Shortly your staff may ask you for a Group Certificate/Payment Summary. Staff will not be receiving any documentation from you, Group Certificates have been replaced by Income Statements under the STP system. An annual ‘STP Finalisation’ to the ATO by 14th July. Staff will be able to access details in their MyGov account. Personal tax
What a croc!
Did you hear the one about all purchases from Bunnings & officeworks being tax deductible?
Only licenced agents are allowed to give tax advice – assume free advice is a croc of s#@t designed to sell you something.
Next time you get free tax advice from anyone other than your expert – say what a croc and run away (if you can in those shoes)
Its Email Week, do you know how to minimise the risk of email scams?
The most common threat we see is paying fraudulent invoices – if a supplier suddenly has a new account, call someone you know to verify the change, it is very hard to recover your funds once they have left your bank account.
Australian Cyber Security Centre has some great tips for small businesses.
If you are upgrading your phone to something a little more modern – you’ll need to transfer your 2 step authenticator BEFORE you lock yourself out of all your cloud apps!
Ask us for help so you don’t temporarily lose access to xero.
On Friday 26 March 2021, the Fair Work Act 2009 (FW Act) was amended to change workplace rights and obligations for casual employees. The changes were made by the Fair Work Amendment (Supporting Australia’s Jobs and Economic Recovery) Act 2021 (Amendment Act).
Are you all over business record management?
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’re registered BAS agents, we can help setup systems and apps to get your records under control.
(we can also help you convert old records to digital so you can ditch the filing cabinet)
No idea what FBT even is?
Fringe Benefits Tax when an employee receives benefits from their employer other than wages (and the government still wants a cut of that).
Your tax agent can help you define what is considered a fringe benefit and prepare the paperwork for lodgement (and payment).
If you have a company car, take an odometer reading today and review your spending.
What are proper hours?
We know that a standard working week in Australia is 38 hours. You may not know they need to be completed inside a specific spread of hours.
If you are allowing your team to work outside and not their ‘proper hours’ you may be liable for overtime or penalty rates.
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
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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