Category: FAQ

Employee vs contractor

According to the ATO website: ‘An employee works in your business and is part of your business. A contractor is running their own business.
If a worker is legally an employee, a contract saying the worker is a contractor will not make the worker a contractor at law.
Now is the time to review your human resources

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Allowable deductions for Christmas parties & gifts

Best to refresh your memory on the allowable deductions and FBT rules, before the event, so you don’t end up with any surprise tax to pay!
It is possible to enjoy some tax benefits out of your generosity and avoid Fringe Benefits Tax (FBT).
The following is a general summary of the tax treatment of Christmas giving.

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Is it time to start cashflow forecasting?

Have you ever said:
I don’t know if I can pay the wages next week
My suppliers are chasing me, but I can’t pay my bills on time
It’s time to pay the BAS and I don’t have the money

If you have said one (or more of these) then cashflow forecasting could help you get a handle on what is coming next, so you don’t get a nasty surprise.

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EOFY Super Contributions

To qualify for a tax deduction in this financial year,
April-June super contributions must be received (by fund) by 30th June.

If you haven’t already, you need to make this payment now.

If your cashflow won’t allow for this, the usual deadline of 28th July still applies.

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Classifying your workers

Another court decision has called into question how employees are classified.
To paraphase the decision: calling a worker a casual doesn’t make them a casual.
The same applies for contractors.
When you classify the nature of a worker you need to look at how they do their job.

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Worthy Wage Day

Your workers are worthy of being paid the correct wages – that is the award wage or higher.
If you are paying your staff a salary you need to run BOOT (Better Off Overall Test) to make sure you aren’t taking advantage of ‘free overtime’.
Are you paying a worthy wage to your workers?

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Records and Information Management Month

The ATO says:
As the business owner, you are accountable for understanding your record-keeping obligations. If you use a registered tax or BAS agent to manage your records, you still retain primary accountability.

We don’t recommend a filing cabinet as the best way to mange and store your records, e-record keeping is quicker, easier and cheaper.

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Why do we choose Receiptbank?

We choose to partner with Receiptbank to help keep our clients compliant – with the minimum of fuss (for all of us).

It’s super easy for our clients to use – just snap a picture with the phone app or forward the email you receive. That’s it.
We’ll do the rest.

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World Password Day

How secure is your password and therefore your business data?
Small businesses seem to be easy targets for scammers, so how can you protect your business?
Take some time to review your data security and update your passwords to passphrases. (And maybe don’t stick your new password to your computer screen)

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FBT year end

Have you got a company car?

Do you do use the car for any personal trips?

Could FBT (Fringe Benefits Tax) be an issue for you or your business?

Take an odometer reading and chat to your accountant for all the important details.

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