The ATO’s Bushfire crisis response
The ATO will automatically defer lodgments and payments for taxpayers living in identified bushfire impacted postcodes, meaning income tax, activity statement, SMSF and FBT lodgments are deferred until 28 May 2020.
Lifestyle assets continue to be an ATO audit target
The ATO data-matching program is seeking policy information from insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles and aircraft.
If your business is keeping you awake at night, it’s time to make a plan
If concerns about cashflow, funding new ventures, selling your business or general worries about your business performance are keeping you awake at night, you may feel like your business is managing you, rather than you managing it. A properly prepared business plan is among the most effective ways to reduce stress and take control of…
Where does all the money go?
“My business has made a profit and yet I’m not seeing it… Where does all the money go?” This is one of the most common questions that business owners ask and it’s often a symptom of deeper cashflow or operational concerns. If you’re not sure where the money in your business is going, you are…
Building personal wealth for business owners
As a business owner, it’s likely you have spent many years building a solid business, but perhaps you have shown less discipline when it comes to paying yourself a regular salary, contributing to super and investing for your future. If you are considering building personal wealth for your life beyond business ownership, we can help.…
It’s time to change the way you think about tax
If you want to make the most of tax efficiencies or avoid an unexpected tax bill you might need to change the way you think about tax – Tax planning should start in July. Business owners commonly pay more tax than they need to by leaving their tax planning until the last minute. You can…
Taxable Payments Annual Reports (TPAR)
As of 1 July 2019, Taxable Payments Annual Reports (TPAR) will affect the following industries: Road freight IT Security TPARs were first introduced into the building and construction industry from 1 July 2012. Entities with ABNs need to report to the ATO information about the payments that they make to contractors for services. The policy…
Scam Alerts: Important Information
There has been a recent spike in the number of scammer cases in relation to the Australian Taxation Office (ATO). Scammers and malicious actors continually adapt their activities and use technological advancements to help them mimic the ATO’s interactions. They have two main objectives, to get you to: pay money divulge personal information or credentials.…
What’s your greatest business asset?
Your accountant is most likely your greatest business asset, and yet one which is often underutilised. As a business owner, you trust your accountant to efficiently prepare your tax and annual statements, tax returns (individual, company and/or SMSF) and BAS. However, if you limit your accountant’s input to tax and compliance services, you could be…
What will you be doing this time next year? FIVE options for exiting your business
If you are looking to transition to retirement or exit your business in the next few years, you need to start planning now. There are many options for business succession, but ultimately a smooth business exit that achieves maximum value for your business and enhances your personal prosperity, requires professional guidance and the benefit of…