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 […]
ATO slams brakes on debts campaign in face of backlash
The Australian Taxation Office (ATO) has paused a letter campaign that told taxpayers they had historical debts “on hold” following community backlash. Thousands of Aussies recently received letters from the ATO telling them they had debts “on hold”, which would be taken from future tax refunds. The amount owing ranged from a few cents to thousands of dollars […]
Wills & Powers of Attorney
If you’re considering estate planning, you’ve probably encountered the terms Powers of Attorney and Wills. In this blog post, we explore in-depth information about these two aspects to enhance your understanding in this area. Powers of attorney In your life, there may be a time where you are faced with an event – such as […]
The importance of Estate Planning
Constructing an estate plan is crucial to ensure that your financial assets are directed as you wish to benefit your loved ones following your passing, in the way you want, and at the right time. An estate plan is a legal guide outlining how you’d like your assets to be dealt with when you pass […]
The issue with accountants writing bank letters
When applying for a loan, a bank will use different ways to verify the income of a borrower. With the continued uncertainty of COVID and the desire of many lending institutions to “shift” the credit risk away from the lender, we are seeing more and more situations where Accountants are being asked to provide letters […]
