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Articles, news and tips about small businesses and accounting

  • Got an old super fund account you haven’t touched for years? New rules mean “inactive” accounts (ie no contributions or rollovers for 16 months) will lose their insurance c

  • Car expense claims are one of the most popular deductions claimed each year, but be aware of the rules! Generally, you can’t deduct travel costs between home and work, but

  • “Gig economy” platforms like Airtasker are allowing Australians to earn some extra cash by completing a huge range of odd jobs – from gardening to data entry and even stand

  • Is your company planning to develop software as part of an experimental R&D project? You may qualify for the R&D tax incentive, even if you’re not a software develo

  • Have you sorted out Single Touch Payroll (STP) arrangements for your small business? If not, it’s time to get cracking! From 1 July 2019, STP reporting will become mandator

  • The ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to judge your business’ performance against industry

  • Do you need help resolving a problem with a bank, credit provider or superannuation fund? In a timely move following the royal commission into the banking, superannuation a

  • Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex and contain many traps. Here

  • The 2019 Budget was handed down on Tuesday 2 April by Treasurer Josh Frydenberg a matter of days before Prime Minister Scott Morrison is due to call the next federal electi

  • Have you ever taken home an item of your business’ trading stock for your own personal use, or use by your family members? This is common in many businesses such as bakerie

  • If you are an employee and you sometimes work from home, you may be able to claim deductions for some of the expenses you incur, provided you are not reimbursed by your emp

  • Certain superannuation thresholds are set for a small boost from 1 July 2019 thanks to the latest indexation factors published by the Bureau of Statistics. While the conces

  • Renting out your holiday home for part of the year can help to finance the costs associated with purchasing and maintaining the property. As well as providing an income str

  • Millions of Australians are now using the “sharing” economy to earn some extra money on the side. Thanks to smartphones and user-friendly apps, people can easily access sha

  • The ATO has recently warned taxpayers to be alert to malicious scammers who are using increasingly sophisticated methods and technology to impersonate the ATO. A new tactic

  • The extension of the instant asset write-off for a further year is great news for small businesses who may be planning to purchase assets for use in their business in the n

  • The sharing economy has become a big disrupter in the Australian market. It seems like everyone is getting in on the action of making a little extra money on the side wheth

  • Do you run a business that would like to bid on Commonwealth government contracts or is likely to do so in the future? From 1 July 2019, the government is seeking to exclud

  • Div 7A or deemed dividend payments may be familiar to you if you’re the shareholder or associate of a private company. It generally applies to treat a benefit provided by a

  • With all the media attention around the ATO’s alleged rough treatment of the small business segment. Many of these small business owners may think that they have a case for

  • The sharing economy is booming in Australia with a large proportion of the population either making it their full-time job or making a little extra money on the side. Howev

  • The black economy is a significant growing economic and social issue in Australia. By some estimates, the size of the black economy is around 3% of GDP or around $50 billio

  • Are you a business that has had a GST refund held up as a part of the ATO’s risk assessment program to verify GST refunds? The Inspector-General of Taxation (IGT) has recen

  • The ABN system was originally introduced as a simple way to provide businesses with unique identifier when dealing with the government. It has since become a de facto licen

  • A garnish is an enhancer, something to dress up a plate – think of a sprig of parsley. A garnishee is something entirely different, although it can enhance an otherwi

  • To be fiscally responsible, a government needs to have enough resources to service its debt obligations. One of the main sources a government uses to service its debts is t

  • Businesses that satisfy a certain turnover threshold may qualify as a small business entity. The advantages of being a small business entity includes access to a range of t

  • Alternative dispute resolution (ADR) is not only used to resolve substantive disputes, and can be used to clarify or limit issues, and remove barriers created by relationsh

  • In simple terms, the Research and Development (R&D) tax incentive provides a tax offset to eligible companies that conduct certain R&D activities that are likely to

  • As a part of the crackdown on black economy, a cash payment limit of $10,000 has been proposed. Any transaction that exceeds $10,000 will need to be made using an electroni

  • A 12-month pilot program for independent ATO review for small business disputes has started in response to the recent negative media attention it has received. While the pi

  • The government has started a crackdown on individuals who owe welfare debts by preventing them from leaving the country, even for a holiday, until either the debts have bee

  • The deadline for lodging your tax return is fast approaching. Before you rush off to gather all the documents for your tax return, beware of some changes in this year’s ret

  • Beware of work-related clothing and laundry expense claims this tax time, the ATO is cracking down on individuals making unsubstantiated and exaggerated claims. It has remi

  • It might seem like a horror movie cliché, a monster that follows you wherever you go, but did you know that your higher education debts under the Higher Education Loan prog

  • As a part of the crackdown on black economy, the Government is planning to introduce an economy-wide cash payment limit of $10,000. Any payments made to businesses for good

  • The small business superannuation clearing house (SBSCH) is a convenient service that allows small businesses to make superannuation contributions for employees in one sing

  • In response to the media attention around ATO’s alleged harsh treatment of small businesses, the ATO has started a 12-month pilot limited to small business disputes involvi

  • We start the new year with headlines of “falling house prices”, but even if prices are set to come down and you keep a close eye on your finances, saving a deposit to buy y

  • If your business has gotten into a bit of trouble lately and you suddenly find yourself faced with a tax debt. Don’t panic. Despite what has been reported in the media rece

  • If you have previously claimed work-related clothing expenses and laundry expenses in your tax return, you should beware this tax time because the ATO is cracking down on t

  • If you run a business, you’ve probably heard a lot about Single Touch Payroll (STP) recently, so what is it and how does it affect you? Basically, STP aligns your reporting

  • Have you looked at your trust deed recently? If you have a trust, chances are it was set up by your accountant or solicitor. Look closely at your deed and you’ll notice tha

  • Any Australian organisation that handles personal information could be captured under the notifiable data breaches scheme which requires organisations to notify individuals

  • Are you paying the right amount of super for your employees? It’s that time of the year again, where the Australian Bureau of Statistics (ABS) release the indexation factor

  • It’s tax time again, as you gather your receipts and other assorted tax documents, you should also turn you mind to what the ATO is paying close attention to this year. Thi

  • Until recently if you were a director of an insolvent company and it continued to do business and incur debts then your future was not bright. Civil penalties of up to $200

  • The ATO is finally catching up with the times by using computer assisted verification techniques to conduct audits, a process they are calling e-Audits. The process for sel

  • As a part of the ATO’s concerted efforts to engage taxpayers earlier and identify risks before they become an issue, pre-lodgement compliance reviews (PCRs) are increasingl

  • If you’re running a foreign business that supplies low-value goods to Australia, you may be caught in the GST net from 1 July 2018. From that date the ATO will be using a n

  • In the market to sell your house? Before you call in the real estate agents and home stylists, you probably know that you’ll need to have a contract of sale handy. Did you

  • A recent interview with Tax Commissioner Chris Jordan revealed details of what the ATO will be paying particular attention to this year. Perhaps not surprising, but the ATO

  • Your tax debts could soon affect your credit score after the government released draft legislation to allow ATO to share debt details of businesses to credit rating agencie

  • Travel Allowance or living-away-from-home allowance (LAFHA)? Understanding the difference between these two allowances can be difficult, particularly when there is the perc

  • If you are an employer the way you report payments, such as salaries and wages, pay as you go (PAYG) withholding and superannuation is changing from next year. The ATO will

  • The ATO has launched the latest round of their data-matching program to include all visa holders, visa sponsors and migration agents. The ATO will request the records of ap

  • There has been plenty of press coverage on bitcoin, but what are the tax consequences if you decide to join the craze? Here we examine the tax effects if you choose to inve

  • Do you rent out a part of your home, or a holiday home, on Airbnb, Stayz or another sharing site? Perhaps you see this as a way of making a little extra income to help the

  • In a bid to tackle non-compliance of GST obligations from developers selling properties, the government has introduced a new measure that require buyers of new residential

  •   The Fair Work Commission has found that Uber is not an employer and thus not subject to unfair dismissal laws. With the rise of the gig economy, employment benefits

  • The 2018-19 Budget was handed down on 8 May by Treasurer Scott Morrison who delivered what was widely perceived to be an election Budget with lots of sweeteners for everyon

  • In this competitive economic environment some businesses are increasingly turning to cash payments to dodge their tax obligations. This is becoming such an issue that the A

  • Starting a new business is an exciting time for the soon-to-be business owners! They’re full of great ideas, positivity and endless amounts of passion – key ing

  • Starting a business is hard work. It starts much earlier than your first day of trading. Lots of planning, building and training goes in to the venture before you can even

  • Most small business owners know exactly what they want to achieve from their business, but very few communicate their goals to their support team. It’s very easy to g

  • This topic is one of great confusion to many small business owners. They engage with a contractor. The contractor provides them with a valid invoice, maybe even registered

  • Happy New (financial) Year!! The beginning of a new year is a great time to not only reflect on last year’s performance (and the key drivers towards that performance)

  • The end of a financial year is a great time to reflect on how your business has performed over the last 12 months. The lead up to 30th June is also a great time to consider

  • We love The Cloud – which is why we have based The Accounting Division on it! Some might say that we’re a little bit addicted to Xero (our fave cloud accounting

Are You Ready To Take Control of Your Accounting?