Independent ATO review for small businesses
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 pilot only encompasses income tax audits in two States (Victoria and South Australia), the ATO will have the option to expand the program to all areas of tax […]
Government debts and your travel plans
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 been paid or they enter into a repayment plan. Some of the welfare debts are as small as $10,000, so is this the start of the government […]
It follows: higher education debts
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 program (HELP), Trade Support Loan (TSL) or the Higher Education Contribution Scheme (HECS) debts follow you wherever you go in the world? Prior to 2017, […]
First Home Super Saver Scheme: building on the foundations
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 your first home can be difficult. The First Home Super Saver Scheme (FHSSS) – now passed by Parliament – means that […]
Clothing deductions – Beware this tax time
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 these claims. According to the ATO, clothing claims went up nearly 20% over the last 5 years and last year around 6 million people claimed expenses totalling […]
Stricter tests for directors seeking safe harbour protection
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 $200,000 and criminal prosecution face company directors found to be guilty of insolvent trading. That law has not changed. What has changed is that […]
Got clearance to sell your home?
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 know that you may also need to get a capital gains withholding clearance certificate from the ATO? This certificate allows ATO to […]
Small Business Benchmarks
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 open the doors! This brings with it a heap of worrying thoughts. What if it doesn’t work? What if i run out of money? […]
Accountability in Business
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 get bogged down in the day to day requirements of your business (i.e. working in the business), that we forget to take the time to take a […]
Do I need a budget?
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), but also to set some goals for the next 12 months. Without goals, we are pretty much running blind, with no real posts to aim for. […]
