We have some end-of-the-financial-year tips for businesses we’d like to share. Primarily, as a business owner, you are responsible for keeping accurate records and paying the right amount of tax on time. Most of the income you receive from conducting your business is considered by the ATO as assessable income. On the other hand, you…
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As the financial year ends, there may be tax deductions that you may not know about and could claim in this year’s tax return. Self-education Expenses You can claim the expenses from expenses that occurred to maintain or improve the specific skills or knowledge related to your employment. Click here for ATO self-education expenses These…
This article describes how to finalise the EOFY STP process using a few steps, including the following. 1. Lodge Regular STP (Single Touch Point) Reports Throughout the financial year, you should have submitted STP reports to the Australian Taxation Office (ATO) each time you paid your employees. To make sure your STP is up-to-date, confirm…
In this article, we’ll share five handy tips to help you in mastering cash flow management. Cash flow is the lifeblood of any small business. It’s the money coming in and going out of a business. So it follows that keeping it flowing smoothly is critical in ensuring the success and longevity of the business.…
For anyone appointed as a company director before 31 October 2021, the deadline to apply for a director ID is 30th November 2022. If you are planning to set up a new company and be a director, you will need to apply for a director ID beforehand. Who can apply for a director ID? Persons…
What is the superannuation guarantee (SG)? The SG is the % of an employee’s ordinary time earnings (in addition to their wages) that an employer must pay into the employee’s super fund. The SG amount is calculated by multiplying your employee’s ‘ordinary-time earnings’ for the quarter by the current SG rate. What are the changes…
As your business grows, your staff numbers are also likely to slowly but surely grow. With increasing staff numbers, meeting your wage obligations can become increasingly difficult. To help manage your growing business, you should consider the benefits of integrated payroll processes. Integrated payroll processes use an automated payroll system, helping to avoid mistakes and…
As we are moving through the tax season now, some factors may trigger a tax audit. The ATO has four key areas they are focusing on this financial year which are: record-keeping work-related expenses rental property income and deductions, and capital gains from crypto assets, property, and shares. To avoid triggering a tax audit you…
The new financial year is here. By understanding key new financial year 2022-23 changes, you can apply them to your business. You can then take steps early to address them properly. You can also see if you are on track by checking our last article on ‘to dos’ for the end of the financial year…
The end of the financial year is here. Have you completed a final check on the key end of financial year 2021-22 business ‘To dos’? To finalise this financial year (ending 30th June 2022), let’s look at key items to check off. 1. Purchases and improvements By collating records of asset purchases or expenditure on…