Introduction to Tax Accountants Tax accountants are like tax superheroes, swooping in to save the day when it comes to all things taxes. Whether you’re an individual, a business, or part of an organization, these pros have got your back. They’re trained in the ins and outs of tax laws and regulations, making sure your…
As a small business owner, what do you need to know before you set up and run a Self Managed Super Fund? What do you need to consider if you are a small business owner thinking about setting up an SMSF? In the following Small Biz Matters podcast, Dana Fleming, the ATO’s Assistant Commissioner talks…
There are many expenses common to most small businesses, and there are other expenses that are specific to the nature of the goods or services the business provides. Are you claiming all the tax deductions that you are entitled to? Operating expenses include accounting, administration, advertising and marketing, office premises, office running expenses, trading stock,…
Are you capturing all your work-related deductible expenses to make the most of your tax return? Income The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have been paid for the financial year. You need to declare all income from other sources on your tax return as…
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 and beyond. If you withhold tax from payments to workers, you must…
Director penalty notices (DPNs) have existed for some years now to recover unpaid PAYG withholding and superannuation. This law means that if a company did not pay PAYGW and superannuation obligations on time, company directors could become personally liable for the amount owing, as well as penalties. The new law started on 1 April 2020…
Whilst it is not exactly business as usual right now, you still need to prepare for your business tax return. Organising your documents now will mean you can get your tax return completed earlier and access any refunds due or start planning for tax payments. Getting your business records up to date and accurate will…
Paying tax is an inevitable part of doing business. The more your income grows, the more tax you’re liable to pay. You’re rewarded for your success with a bigger tax bill. While we don’t want our clients to avoid paying tax or evade the tax department. We do want our clients to only pay the…
If you are lodging your own PAYG withholding payment summary annual report (PSAR) you need to lodge with the ATO by the 14th August. If you are using our lodgement services, the due date is the 30th September. Make sure you check the following before completing the annual summary: Check your payroll detail reports for…
If you are lodging your own quarterly activity statement you need to lodge and pay by the 28th of July. If you lodge using our registered agent electronic services you will have until the 25th of August to lodge and pay. Have you allocated all bank transactions to the correct accounts? Have you verified that…