Tax
How Christmas can save your business money on tax
How Christmas can save your business money on tax December 2, 2020 | Tax Christmas is the perfect time of the year to acknowledge your employees’ and clients’ efforts by celebrating and providing gifts. Although the entertainment rules can be blurry, a lot of gifts are certainly tax deductible. The rules need to be considered…
Read MoreAnnual Financial Reporting: The QBCC
Annual Financial Reporting: The QBCC November 13, 2020 | Tax The QBCC requires majority of licence holders to lodge their financial information on an annual basis. Why does the QBCC need your financial information? The QBCC requires the financials of your business for to maintain your licence category each year. The information they gather…
Read MoreBudget 2020 income tax cuts: The time has come to update your payroll
Budget 2020 income tax cuts: The time has come to update your payroll November 10, 2020 | Tax The Australian Taxation Office (ATO) has updated its Pay as You Go Withholding (PAYGW), to reflect the personal tax cuts announced in this year’s federal budget. The tax cuts apply to the 2020-21 financial year and came into…
Read MorePassing on the recent tax cuts to your employees
Passing on the recent tax cuts to your employees October 28, 2020 | Tax The ATO has recently updated tax withholding schedules to reflect the 2020/21 income year personal tax cuts announced in the recent federal budget. Updated tax tables are available at ato.gov.au/taxtables. Employers now need to adjust their payroll systems for the new…
Read More5 things you need to know about failing to lodge a tax return
5 things you need to know about failing to lodge a tax return October 27, 2020 | Tax Many people fail to lodge their tax returns because they either forget that they’re overdue or are fearful of a potentially large tax debt. Unfortunately, this can lead to things getting worse, with heavy penalties and interest…
Read MoreReminder: Action Items for JobKeeper Extension to Avoid STP Filing Errors in Xero
Reminder: Action Items for JobKeeper Extension to Avoid STP Filing Errors in Xero October 15, 2020 | COVID-19, Tax Now that the first phase of JobKeeper is finished, all businesses need to take action in Xero whether or not they are eligible for the JobKeeper Extension. If you haven’t already, make sure you refer…
Read More2021 federal budget highlights
2021 federal budget highlights October 7, 2020 | Accounting, Business, Tax Last night, the Federal Government unveiled its 2020/21 Budget on what they called a paved road to recovery. A recovery highly focused on creating jobs, jobs, and more jobs. We have all heard about JobKeeper and JobSeeker decreasing and eventually fading out in March…
Read MoreFurther payroll tax refund applications are now open
Further payroll tax refund applications are now open September 8, 2020 | COVID-19, Tax The Queensland Government have provided a number of payroll tax relief measures designed to assist businesses during COVID. These refunds will help many businesses in reducing their expenses during this time. You also don’t need to pay the refund back at…
Read MoreTPAR reporting is due 28 August
TPAR reporting is due 28 August August 19, 2020 | Tax The taxable payments annual report (TPAR) due date is coming up on August 28 2020. It is vital that, if your business is required to lodge a TPAR, you prepare for this date. You may also want to speak to your accountant to ensure you fulfill…
Read MoreCryptocurrency tax tracking and calculating
Cryptocurrency tax tracking and calculating August 6, 2020 | Tax, Tips and Tricks How are cryptocurrencies taxed in Australia? The Australian Tax Office (ATO) has released a guide that the treatment of any gains/losses made on cryptocurrencies (such as Bitcoin) are taxed in Australia. Essentially, capital gains tax (CGT) applies to an asset at the…
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