From 1 July 2022 employers do not pay FBT on eligible electric cars and associated car expenses. Eligibility You do not pay FBT if you provide private use of an electric car that meets all the following conditions: the car is a zero or low emissions vehicle the first time the car is both held and used is on…
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When did you last check your details on the Australian Business Register? If you’re not sure, it’s time to check your details are up to date. Emergency services and government agencies use ABN information to identify businesses in affected areas during emergencies. This helps them determine who might need help or support during and after…
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It’s fine to throw a work party and buy staff presents but give the Cartier watches a miss, say accounting bodies. Companies going overboard on parties and gifts this Christmas will fall foul of FBT, say the professional accounting bodies, because there’s a strict limit on how much you can spend. “It’s about the $300…
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Getting your business’s end of financial year work done smoothly is no small task. This handy checklist offers a quick overview of the key processes and major to-do items. End Of Financial Year (EOFY) isn’t just a marketing opportunity for businesses looking to entice business customers to make the most of available tax deductions (although…
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Small business owners often waste time. Even though a study conducted by TSheets (now QuickBooks Time) found that nearly 60% of self-employed workers in the U.S. said they either worked every weekend or every other weekend, if you’re truly honest with yourself, you’ll probably admit that there’s a difference between spending time on work-like activities…
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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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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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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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Business confidence has seen a resurgence across industries in October, as NSW and Victoria reopened and companies returned to pre-pandemic trading. A newly released survey conducted by HSBC found 65% of Australian businesses are optimistic they can generate growth over the next 12 months, in line with international peers. However businesses named supply chain chaos…
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New laws came into force from 1 November 2021 requiring all Directors to obtain a Director Identification Number (Director ID). This applies if they are the director of a company, registered Australian body, registered foreign company or an Aboriginal and Torres Strait Islander corporation. When must you apply for your Director ID? Date You Became a Director…
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