The Annual Benchmark Report by Class, an SMSF (self managed super fund) software firm has reported that there is an uptick in the number of younger Australians setting up SMSFs. The 35-44 year old range is now the most popular group for setting up a fund, as key findings suggest that more funds are being set up and fewer closed,…
Without the strict COVID guidelines that we had in previous years, some SMEs are really feeling the pinch as winter hits them hard with sick leave, carers and personal leave. The sheer volume of absences has made it extremely difficult for some small businesses to keep their doors open, with Chief employee experience officer at MYOB, Helen Lea, saying that…
It’s important for businesses to be aware of some common trip-wires that could entangle them on the wrong side of ATO compliance. As actions become wayward habits due to the pandemic, and subsequent lockdowns and changes to working behaviour become the norm, there are some things to be mindful of now that we have emerged from the other side. The…
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…