Professional accounting bodies have welcomed the federal government’s move to make COVID-19 testing expenses tax-deductible and FBT exempt. In an address to Australian Industry Group on Monday (7 February), Treasurer Josh Frydenberg confirmed the federal government would look to ensure COVID-19 testing expenses are tax-deductible. “Since the start of 2022, the Government has secured more than 80 million Rapid…
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The ATO has urged businesses to consider the use of e-invoicing as it becomes the new and improved way to send and receive invoices for organisations. In a recent update, the ATO said that the adoption of e-invoicing can help businesses simplify and automate the exchange and processing of invoices. “Government agencies, business, and software…
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Capital cities, regional areas, houses and units all saw an increase in rents last quarter, culminating in the highest calendar year growth rate since 2007. CoreLogic’s quarterly Rental Review shows the national rental index increased 1.9% during the December quarter, a repeat of the figures recorded in the September quarter. Despite quarterly growth rates easing since…
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In February last year, the ATO launched a new compliance campaign targeted at late lodgements in response to concerns that a lapse in lodgement often indicates broader regulatory issues. ATO assistant commissioner, SMSF segment Justin Micale noted at the time that despite the due date for lodgement of the 2019 SMSF annual return being deferred until 30…
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Switching to less-frequent payroll periods can save time and money on payroll processing costs, but to navigate the change successfully, you need to recalculate payments, make changes to your accounting software, and communicate with your employees about the change. Weekly Payroll Sending out weekly pay slips results in processing payroll 52 times per year and…
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Interest rates could be hiked as early as May, economists have predicted following a sharp rise in inflation. Australia’s consumer price index (CPI) rose to a bigger-than-expected 1.3% in the December quarter, pushed up by soaring petrol and housing construction costs. The figure is up from an 0.8% increase over the previous three-month period. The…
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Small Business Australia is appealing for Canberra officials to replace the SME Recovery Loan Scheme with the revenue contingent loan (RCL) of the Higher Education Contribution Scheme (HECS). The scheme allows SME owners to access low-rate loans with the option of deferring repayments for up to 24 months to give them more breathing space as…
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The ATO has issued a reminder to those who have clients currently not up to date with their lodgment and payment obligations. The Tax Office said the new year is a good opportunity to check in with clients, noting that “if you find some are not up to date with their lodgment and payment obligations,…
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Whether you run a boutique restaurant, franchise, food truck or catering service, key areas of focus tend to be the same across business types—sales and cash flow; labour and food and beverage costs. And that’s as it should be: sales and cash flow ensure you have enough money to pay your bills and your staff, while…
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In the past, starting a small business was a rarity. In today’s landscape, it’s possible for virtually anyone with the motivation and drive. For many small business owners, the role of Uber driver (or any ridesharing profession) has become a great way to earn a living while being your own boss. Ridesharing, using a personal…
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