How to use forecasts and scenario-planning
For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future. If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult […]
Do you need to lodge a Taxable Payments Annual Report?
As a business owner, it’s essential to ensure all your reporting obligations are met, including the Taxable Payments Annual Report (TPAR). This report is mandatory for businesses in certain industries and helps the Australian Taxation Office (ATO) track payments made to contractors. But how do you know if you need to lodge one? What is […]
Western Australian Directors Fined for Failing to Comply with Director Identification Requirements
Two Western Australian directors have been convicted in the Perth Magistrates Court and fined $5,000 each for failing to comply with director identification requirements. Convictions and Fines On 3 May 2024, Alexander Henry and Luke David Mason were convicted ex-parte for contravening section 1272C(2) of the Corporations Act 2001, which mandates the possession of a […]
What’s changing from 1 July 2024
Here’s a summary of the key changes coming into effect from 1 July 2024: Tax cuts reduce personal income tax rates and change the thresholds. For more information see our blog here. Superannuation guarantee increases from 11% to 11.5% – check the impact on any salary package arrangements. Superannuation caps increase from $27,500 to $30,000 […]
Increased focus on Director Penalty Notices by the ATO
Recent trends indicate a heightened focus by the Australian Taxation Office (ATO) on issuing Director Penalty Notices (DPNs), particularly targeting directors deemed to possess assets capable of meeting these penalties. According to insights from Worrells, an insolvency and turnaround firm, the ATO is leveraging its data-matching tools to identify directors who also declare investment income, […]
Common GST mistakes in BAS reports
Prepping your BAS can be tricky, and errors may easily slip in. The key is to stay mindful of common pitfalls to sidestep them. Thanks to the progress in online accounting software, the BAS preparation process has become somewhat more manageable. However, despite these advancements, several common mistakes still tend to crop up regularly. Incorrect […]
Everything you need to know about the proposed revised Stage 3 Tax Cuts
The reworked Stage 3 tax cuts have just passed the Senate. But what are these tax cuts, and what do they mean for you as an Australian wage earner? Let us explain this to you in a way you can easily understand. What are the stage 3 tax cuts? It’s the third round in a […]
Streamlining Record Keeping: A Business Owner’s Guide for the Year Ahead
The madness of the new year has died down and now is the perfect time for business owners to revisit and revamp their record-keeping practices. Efficient record keeping is not only a regulatory requirement but is also crucial for informed decision-making, financial planning, and overall business success. Here are some valuable tips to streamline your […]
Setting your 2024 Financial Resolutions
The past 12 months have been a challenging time for many, filled with interest rate rises and a cost of living crisis. It might feel like your financial progress has been on hold or, unfortunately, taken a step backward. For many of us, the financial goals we set last year have veered off course due […]
Holiday Payroll Checklist in Xero
The holiday season is right around the corner and before you know it you will be putting on your out of office or saying see-ya later to your team! The last thing we need in the lead up to the silly season is to make a mistake with payroll, which is easy to do, as […]