Tag: tax changes

Subscribe 6 Posts

16
May

5 simple steps to prepare your business for EOFY

Written by Joe Kaleb

Whether you are a start-up or an established small business, keeping proper records is very important not only for calculating your income tax and BAS payments, but also for determining the financial health of your business. I’ve outlined 5 basic steps you need to do to start preparing for your business’ end of financial year (EOFY).

Read More
16
May

3 tips to make your accountant love you more

Written by Tracey Sharah

Tax time — yes, I can hear you shuddering now, but for many businesses it’s time to prepare for the completion of their tax return. My best advice is to get your tax return done early in the year, so you can move onto the next financial year knowing any tax liabilities or refunds that are due. It’s important because you need to know how to meet your tax obligations and claim your business entitlements correctly so that you do not pay more tax than you need to.

Read More
10
Apr

Tax Update: Will the price of blended wine rise?

Written by Richard Puffe

We love Australian wines. It’s almost a table staple when you’re entertaining at home or just a quiet night in alone after a busy long week. Late last year, subtle changes were made to the wine equalisation tax in Australia that could translate to a price increase to some of your favourite wines.

Read More
21
Aug

One of the top legislative, political and regulatory changes that will affe...

Written by Tracey Sharah

A study released by the Climate Institute showed that just 28% of Aussie voters supported a carbon tax...until it was explained to them properly. Then the figure doubled. The carbon tax is one of the major legislative, political and regulatory changes introduced in Australia from 1 July 2012 that will no doubt impact your business. Do you properly understand the carbon tax? Are you for or against it? In this study, 47% shifted their preference to favour the carbon tax because it was explained that the tax revenue raised would be spent on household assistance, business support and renewable energy. So has your business benefited yet from the government's carbon tax revenue distribution?

Read More
29
Jun

3 ways to simplify your payroll process this month

Written by Tracey Sharah

The big race to provide your employees their PAYG Payment Summaries is about to begin. Here are three ways you can simply your payroll process this month to ensure you provide the PAYG Payment Summaries to your employees by the 14 July deadline and the PAYG Payment Summary Statement to the tax office by 14 August. Ensure Staff Details are all up to date. Accountants and bookkeepers assist and prepare a number of PAYG Payment Summaries on clients accounting systems each year. One of the bug bears is that employee’s details have not all be entered into the payroll system. Ensure you have the following for your employees entered into your system:

Read More
08
May

EOFY Compliance. Are you ready?

Written by Kristy Sheppard

With the countdown to the end of Financial Year officially on (just 52 sleeps to go!), it’s time for business owners around the nation to ensure all their books and accounts are in order so they start off FY2012-13 in tip top shape. It’s also time for many to get prepared for the year ahead, and that includes preparing for several changes to tax compliance. So are we ready? It appears not. During our recent business owner and management insights panel, we found that Australian business owners have significant knowledge ‘black spots’ about the many compliance updates being introduced in the new financial year (that’s right, the one that kicks off in under two months!), putting relationships with their employees and the ATO at risk.

Read More