Everything you learned over the years in management and all the resources and information you can obtain that teaches you how to manage a team is irrelevant in the wake of remote working. This shift to remote working hasn’t gone away, with many employees asking for a hybrid working style at the very least. This has changed the game for…
The tax debt of sole traders have begun to be disclosed by the ATO to credit reporting bureaus (CRBs), should they meet the criteria. There are advantages and disadvantages to this, however it will even the playing field for all businesses. To the credit of this move, transparency is always a good thing. Everyone, including the market, credit providers all…
Regardless where you live in Australia, if you own property in Queensland, you might be receiving a tax bill from the state, even if your property sits below the current threshold for the levy. From June 30 2023, changes to the way the threshold is calculated in Queensland will take effect. As interstate holdings will be taken into consideration, taxpayers…
There is growing (and necessary) pressure on business owners to upskill and digitise their business in order to maintain efficiency and effectiveness. This can be extremely overwhelming and the options available are so plentiful that it can be quite difficult to make the first move. Just like the desire for individuals to ‘unplug’ and get back to reality, business owners…
An updated assessment guide by the ATO has revealed that cryptocurrency donations may be liable for both capital gains tax (CGT) and donation tax rules. So if you are thinking about donating any cryptocurrency assets and then claiming back on the donation, then there are a few things you’re going to need to consider. Firstly, it is imperative that you…
The ATO is looking to improve the tax advice process in order to close the $15bn small business tax gap. Jeremy Hirschhorn, the ATO second commissioner, says that the tax gap is due to just simple errors and accounts for nearly half of the total shortfall. It has been calculated that the Tax Office in the 2018-2019 year was operating…
Are you interested in improved cash flow management, planning for the future and confidently being able to prepare for your tax liabilities? We have a few tax planning tips and tricks to help you get yourself in the best possible situation. Before you go through them, we want to take the opportunity to remind you of our services here at…
You’ve heard of the term a lot, but do you really understand the ins and outs of FBT (Fringe Benefits Tax)? We thought that a short guide on FBT that decodes the jargon and explains how it may affect you, might be a useful read. Fringe Benefits are provided to an employee. They are essentially non-cash advantages of working with…
Many have their fingers in the cryptocurrency pie right now, but when it comes to tax time, a whole lot of us are either completely overlooking these investments or labelling them wrongly. At Accounting Tax Solutions, we have specifically trained professionals in the realm of cryptocurrency to ensure that you are making smart decisions with your investments and declaring them…
The ATO has stated that from March 2022, they will be automatically identifying, calculating and paying Interest in Early Payments (IEP) entitlements. Any funds you receive will be directly placed into the bank account that you have nominated. If payments for certain liabilities are made to the ATO 14 or more days before they are due, then businesses are entitled…