Accepting cash may become mandatory for Aussie businesses
Australia is fast heading towards becoming a cashless society. But there are still segments of society that rely on being able to pay in cash. With this in mind, the Federal Government is proposing new legislation that would make it compulsory for Aussie businesses to accept cash for groceries, fuel and other essentials. What’s the […]
Selling your Business: Getting a Good Deal
You’ve spent years growing your business and adding value to the company. Now it’s time to sell up, get a good deal and liquidise the equity you’ve had locked up in the business. Let’s look at some important ways to achieve the best possible deal for your business sale. Selling your business is generally the […]
ATO ramps up enforcement for businesses ignoring tax and super payments
The Australian Taxation Office (ATO) has announced a tougher approach to debt collection for businesses that continuously ignore payment reminders, with a focus on those who fail to pay tax and super obligations. In a recent statement, the ATO warned that businesses and directors unwilling to engage in resolving their debts will face heightened enforcement […]
Are you missing out on lost super?
The Australian Taxation Office (ATO) has revealed that there’s over $17.8 billion in lost and unclaimed superannuation waiting to be claimed by Australians. With over 7.1 million accounts holding forgotten or inactive funds, many Aussies could be missing out on a financial boost they’ve worked hard for. Here’s what you need to know about lost […]
Start Your Logbook Now – Don’t Wait Until the FBT Year Ends!
As we approach the busy end of the year, it’s easy to overlook one crucial task that can save you time and stress when the FBT (Fringe Benefits Tax) year comes to a close: your vehicle logbook. The 2025 FBT year ends on 31 March 2025, and if you need a new logbook, now is […]
Millions of landlords the target of expanded ATO crackdown
The Australian Taxation Office (ATO) has intensified its focus on the tax affairs of millions of landlords, targeting those who may be falsely claiming rental deductions or minimizing their capital gains tax (CGT) liabilities by inflating costs. This crackdown comes as the ATO expands its data matching program, now set to collect extensive property management […]
New invoicing in Xero begins 2nd September
Beginning the week of 2 September 2024 at 7am AEST, Xero is rolling out a major update that will see all users transitioning to their new invoicing system. This change will bring a more flexible, efficient, and customizable invoicing experience, with the classic version being retired on November 20, 2024. Here’s everything you need to […]
Everything you need to know about the changes to workplace laws
As of August 26, 2024, significant changes to workplace laws have come into effect as part of the Closing Loopholes reforms. These changes impact a range of employment areas, and it’s essential to understand your new rights and responsibilities. Whether you’re an employee, an employer, or an independent contractor, staying informed is crucial to ensuring […]
News: ATO issues tens of thousands of Director Penalty Notices as tax and super debt grows
The ABC recently spoke to Andrew Christodoulou about his experience with receiving an unexpected Director Penalty Notice (DPN) from the Australian Taxation Office (ATO). Andrew received the letter informing him of a $437,000 debt related to unpaid Superannuation Guarantee Charge amounts, nearly a decade after the initial debt supposedly accrued. Andrew, who had never heard […]
6 Powerful Reasons To Watch Your Financial Reports
Making time to look over your financial reports each month is an important task for any business owner. If you are not taking time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons we […]
