses form the backbone of the Australian economy with a colossal contribution of 57% to its annual GDP and 7 million job generation. Owing to favourable market conditions and increasing investments, the SME sector…
Practice Update September 2019 covers following points: “Outrageous” Deductions Rejected ATO Guidance Regarding Incorrect ENCC Determinations ATO Watching for Foreign Income this Tax Time The ATO hits the Road Motor Vehicle Registries Data Matching Program Protocol Click here for Practice Update Sep 2019
It is no secret that insufficient and poorly managed cash flow can cripple even the most profitable businesses. According to a new study from Wakefield Research, commissioned by Intuit Australia, small businesses in Australia have lost opportunities worth $5.8 billion due to inadequate cash flow. It is essential to take control of your cash flow to…
Practice Update August 2019 covers following points: Tax Cuts Become Law ATO “puts the brakes” on Dodgy Car Claims Private Health Insurance Statements Now Optional FBT and Taxi Travel ATO Rates and Thresholds ATO Data Matching Program: HELP, VSL and/or TSL debts Click here for Practice Update Aug 2019
Financial management is no child’s play, especially when your business is still taking baby steps in the volatile market. Inadequate cash flow and haphazard finances can cost you dearly, taking your business back to square one. That’s the reason why you need to iron out your finances early on to survive, thrive and flourish in…
The start of a new financial year is the right time to start preparing your business for the fiscal year 2019-2020. Implementing a smart and proactive plan plays a pivotal role in ensuring finances are in order, and your business is well prepared for the year ahead. Here are some tips that will help you…
Practice Update July 2019 covers following points: ‘Cash in hand’ payments to workers no longer tax deductible Uber drivers not employees Making a Division 293 election ATO targeting false laundry claims Lifestyle assets data matching program Tax time tips for small business Fixing incorrectly issued excees NCCs determinations Car parking threshold for 2020 FBT year…
Tax saving strategies prior to 1 July 2019. A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. Your Checklist: Claims for deductions Receipts for deductions Car claims and log books Please review the information…
As the ATO continues to upgrade their data matching capabilities each year, tax audits are becoming increasingly well targeted. For those who are audited, this can be very stressful and also potentially expensive. The ATO is becoming better at detecting returns that forget to declare foreign income or claim an usually high amount of work-related…
Practice Update June 2019 covers following points: Single Touch Payroll Update Employees and Payment Summaries Cryptocurrency Data Matching Program Tax Office to Double Audits of ‘Dodgy’ Rental Deductions Paying Super to Backpackers New Rules for Immediate Write-offs Click here for Practice Update June 2019
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