As part of the 2023–24 Budget, the government announced a lodgment penalty amnesty program for small businesses. For lodgments eligible for the amnesty, failure to lodge (FTL) penalties will be remitted, without the need for you to apply. You might see an FTL penalty on your account for a period of time, but we will remit it.…
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Use this checklist to review the health of your super in 5 easy steps. Why you should review your super Your super is one of the biggest assets you’ll accumulate in your lifetime. However, many Australians think they don’t need to worry about their super until retirement. Some don’t think about it at all. It’s…
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Cyber criminals will be hunting more than just money this end of financial year (EOFY) – remember to keep your guard up. As Australia approaches the EOFY, brokers, individuals, organisations and their employees should stay alert to phishing, smishing (SMS phishing) and vishing (phone call phishing) scams. Cyber criminals attempt to take advantage of this…
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Tax time essentials, learning resources, tools and services to support small business. Tax time essentials The ATO offer a range of tools and services to make it easier for you to get your tax and superannuation right. They want to help you manage and grow your business and get back on track if you need…
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Posting make-up tutorials to social media? Writing for a blog or streaming gaming for others to see? Congratulations, you’re a content creator! If you start making money from your online content, you’ll have income to declare, and you’ll need to consider whether you’re in business. If you are, or you want to start your own business, it’s…
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If you disagree with a decision the ATO have made about your tax affairs, you may be able to use one of their free options for resolving disputes. You can use their in-house facilitation service for tax and super matters at any stage from audit up to litigation, where appropriate. It’s a free mediation service where an independent accredited ATO…
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Don’t let rising indexation on study and training loans catch you or your employees unaware. Earn that ‘World’s greatest boss’ mug by informing and advising your employees of the following key points. The compulsory repayment threshold for the 2022–23 financial year is $48,361. If you have employees with a study loan who earn more than…
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If you’ve provided fringe benefits to your employees or their associates between 1 April 2022 and 31 March 2023, it’s now time to lodge and pay your 2023 fringe benefits tax (FBT) returns. Make sure you note the following in your calendars: While it’s important to lodge and pay on time, we understand there may be circumstances…
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If you registered your self-managed super fund (SMSF) during the 2022 income year and you have a tax professional, your SMSF annual return (SAR) was due on 28 February 2023. If your return has not been lodged, you should do so immediately to avoid penalties. If you registered your SMSF prior to the 2022 income year…
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If over half the income you’ve received from a contract is a reward for your personal efforts or skills (rather than from the use of assets, the sale of goods, or from a business structure), then your income is classified as personal services income (PSI). You can receive PSI in almost any industry, trade or…
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