Tax
8 Tips to prepare for your 2021 tax return
May 18, 2021 | Tax 30 June is approaching and perhaps you are keen to get it lodged with the ATO as soon as possible. Perhaps you have a refund and you are keen to receive it soon for your next project. You may have to pay some tax but you would like to know…
What you need to consider with crypto and tax
May 14, 2021 | Tax With the rising interest in Cryptocurrency (crypto) by the general population, there are a few things that need to be addressed. It must be noted that this increased interest is shared by the Australian Taxation Office (ATO). How you are taxed depends entirely on how you invest in crypto, what…
4 advantages of using a tax agent
May 11, 2021 | Tax It is extremely important to get a Tax Agent to lodge your business and individual tax returns as the benefits are substantial. This article details the serious advantages of lodging your tax return with a Tax Agent such as a long deadline extension, quality assurance and ensuring you pay as…
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 on a case by case basis, as there are…
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 helps ensure that every building…
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 effect late October. Now, employers must adjust their payroll systems to ensure the…
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 tax rates to be reflected in employee’s take home…
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 applicable. We are getting close to the deadline for individuals to lodge their…
Reminder: Action Items for JobKeeper Extension to Avoid STP Filing Errors in XERO
October 15, 2020 | 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 to our guide on what you need to do in XERO as an employer…
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 2021, but where will…