The ATO will notify non-compliant small businesses when they are moved from quarterly to monthly GST reporting. The Australian Taxation Office (ATO) has announced that from 1 April 2025, it will be moving around 3,500 small businesses with a history of non-payment, late or non lodgment, or incorrect reporting from quarterly to monthly GST reporting to improve…
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The due date for your October–December business activity statement (BAS) is around the corner. We know small businesses are busy, so we want to help you get your BAS right. Here are some tips to help you before you lodge. Source: ATO
Start the year on the right foot and be ready for these key dates. If you employ staff, here are the important dates and obligations to remember throughout the year, to set yourself up for success. Super Guarantee (SG) Fringe Benefits Tax (FBT) 31 March 2025 marks the end of the 2024–25 FBT year. There are…
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The Australian Government’s Digital ID app myGovID is now called myID. The Australian Government’s Digital ID app myGovID is now called myID. The updated app is being rolled out in app stores from 13–17 November 2024. During this time, you might see both myID and myGovID when using your app to log in to participating…
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The ATO continues to become increasingly aggressive in it’s debt collection activities, as an example, in the 8 months to 31st March they disclosed over 31000 business tax debts to Credit Reporting agencies. This disclosure can have a devastating effect on a business: Mark Accountants has access to a range of lenders who happily assist…
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Find out about reviewing your pay as you go (PAYG) instalments to reflect your expected end-of-year tax. If you’re a pay as you go (PAYG) instalment amount payer, your instalments have been increased by the gross domestic product (GDP) adjustment factor. For the 2024–25 income year, the GDP adjustment factor is 6%. We’ll use the…
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Each year you need to value your SMSFs assets and provide supporting evidence to your auditor. One of the many responsibilities SMSF trustees have every income year is valuing your fund’s assets at market value. The market value of an asset is the amount that a willing buyer and seller would agree to in an arms-length transaction.…
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The trustee must manage the trust’s tax affairs including registering and reporting for tax. Trustees and beneficiaries The trustee is responsible for managing the trust’s tax affairs, including registering the trust in the tax system, lodging trust tax returns and paying some tax liabilities. The beneficiaries include their share of the trust’s net income in their tax returns and…
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An overview of the role of trusts, trustees and beneficiaries. Trusts Trusts are widely used for investment and business purposes. A trust is an obligation imposed on a person or other entity to hold property for the benefit of beneficiaries. While in legal terms a trust is a relationship not a legal entity, trusts are…
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Find out what you need to do when you plan to change, pause, sell or close your business. If you are changing, pausing, closing, selling or winding up a business, you should: If you registered a business but haven’t started If you have registered a business but didn’t start the business, and have now decided…
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