What events self-managed super funds (SMSFs) must report by certain dates and what happens if reporting is late. Events you need to report An SMSF must report events that affect a member’s transfer balance account. Common events are: Where the death benefit income stream is paid to a reversionary beneficiary, the start date will be…
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There are some extra things you need to do if your business has employees (even if they are family). TFN declaration On the first day a worker starts working for you, you should ask them to complete a Tax file number declaration (NAT 3092). They don’t have to tell you their TFN, but if they don’t, you…
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Cybercriminals are targeting small businesses with business email compromise scams. They send fraudulent emails posing as a legitimate business contact or staff member. They typically request a change in bank account details for a deposit, wages or invoice payment. Victims then unknowingly send money to the cybercriminal. These fraudulent emails may come from hacked email…
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The Commonwealth penalty unit amount will increase to $275 from 1 January 2023 for infringements on or after that date. Failure to meet a tax obligation, like not lodging on time, may result in a penalty being applied. We understand there may be occasions when businesses experience financial difficulties and can’t pay on time. Even if you can’t…
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Read our questions and answers about director ID to find out, what to do if you’ve missed the deadline, more about who needs one, and how you can get it. I’ve missed the 30 November deadline, what now? If you missed the deadline, you can still apply for your director ID. We’re taking a reasonable approach…
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From 1 July 2022 employers do not pay FBT on eligible electric cars and associated car expenses. Eligibility You do not pay FBT if you provide private use of an electric car that meets all the following conditions: the car is a zero or low emissions vehicle the first time the car is both held and used is on…
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When did you last check your details on the Australian Business Register? If you’re not sure, it’s time to check your details are up to date. Emergency services and government agencies use ABN information to identify businesses in affected areas during emergencies. This helps them determine who might need help or support during and after…
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The Council of Financial Regulators (CFR) is the coordinating body for Australia’s main financial regulatory agencies – APRA, ASIC, the RBA and The Treasury. In 2014 the Financial System Inquiry recommended the removal of the exception from superannuation funds, allowing limited recourse borrowing arrangements (LRBA), more commonly known as an SMSF loan. In 2015, The…
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It’s fine to throw a work party and buy staff presents but give the Cartier watches a miss, say accounting bodies. Companies going overboard on parties and gifts this Christmas will fall foul of FBT, say the professional accounting bodies, because there’s a strict limit on how much you can spend. “It’s about the $300…
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Getting your business’s end of financial year work done smoothly is no small task. This handy checklist offers a quick overview of the key processes and major to-do items. End Of Financial Year (EOFY) isn’t just a marketing opportunity for businesses looking to entice business customers to make the most of available tax deductions (although…
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