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 […]
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 […]