Single Touch Payroll (STP) Changes from 1 July 2021
STP changes lie ahead for micro employers and small employers with closely held payees. The ATO has announced the following changes from 1 July 2021:
Micro Employers (four...
Share Trader or Savvy Investor? – Where do you sit?
An ATO case in early 2020 has again raised the question as to whether the sales income of a shareholder is business income of a share trader or capital proceeds for a share investor. We...
SME Confidence Increases in 2021
Sentiment for 2021 is on the rise as businesses share their thoughts on the road ahead.
According to the last 2020 report of the NAB Business Survey, Australian business owners have increased confidence heading into 2021....
Easing of Financial Reporting Obligations for Charities
Following the Royal Commission into the National Natural Disaster Arrangements, the state and federal governments have prioritised easing the burden on many charities registered with ACNC. The Royal Commission findings reflects how charities are currently...
Received an SMS alert from the ATO? What does it mean?
Since February 2020 the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund (SMSF) record.
This includes changes to the SMSF’s:
bank account details
electronic service...
ABR updates – Director Identification Number
ABR updates – Director Identification Number
As part of the Modernising Business Registers (MBR) program, the Australian Business Register (ABR), along with 31 registers administered by ASIC, will be unified into a single system. Management of...
Covid tax cuts have reduced tourist taxes worldwide by just 1%
Extension to tax cuts “will almost certainly be needed” as Covid restrictions continue
Only four of 25 countries in the study have reduced taxes to help the tourism industry
There is pressure on governments worldwide...
Use Your Financial Statements to Improve Your Business: Cashflow Statement
Understanding the movement of cash within your business is a must as anyone who has faced insolvency can tell you! Cashflow is the pulse of your business, so it’s no wonder your cashflow statement serves...
Personal Superannuation Contributions
Would you like a tax deduction with that?
Historically
In years gone by, to be eligible to make personal deductible contributions less than 10% of your assessable income had to come from employment activities, which was not...
Benchmarking Fundamentals for Business Owners
We say that business improvement without benchmarking is like playing billiards in the dark – even if you sink a ball, you don’t know if you sunk the right one. Benchmarking switches the lights on...
Asset Protection Checklist
Asset Protection Checklist.
Unsettling times can raise concerns about the security of your wealth. Protecting your assets certainly can bring peace of mind – and save your assets when circumstances are less favourable. Knowing what to...
Deadline for Updating Employee Tax Withholding
The Federal budget for 2020-21 has brought a number of changes to personal tax. In an effort to aid economic recovery, the budget has included shifts in personal income tax brackets.
According to the government, changes...
Use Your Financial Statements to Improve Your Business: Balance Sheet
Part 2 Breaking Down the Balance Sheet
Gaining insight from your Financial Statement
For many business owners growing equity in the business is a big part of their long-term goals. All the hard work you put into...
2020-21 Federal Budget Summary
JOBS, JOBS JOBS! That was the resounding theme of the 2020-21 Federal Budget. Closely followed by Spend, Spend, Spend.
Treasurer Josh Frydenberg delivered a budget where the key measures were aimed at small and medium enterprises...
Use Your Financial Statements to Improve Your Business: Income Statement
Contrary to common perception among newbies at business, financial statements are not just a formality to appease the regulators and keep accountants in business. Your financial statements contain valuable information that should form the foundation...
Update to Land Tax and Payroll Tax Relief for Queensland
The QLD Government has recently announced an extension of the land tax rebate for the current financial year 2020-21. If you are a landlord that leases all or part of your property you may be...
Probity 101 // Keeping the Process Transparent in For-Government Procurement
The ethos of good probity in procurement is simple – ensuring procurement is conducted in a way that is not just legal, but with clear documentation of how the considerations have been handled. In public...
Superannuation Contributions – Changes to Age-Related Limitations
Work Test Deferred to Age 67
Previously the superannuation work test applied from age 65. This meant that if you were over 65, you had to work at least 40 hours in any consecutive 30 day...
Your UHY CFO – Bookkeeping
When you think about your business financials and your position isn’t crystal clear or seems foggy, it’s probably because your bookkeeping systems could be improved.
We say it a lot, but there are so many more...
Credit Control – Resolve Your Cashflow Woes
Why bother?
It doesn’t feel great to deliver on-time and with excellence, send the invoice and then not get paid. Chasing late invoices isn’t high on your list of fun things to do. But late payment...
Round 2 of Small Business Adaption Grant Programs
Good news for QLD Small Business Owners!
The Small Business Adaption Grant Program is to be extended with an additional $100M in funding available in Round 2.
Round 1 Applications were filled in 3 days. For the...
Monitor and Forecast Your Cashflow
Without good cashflow management, most businesses are likely to run into problems before long. Whether you’re navigating lean market conditions or implementing expansion, being profitable on paper isn’t enough if you don’t have healthy cashflow....
Industry Report 2020 – Construction
While COVID-19 has put many jobs and businesses under threat, the construction industry has kept of working. However, the sector is usually slow to respond to shocks in the global economy, and this has been...
Managing Conflicts of Interest
The charity and not-for-profit sector is a close-knit community and this can unintentionally give rise to conflicts of interest as trustees accept multiple appointments or inadvertently mix their charitable work with their business interests. But...
Smaller Super Balance = Extra Tax Deduction?
In the 2016 budget the government announced their plans to allow people to carry forward their unused concessional contribution cap and make catch up concessional contributions. We are now in the first year these contributions...
Queensland State Government Announces $100m in Grants for Micro and Small Businesses
Small businesses in Queensland can now apply for an additional grant of $10,000. The Adaption Grant is intended to aid businesses as they shift their product/service delivery to online and adapt to other challenges that...
Working From Home & COVID-19
While social distancing measures are in place, many people are working from home – and this could continue for some time yet.
Don’t forget – home office expenses can be claimed as a tax deduction.
What expenses...
2020 Business Recovery Tips: Get Back On-Track
Bouncing back from 2020 isn’t going to be an easy road from many businesses. Coupled with looming fear of a longer recession, many business owners will be seeking new strategies in the face of changing...
New Land Tax Relief Queensland
The Queensland Government has announced land tax relief, still to be legislated, that includes;
a land tax rebate reducing land tax liabilities by 25% for eligible properties for the 2019-20 assessment year
a waiver of the 2% land tax...
Succession Planning for Your Goals
Contrary to common misconception, succession plans are not really about who gets what when you quit, retire or die. While you may be facing some immediate challenges because of the economic slowdown, and may have even had...
Disaster Scenario Planning
With much of the unfolding events related to COVID-19, have you considered how your business would fare in a ‘worst case’ scenario? That’s an uncomfortable thought that many would rather avoid – especially when you...
Government Relief for COVID-19: Top Links
With the rapidly evolving changes due to COVID-19 virus containment measures, it’s wise that business owners and workers stay up-to-date with what relief and support are available to them.
In addition to emails and updates, we...
Update on the Second Government Stimuli & Help Packages: COVID-19
On Sunday 22 March 2020 the Federal Government announced a second economic stimulus package of $66 billion to support the Australian economy and households while dealing with the significant challenges posed by the spread of...
SG Amnesty Bill – Resolving Super Obligations to Your Employees
The Superannuation Guarantee, a much-anticipated aid to employers, has been passed in both houses granting them a 6 month period to disclose any noncompliance between 1 July 1992 and 31 March 2018. This is a...
Federal Government Coronavirus Relief Package
In case you missed it, the federal government has announced a relief package for individuals and businesses in response to the coronavirus. The proposed package includes;
BOOSTING CASH FLOW FOR EMPLOYERS
The Boosting Cash Flow for...
Solidifying Your Entry into the Australian Market
Australia is a unique and highly affluent market that appeals to multinational and international business for a myriad of reasons. Prosperous, conflict-free and open to new ideas and products, the Australian consumer largely spends on...
Navigating People in the Workplace: The Loyal Follower
Are you struggling to win the trust of circumspect staff or sceptical clients?
Does it frustrate you when you just can’t seem to gain buy-in from individual stakeholders who have a “remarkable talent” for identifying cracks...
Ethical Investments – Charities and NFPs
Aligning your investment strategy with your supporters’ ethics…
With increasing competition for finite resources charities need to ensure that their donors are comfortable with the way that reserves are invested. But not all donors share the...
Death Benefits – Know Them!
When it comes to saying goodbye to loved ones, the last thing you want to be doing is catching-up your knowledge on financial and legal obligations. Having a basic understanding of how a superfund is...
Navigating People in the Workplace: The Creative
Do you lead a team of creatives or work with them? Be it web designers, digital media production teams, online marketers, software engineers, writers, musicians, visual artists, actors, dancers or a full production team of diverse...
Black Economy 2020 Update
The ATO continues visiting small businesses around Australia to crack down on black economy activities. Tasmania was the target during October and November where the ATO visited around 300 small businesses in Hobart following tip-offs...