Are you planning to play Santa with gifts for your staff and/or business associates?
Watch out for the Fringe Benefits Tax (FBT) grinch ruining the fun for everyone!
The following information is courtesy of the Australian Bookkeepers Network.
Not sure what it’s all about? Ask your expert to explain the fine print
Are you thinking about hiring an apprentice?
Are you across the federal and state government incentives available?
You need a director identification number (director ID) if you’re a director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation.
You must apply for your own director ID to verify your identity. No one can apply on your behalf.
What do you need to do?
Nothing right now, your accounting software will do most of the work in the background – Xero is still building the features and has an extension to March 2023, so there is plenty of time to transition. We will complete the transition for our clients in the next few months (once all the kinks have been ironed out).
We’ll be in contact when we are ready to start the rollout, until then STP means Sit Tight Please.
There are masses of free learning opportunities for small business owners – have you tried any? Don’t know where to start?
Bet it hasn’t exactly turned outs the way you first imagined it!
Well done for backing yourself.
What do you wish you had of known before you started out? What advice would you give a friend thinking of making the leap?
Are you thinking of making improvements to your home office?
Do you know what you can claim?
ATO says: If you operate some or all of your business from your home, you may be able to claim tax deductions for home-based business expenses
(check the fine print!)
You can only claim deductions for payments you make to your workers (employees or contractors) from 1 July 2019 where you have complied with the pay as you go (PAYG) withholding AND reporting obligations for that payment.
Any payments you make to a worker where you haven’t withheld or reported the PAYG amounts are called non-compliant payments.
If you don’t comply with your PAYG withholding and reporting obligations for a payment, you may:
– lose your deduction for that payment
– face existing penalties that apply for failure to withhold and report amounts under the PAYG withholding system.
There’s more to it than exchanging labour for wages.
Confidentiality in the partnership is a big concern.
It is not best practice to send any sensitive info by email – we don’t want anyone’s identity to be compromised if any part of the email chain gets hacked.
Sing out if you have any questions about how we can help you keep your employees top secret info safe.
Be careful what you wish for!
Do you really know what you are getting yourself in for
It’s not for everyone!
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