Accounting
Why The Government Is Stopping Businesses From Accepting Cash Payments Of $10,000 Or More
As of January 1st, 2020, the Government intends to stop businesses making or accepting payments at or over $10,000. This will mean all payments exceeding the limit will need to be made electronically or by cheque. Ignoring this limit will become a criminal offence, you could potentially face penalties up to 2 years in prison and/or a $25,000…
GST and Income Tax for Rideshare Drivers
Driving for a ridesharing service means that you are running your own business. Because of that you will have some tax obligations that you must fulfil throughout the year. As a rideshare driver you are not an employee or contractor of your specific rideshare operator – whether it be Uber, DiDi, Ola or various others. Therefore, you…
What Not to Leave Out of Your 2019 Tax Return
The ATO is constantly improving their data matching abilities. Leaps in technology and big data mean that the 2019 tax year will see the ATO have access to more information than ever before. The ATO is constantly collecting information about you from a variety of sources – while this means efficiencies when it comes to providing…
Single Touch Payroll Exemption for Directors and Family Members
The ATO has provided concession for small employers from Single Touch Payroll (STP) for payments to closely held payees. On July 1st, 2019 STP was extended, covering all employers. This raised some potential problems for directors of their own business or for family businesses who only employ family members. Often, they do not know exactly what their salary or wages will be until just…
How to Keep Clear of an ATO Audit This Tax Time
Tax agents and their clients should expect greater scrutiny from the Australian Tax Office this financial year after the ATO released its first ever “Individuals not in business tax gap” report last year. The ATO is now looking to crack down on the $8.7 billion tax gap it identified in this report. The ATO also…
Don’t Forget to Claim Investment Property Depreciation This Financial Year
As a property investor, depreciation deductions can make a big difference to your cashflow. The Australian Tax Office (ATO) allows property owners to claim depreciation on their property as a deduction. Unfortunately, it is common for depreciation to be missed by property owners as it is a non-cash deduction. However, because it is a non-cash deduction, it can have an…
My Company is Profitable and I Am Paying Tax, But There is No Cash in the Bank. Why?
Business owners often ask where all the business’ cash has gone. Even after having a profitable year, there is often the harsh reality that there is no extra cash in the bank. First thought may be that the books are wrong or someone has made a mistake. More often than not, the explanation is hidden in the business balance sheet. Sure balance sheets…
3 Tips to Stopping Your Cashflow Problems
Every successful business needs good cashflow. It is an essential component that without it, a business will struggle to stay afloat. Whether your business’ cashflow is positive or negative can be a good indication of how your business is currently performing. If your cashflow is positive, then you are gaining more money than losing, if…
5 Essential End of Financial Year (EOFY) Accounting To Dos for Business Owners
The end of financial year can get hectic for business owners. It’s stressful trying to ensure that everything is in order and that you haven’t missed anything. To help you along we have created a list of 5 to dos for the EOFY. 1. Get organised The first step to any end of financial…
Property Investors: Are you ready for the End of Financial Year (EOFY)?
It’s almost EOFY tax time, are you prepared? It is very easy to put off preparations until after 30 June, but doing this may mean you miss out on the best possible tax outcome from your property investment. The EOFY offers the best opportunity to sort out any issues you have with your investment properties.…