The start of a new financial year brings fresh opportunities for small and medium businesses to set their sights on further success. It’s a great time to reflect on the past and plan for the future. Whatever your industry, we’ve collated some valuable tips that will help you position your business for growth in the coming…
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The Australian Taxation Office (ATO) is continuing to provide dedicated support to taxpayers this tax time. Assistant Commissioner Tim Loh acknowledged that for some, tax can seem overwhelming. ‘The ATO is here to help with the support you need to get it right this tax time.’ Tax Help The Tax Help program is a free…
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The ATO have released a series of videos to help you understand your super obligations as an employer. As a small business employer, you can find out about: Remember, registered tax and BAS agents can help you with your tax and super. Source: ATO
Find information and examples on the latest tax and super-related ATO impersonation scams. Scam advice Be wary of emails, phone calls and text messages claiming to be from the ATO. If you think a phone call, SMS, voicemail, email or interaction on social media claiming to be from the ATO is not genuine, do not…
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Super guarantee contributions for the quarter ending 30 June were due to eligible workers by 28 July. If you missed the due date, didn’t pay the right amount, or didn’t pay to the right super fund, you’ll need to: The SGC statement can help you calculate the SGC. If you don’t lodge your SGC statement by the…
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Consider these key points about the R&D tax incentive before you lodge your company tax return this year. If you engage in research and development (R&D) activities and are eligible for the R&D tax incentive, you must lodge an R&D tax incentive schedule when you lodge your company tax return. Before lodging your 2023 company tax return and the…
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Tax time for a sole trader can be stressful, however with a little planning you don’t need to dread doing your tax return. Take Benzi for example. Benzi is a self-employed professional tiler whose total gross business income is $82,000 per annum. Benzi knows that he’ll have a tax bill at the end of the…
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You can claim tax deductions for expenses you incur while running your business if they’re directly related to earning business income (also known as assessable income). Take Rubi for example. Rubi is a sole trader who works as an IT consultant. As part of her work, she travels to deliver seminars and workshops. Rubi follows…
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As we forge ahead into a new financial year, it’s essential to look back at the previous year’s performance and plan strategies for improved outcomes. While analysing your successes is important, reflecting on your mistakes can often offer even more valuable insights. Accordingly, as a small business owner, avoiding common financial missteps can significantly enhance your operational…
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You need to appoint an approved self-managed super fund (SMSF) auditor for each income year, no later than 45 days before you need to lodge your SMSF annual return (SAR). Your SMSF’s audit must be finalised before you lodge, as you’ll need some information from the audit report to complete the SAR. You must ensure the correct auditor details…
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