Category: Small Business Info Sheets

On December 12, 2023

Business Information Sheet – Christmas Related Matters

Christmas Related Matters Christmas Bonus Payments Employees are often paid a bonus around Christmas time. Generally, the bonus is paid for performance over the past year – in this case, when it is classified as a ‘one-off bonus’, it is taxed only in the current financial year. If the business is paying a bonus for
On December 12, 2023

Business Information Sheet – myGovID, RAM, and Client–Agent Linking

myGovID, RAM, and Client–Agent Linking How to set up myGovID, a business in Relationship Authorisation Manager(RAM) and authorise a Tax or BAS Agent to work with the ATO. Client–Agent Linking: What Business Owners Need to Do Note: If a Business is seeking to appoint a new Agent, follow this process. If a business continues to
On July 21, 2022

Considerations & Changes for 2023 Financial Year – Business Information

Important Information for Business Owners With the New Financial Year having started on 1st July 2022, there are new and updated changes and obligations for employers. Please see below a comprehensive list business owners to consider and discuss with your Bookkeeper. What’s Changing End of Year Payroll Cut Off Whichever day you normally/regularly pay your
On July 18, 2022

Penalties for Overdue TPAR

The Taxable Payments Annual Report Lodgement Due Date – 28th August Annually The Taxable Payments Annual Report (TPAR) must be lodged by 28th August each year. If your business makes payments to contractors you may need to report these payments in a TPAR. From the 23rd of March 2022, the ATO will apply failure to lodge penalties
On November 4, 2021

Mandatory Director Identification

Director ID Implementation With the implementation of the Director Identification Numbers (DIN’s or Director ID’s) pending, it will be important to understand the new obligations for those operating in the capacity of a Director, as failure to apply for a DIN within the required time frame will leave you open to both criminal and civil
On June 25, 2021

Super Guarantee to Increase to 10%

The minimum percentage employers are required to pay is set to increase over time, with the next increase to 10% due on 1st July 2021. This should be considered in part, a wage increase. What This Means for Small Business The proportion of wages that employers must contribute to their workers’ superannuation is legislated to
On June 25, 2021

Small Business Independent Resolution Service

The ATO’s small business independent review service will be offered permanently as a dispute resolution option for eligible small businesses with a turnover less than $10 million. It provides small businesses an additional opportunity to resolve a dispute with the ATO where they disagree with the audit position related to most income tax and indirect
On February 26, 2021

The future of business is digital

    With the current focus on a change in tax record-keeping obligations to encompass all things digital plus the need to businesses to adapt to a new era in the way they operate, going digital is more important than ever. The virtual world that we’re currently living in doesn’t allow for the same face-to-face
On November 13, 2020

Embrace Go Local First

Australia has over 3.5million small businesses. Small businesses contribute to a third of our economic activity, keep millions of Australians in jobs and are responsible for paying wages to almost half our workforce. They are vital to our everyday lives – especially now we are trying to find the way to economic recovery. Go Local
On November 13, 2020

JobKeeper 1.0 changes into 2.0

7th September 2020 Update: It is now Law. JobKeeper 2.0 Less employers, less employees, lower rates and two different tiers.And Fair Work JobKeeper discretions continue (for some). Which Employers? If the business currently receiving JK experiences an ongoing decline in actual GST Turnover of 30% (50% large, 15% NFP). Or A business is allowed to