We are seeing a significant crack down by the ATO on late lodgements – including tax returns, BAS and IAS. As tax practitioners we have always tried to look after our clients by seeking extensions for late lodgements where required – and historically these were usually granted. But we have received repeated warnings in the…
Read more
Business reporting and transactions can be done online through the ATO’s Online services for business. It is available for use by: Logging in to Online services to business Home Page Functions (including) Account and Payments Lodgements Employees Menu Used by businesses to manage most employer obligations, including Communication with the ATO Profile Menu Used by…
Read more
As the end-of-year approaches, now’s a great time to check if you’re still required to be registered for GST. If your circumstances have changed, and your business has grown or reduced in size, you may need to register or cancel your GST registration. Things to check: You can register or cancel your GST registration through Online…
Read more
We know running a small business is serious business and we want to make it as easy as possible for you to get your tax right, the first time. There are a few things you can do to prepare for the end of the financial year, whether you’re lodging yourself or using a tax professional.…
Read more
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…
Read more
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…
Read more
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…
Read more
Small businesses are Australia’s largest employers, generating over 5 million jobs. According to the Australian Tax Office (ATO), there are around four million small businesses in the country, representing about 87 percent of all business taxes paid. What Is Considered A Small Business? From a tax perspective, a business is generally classified as a small business when the annual turnover…
Read more
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…
Read more
