Is your SMSF meeting its PAYG obligations

Is your SMSF meeting its PAYG obligations?

The ATO has called on self-managed funds to check whether they are meeting new pay-as-you-go (PAYG) withholding obligations for capped defined benefit income streams paid to their members. SMSFs have PAYG obligations to withhold tax from income streams that have been paid to their members in circumstances where: The member is 60 years or older.…

Increase to fuel tax credit rates

Increase to fuel tax credit rates

The ATO has increased fuel tax credit rates from 4 February 2019. As fuel tax credit rates are updated regularly, it is important to check the rates each time you lodge a business activity statement (BAS). Fuel tax credits provide businesses with a credit for the price of fuel used in machinery, plants, equipment, heavy…

Ensuring your invoices are paid on time

Ensuring your invoices are paid on time

Having a healthy supply of cash is vital for the survival of small businesses, as it is required to operate and enables you to pay workers, rent and other expenses. Unpaid invoices can lead to poor cash flow, a significant reason small businesses fail. Late invoice payments can add to the strain of being restricted…

Protect your business with a social media policy

Protect your business with a social media policy

As the rise of social media has blurred the boundaries between what is and isn’t appropriate for the workplace, implementing a clear social media policy can help protect your business. A good social media policy should outline areas such as expectations for appropriate employee conduct, define who is responsible for specific social media tasks and…

Accounting during every stage of business

Accounting during every stage of business

Professional help with accounting and financial decisions is useful at every stage of business. Accountants can assist with a variety of tasks during different periods of operation within your business to improve strategies for long term stability. Having a dedicated accountant gives you more freedom to concentrate on running other aspects of the company. Starting…

Business networking done the right way

Business networking done the right way

The ability to network effectively can greatly increase the success of your business by getting your name out there in a positive way, building your credibility and assist in growing your customer base. Networking done poorly can seem pushy or overbearing but when done well it is a two-way street. Putting yourself out there can…

Expanded super for older Australians

Expanded super for older Australians

The 2019-20 Federal Budget has placed a strong focus on the growth of the economy whilst also having the intention to look after older Australians. Older Australians will benefit from the work test exemption age being extended from age 64 to 66. The work test requires an individual to work at least 40 hours in…

How collaboration can help grow your business

How collaboration can help grow your business

In a market that is full of entrepreneurs and small businesses, collaborating with a business that complements yours can be a powerful tool to share your marketing budget and be introduced to new audiences. Regardless of what industry you are in, combining resources and efforts with another business can enable you to easily reach goals…

Made a mistake on your BAS Here’s what you need to know

Made a mistake on your BAS? Here’s what you need to know

Lodging a business activity statement (BAS) is something all business owners will be familiar with, however, mistakes can still be made. You must ensure that you have reported carefully and correctly to avoid incurring a penalty. In the event an error has been made in the reporting of your activity statements, here is what you…

2019 Budget: Rewarding working Australians

The 2019 Federal Budget focuses on rewarding working Australians, with the emphasis on a two-pronged approach for “hard-working” individuals. Individual taxes:From the 2018-2019 income year, the low and middle-income tax offset (LMITO) has been increased by $550. This now means individuals can have their tax reduced by up to $1,080 and dual income families up…