Category: Small Business
The importance of cash flow forecasts
As we enter into the new year, with many economists predicting a slowing of the economy, planning your business’s cashflow is more important than ever. Studies suggest that the failure to plan cash flow is one of the leading causes of small business failure. To this end, a cash flow forecast is a crucial cash...
ATO New-Year Resolutions
The ATO has released its new year resolutions…and there is not a gym in sight! According to the ATO the five new year’s resolutions to keep if you want to stay on top of your tax and super in 2023 are: Know if you’re in business or not Are you earning an increasing income from a...
Missed the Director ID Deadline?
Have you missed the deadline to apply for a director identification number (director ID)? If so, you can still apply! The ATO says it will take a reasonable approach with directors who are trying to do the right thing. Importantly, directors who need additional time to apply (beyond 14 December 2022), can request an extension of...
Bonus Article, Director IDs and resignations
In the final week of November, the ATO announced that more than one million directors still need to apply for their director identification number (director ID). Importantly, while penalties can apply if the deadline (generally 30 November) is not met, the community can expect that the ATO and Australian Business Registry Services (ABRS) will take...
FBT exemption for electric vehicles
Electric vehicles are set to become more affordable for both households and businesses after the government sealed a deal with crossbench Senators on legislation to exempt low and zero emission cars from fringe benefits tax (FBT). The new law introduces an electric car discount in the form of an FBT exemption. This allows for car...
On-boarding employees for the holiday rush
Hiring additional employees to help with surging end-of-year demand? A New employment form, accessed through ATO online services, will help reduce your compliance time. It’s an easy way for your employees to provide you and the ATO with the information that the ATO need. If your new employee has a myGov account linked to the ATO,...
New work from home deduction rules
The ATO has issued new draft guidelines around a new method (the revised fixed rate method) of calculating work-from-home running expenses from 1 July 2022 (as an alternative to calculating the actual work-related portion of all running expenses). The new revised fixed rate method will replace both: the 52 cents fixed-rate method set out in...
Xmas gifts from employers
Christmas is traditionally a time of giving, including employers showing gratitude to their workers for a job well done throughout the year. However, depending on the nature and value of the gift, and also who it is gifted to, such magnanimity can attract unwanted tax consequences. So how as an employer do you gift most...
Do I have to pay myself super as a business owner?
Do you have your own business or are thinking of starting one? If so, you may need to pay yourself superannuation depending on your business structure. Types of business structures available If you were working for a company, your employer would be required to pay you superannuation guarantee (SG) contributions of 10.5% of your earnings...
Bonus Article, Protecting your au domain name
The ATO Commissioner has just issued a warning to businesses on the importance of securing your au domain name! To recap, .au direct domain names were launched earlier this year by the organisation that manages Australian domain names, the Australian Domain Administration (auDA). This will allow businesses to elect to drop the .com from their...