Now that the 2024 financial year has come to a close, you will soon be receiving your Financial Statements from your Accountant. By understanding your financial statements, you can get a comprehensive understanding of your business’s financial performance, stability, and growth potential. While it can be daunting to read these reports, think of them as […]
Category Archives: Tax
31
Jul
Jul
Navigating employee superannuation obligations can be challenging for small business owners in Australia. By following a simple checklist, you can avoid super guarantee charges (SGC) by ensuring you pay employees the correct amount, to the correct fund by the due date. Check workers eligibility Ensure every worker’s classification is accurate for super guarantee (SG) eligibility. Generally, […]
31
Jul
Jul
The Taxable Payments Annual Report (TPAR) was created by the Australian Taxation Office (ATO) to curb the underreporting or non-reporting of income by contractors. Businesses and government entities that pay contractors may need to report these payments to the ATO by 28 August each year.
30
Jul
Jul
As a new financial year begins, it’s the perfect time to take a fresh look at your business operations and set the stage for success. Here are some essential tips to ensure your business starts the new financial year on the right foot: Starting the new financial year with these strategies will set your business […]
30
Jul
Jul
If your not-for-profit (NFP) organisation has an active Australian Business Number (ABN), it’s essential to lodge an NFP self-review return to access income tax exemption. This requirement begins with the 2023–24 income year. Read on to learn how to Navigate the NFP Self-Review Return for Tax Exemption in Australia. Understanding the NFP Self-Review Return The […]
03
Jul
Jul
Need help understanding changes to the PAYG withholding cycle? The Australian Taxation Office (ATO) conducts annual reviews of Pay As You Go (PAYG) withholding cycles to ensure they are aligned with your business’s annual withholding amount. If your PAYG withholding cycle has changed, you would have received a letter from the ATO during April 2024. […]
