If you find yourself in a position where you want or need to wind up your SMSF there are a number of key considerations and tasks involved. Before lodging your final SMSF return you need to dispose of assets and pay out (where a condition of release has been met) or rollover all member benefits (leaving an appropriate amount…
Read more
When was the last time you checked your Australian business number (ABN) details on the Australian Business Register (ABR)? If you’re not sure, it’s time to check your details are up to date. Emergency services and government agencies use ABN details to identify businesses in areas affected by emergencies, so it’s important to check your…
Read more
Throughout 2021–22, one cybercrime was reported every 7 minutes to the Australian Cyber Security Centre (ACSC). Throughout Cyber Security Awareness Month (October) we encourage you to implement these 4 quick steps to help protect yourself and your clients. Step 1: Install updates for your devices and software Regular updates ensure you have the latest security…
Read more
Business vehicle depreciation is a topic that new small business owners may be unfamiliar with, and calculating it can be challenging. However, understanding this deduction is crucial since it can result in significant tax savings. Admittedly, car depreciation can be a complicated subject. But, to ensure you’re getting the most out of your car’s value, it’s essential…
Read more
Attracting and retaining good staff is essential for your business. If you’ve given your employees perks and benefits such as car parking or gym memberships, you should consider the FBT implications. These extras can be a great bonus on top of salary and wages – but they can attract an FBT liability. What kinds of…
Read more
Self-managed super funds (SMSFs) must report certain events that affect members transfer balance account (TBA) quarterly using transfer balance account reporting (TBAR). These events must be reported even if the member’s total superannuation balance is less than $1 million. You must report and lodge within 28 days after the end of the quarter in which the event…
Read more
If you’re in business, it’s important to know the difference between business losses and non-commercial losses. When it comes to business losses, you generally make a business tax loss when the total deductions you can claim for an income year exceed the total of your assessable and net exempt income for the year. If your business makes a…
Read more
Clothing, jewellery, gaming products, flights and crypto assets are just some of the things you might have to account for in your tax return as part of your business income. If you received these or any other non-cash benefits instead of money for your goods or services, or as a tip or gift – you must…
Read more
Pay as you go (PAYG) instalments are regular prepayments of tax on your business and investment income. By paying regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return. PAYG instalments are reassessed after you lodge your tax return. If you have higher or lower business and…
Read more
Profitable companies that choose to relegate their tax and super obligations will be a focus of the ATO’s crackdown on collectable debt, Commissioner says. Too many businesses “roll the dice” on tax liabilities and treat them like a free loan, ATO Commissioner Chris Jordan says. He said small business owed more than its share of…
Read more
